Depending on where your house happens to be, the buyers and sellers pay different amounts, but everyone pays something. Every time you go through closing - buying and selling - money hits the table.
Otherwise, you’re probably going to take a hit financially. When you purchase a house, the general rule is that you want to be sure you’ll be in the same location for at least five years.
And everyone knows assumes that buying is more cost-effective than renting - as long as you’re paying down the principal on your mortgage, you’re going to come out ahead.īut with an upgrade cycle of about three years, there’s a good chance that you will lose money. The thought seems to be that if you’re making a little more money every year, you’ll be in a position to afford a bigger house in three years time. This upgrade cycle will repeat itself a few times, as people work their way up to a house that they are happy with and that is big enough for their family. After about three years, they’ll start looking for a bigger place to upgrade to, either a bigger townhouse or a single family home. It definitely varies by geographic area - if not by specific neighborhood - but a lot of folks near me will buy a townhouse or condo as their starter home. Why’s that? What’s the five-year rule for buying a house?
Though I didn’t know the exact amount of time, they wanted to make sure that I’d own the house for at least five years.
The first thing they asked me was exactly how long I expected to stay in the house. My entire family got involved when I first considered buying a house, since I have the luck of being related to real estate agents, investors, and other experts that are more than happy to give advice about buying a property - even before I ask.
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