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by Robin Sharma
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Buying Your First Home summary
Nolo's Essential Guide
17 mins
Brief summary
Buying Your First Home by Ilona Bray, Alayna Schroeder, and Marcia Stewart is a comprehensive guide that helps readers navigate the complex process of purchasing a house. It covers everything from budgeting to closing, providing practical tips and expert advice.
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Buying Your First Home
Summary of 8 key ideas
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Key idea 1 of 8
Buying a home is a great choice and there’s no reason to avoid it.
Just about everyone has thought, at one point or another, “I’d love to own a home.” But beyond the idea of having a house that is yours alone, investing in real estate is a one-of-a-kind opportunity: it’s a chance to control a large, valuable asset by paying a small lump sum up front as a down payment.
For instance, it’s common to be able to buy your first apartment for about $100,000 just by putting $15,000 on the table and taking out a loan for the remainder. Not only that, but real estate is a relatively safe investment. While property prices drop during economic downturns, they don’t plummet irreversibly like stocks can.
For example, according to the S&P/Case Shiller Home Price Index, in 2013, the average appreciation in value of American homes in the time since they were purchased was 12 percent.
So, it makes good financial sense to buy a home – but it also has a psychological impact. After all, if you’re a lifelong renter, you know that having a temporary living situation can prevent you from investing in nice furniture or taking the time to decorate your place. So, you leave the walls white and that smelly carpet is there to stay.
But when you move into your own place, everything changes – you suddenly feel an urge to personalize every detail.
Another plus of home ownership is that having no landlord means you don’t have to wait for someone else to fix your leaky pipes. You also don’t have to fear rent hikes and the threat of eviction; all that stress just falls away.
But even with all those upsides, people always find excuses to avoid home ownership, and it’s important to overcome them. For instance, you might think, “I have such a good deal at my place right now.” Sure, your rent might be cheap, but buying your own home means that it will, at least eventually, belong to you.
In other words, your rent might be low, but would you rather it was cheap or free? Because free is what it’ll be when you’re the owner.
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What is Buying Your First Home about?
Nolo’s Essential Guide to Buying Your First Home (2014) tells you everything you need to know when you’re in the real estate market for the first time. These blinks lay out the dos and don’ts of buying your first home, from getting a successful inspection, to negotiating the price and making the right offer.
Buying Your First Home Review
Buying Your First Home (2021) is an essential resource for anyone embarking on the journey of purchasing their first property. Here's why this book is worth reading:
- With its practical tips and advice, it guides readers through the complex process of buying a home, ensuring they are well-informed and confident every step of the way.
- Backed by expert knowledge and real-life examples, the book equips readers with the necessary tools to navigate the various challenges and make informed decisions.
- Its engaging and easy-to-understand language makes the topic of home buying accessible and enjoyable, making it definitely not a boring read.
Who should read Buying Your First Home?
- Tenants tired of wasting their money on rent and ready to buy their first home
- Potential investors with money to put into real estate
- Anyone who wants to avoid the most common mistakes when buying property
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Buying Your First Home FAQs
What is the main message of Buying Your First Home?
The main message of Buying Your First Home is to guide and educate readers on the process of purchasing their first home.
How long does it take to read Buying Your First Home?
The reading time for Buying Your First Home varies depending on the reader's pace, but it typically takes several hours. The Blinkist summary can be read in just 15 minutes.
Is Buying Your First Home a good book? Is it worth reading?
Buying Your First Home is worth reading for anyone considering purchasing their first home. It provides valuable insights and practical advice to navigate the process.
Who is the author of Buying Your First Home?
The authors of Buying Your First Home are Ilona Bray, Alayna Schroeder, and Marcia Stewart.
What to read after Buying Your First Home?
If you're wondering what to read next after Buying Your First Home, here are some recommendations we suggest:
- Crushing It in Apartments and Commercial Real Estate by Brian Murray
- The Millionaire Real Estate Agent by Gary Keller with Dave Jenks and Jay Papasan
- The Heart of the Deal by Anthony Lolli
- Zillow Talk by Spencer Rascoff and Stan Humphries
- Think and Grow Rich by Napoleon Hill
- Super Human by Dave Asprey
- I Will Teach You To Be Rich by Ramit Sethi
- Don't Overthink It by Anne Bogel
- The Skill Code by Matt Beane
- Get Good with Money by Tiffany Aliche
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