Are you considering stepping into the world of homeownership? This episode is packed with insights every first-time homebuyer needs. Doug Hoyes and Ted Michalos discuss why a declining market might benefit new buyers, the emotional traps leading to risky financial decisions, and the true cost of homeownership – beyond the mortgage. Learn how unexpected expenses (from land transfer taxes to home repairs) can derail your budget if you’re not prepared, the biggest regrets homeowners face, and how to avoid being “burned” by your first purchase.

00:00 - Why a declining market can be an opportunity for new homebuyers
02:30 - The emotional reasons people want to own a home over renting
04:45 - The biggest emotional mistake of buying a house
10:40 - The mortgage is just the tip of the iceberg for home costs
16:00 - Emergency fund vs. line of credit for home maintenance
18:00 - The inevitability of things needing repair
19:00 - Land transfer tax, and so much more
21:00 - The many other costs of buying a home: lawyer fees, moving, and HOAs
23:00 - The biggest regrets new homeowners have
27:00 - How to avoid being "burned" by buying a house
29:00 - The pressure of "keeping up with the Joneses”


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Disclaimer:
The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personal guidance from a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions, strategies, or digital tools/apps discussed.