Why You Should Be The Second Owner Of A Home – Keith Weinhold
Do you prefer buying your primary residence or paying rent for it?
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If you believe that it makes more sense to own our home rather than to pay rent to somebody else, then buy a home that makes you the second owner of that property. Yes, you read that right. Don’t buy a new construction, but don’t buy a home that too old either.
If you prefer buying a home instead of paying rent to somebody else, listen up. Here’s why you should be the second owner:
1. You’ll have a “nearly new” home. Inherit a fairly new roof, paint, driveway, electrical and plumbing systems, and a home of contemporary design, amenities and layout. Most appliances and fixtures will still have a long life span since they are relatively new.
2. Avoid “new construction problems.” The first homeowner is the owner that finds out how much the foundation settled. They’re the ones that had to concern themselves with how deep the drywall cracks developed and how much the driveway settled. They paid the cost of repair, not you.
3. Have a “finished home.” There are enthusiastic buyers of new construction don’t think about things that the builders have left undone. They’re the homeowners that shelled out $8K for landscaping and another $6K for window treatments. These costs are the type that they cannot recoup when they sell it to you, the second owner.
4. Reside in a “finished neighborhood.” Unlike the new construction homeowners, you’ll know who your neighbors are, and know whether or not they have barking dogs. You also won’t have construction noise from homes around you that are still being built. What if they decide to build high-density condos across from your single-family home? The second owner will already know.
Do not make the mistake of underestimating what an old “fixer-upper” home can cause you. Repairs on homes can wear you out and waste large amount of your time and money. Save yourself the stress of unexpected repairs and maintenance. Problems will never pop up at a convenient time, because problems are rarely convenient. The most common problems are with old houses, but often people over look the problems that new houses can have. Partly through luck, my wife and I have owned three different primary residences as second owners. That is how we found our “Home Sweet Home” sweet spot.
Want to know more? I talk on Episode 108 of my Get Rich Education podcast about your Rent vs. Buy decision, and being the second homeowner rather than the first.
Can you think of any other positives or negatives to being the second owner of a home? Let me know!
Here’s to your wealth and success!