Some buyers’ first attempts at house hunting often trigger bewildering—and sometimes misguided—advice from parents, randparents and well-meaning friends who have had different experiences of their own. The Depression-era generation has painful memories of doing without, making it more difficult for them to relate to the “have it all” generations of today. They may advise you to put more money down, reciting thrifty, old-fashioned virtues that served them well, but unaware of the advantage of tax benefits and remaining as liquid as possible. Even Baby Boomers, on the cusp of empty-nesting or early retirement, can give their children warnings about buying over their heads, anticipating ever-increasing expenses related to child care, consumerism, and educational costs for young families. Many financial gurus will admit, however, that even if you can’t find or afford your dream home today, it may be best to buy whatever you can, as soon as you can, however you can. Then start building your savings. When you finally locate the perfect house, you’ll have something to trade in on the deal. |
