I asked myself 3 questions before buying a second home - Business Insider

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They live in an area where real estate is booming

I've somehow landed at an age where the financial responsibilities just keep rolling in. By the fall of 2019, I had two kids to feed , one preschool tuition to cover, retirement goals to keep, a monthly car and mortgage payment, and myriad other obligations that all demanded my money.

On the flip side, some of the things that a larger house might afford us — a first-ever office for me, a larger yard for the kids, etc. — were also exciting prospects. This essentially came down to asking ourselves: Were we willing to let go of some of the security that comes along with a known and steady budget to perhaps achieve some larger overall goals? 2.

Looking at a potential new home through that lens — rather than just focusing on how much extra we would be spending every month — helped me think of a new house as a potential investment, rather than a money pit.Wanting And so, a couple thousand dollars later, we had freshly painted rooms, a new master shower, updated light fixtures, and a number of other smaller changes and upgrades.

 

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