No: Saving to buy a Home IS a good idea!
In this Buying a home can be a terrible investment interview, Michael Katchen, the 29-year-old co-founder and CEO of millennial-focused investing company Wealthsimple claims that there are better investments than real estate, Katchen says: “I would pick a diversified portfolio over a house as an investment.”
Katchen goes on to say:”Between the down payment and mortgage payments, Katchen says new homeowners end up having to limit the amount that they go out with friends or visit their families because they are cramped by making payments toward their house.”
While Katchen dismisses the concept of cutting back on “going out with friends” in order to save to buy a home, his opinion does not seem to be shared by his fellow millennials, according to a recent article featuring this data produced by the National Association of Realtors.
Over time, owning a home has proven to be a sound financial proposition; but the primary motive should be to obtain and provide security for one’s family.
If you are looking to buy, I will contact you immediately when a house that meets your needs is available. In this market you need to have somebody looking after your interests.
Are you thinking about selling? Read Which broker should I choose to sell my house?
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Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated