A home is simply"a roof over your head" and a place to create memories, said Douglas Boneparth, certified financial planner and co-author of"The Millennial Money Fix," in an interview with CNBC's Frank Holland
Even with homes typically selling for hundreds of thousands of dollars, Boneparth advises buyers not to think of them the same way they might think of a 401 or a stock index fund.Instead, it's a"home base" that provides stability, especially for young families. A home can have sentimental value too, but otherwise it's"very tough to calculate the return on your investment," he said.
"If you sell the home many years down the road and you make some money — fantastic," Boneparth said. However, it's very difficult to keep track of"every little repair and addition you've made to that house" over"20 or even 30 years" of ownership.It's also worth noting that for many people, owning a home has become exorbitantly expensive.
"Buying a home has never been harder for your average American," said Boneparth."And it doesn't look like that's really changing anytime soon."In addition to the down payment, there are a number of ongoing costs specific to homeownership, too, including mortgage payments and interest, property taxes, utilities, homeowners association fees and ongoing repairs.
All of these expenses may make homeownership out of the question."You really have to be a very diligent saver" to"make that down payment and comfortably live in that house every month," Boneparth said.As technology reshapes business expectations, some leaders are embracing change and transforming their organizations for the future. Join the CNBC Evolve Global Summit on November 2 to hear strategies to adapt, innovate and succeed in this new era of business.
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