OMG! It’s Our Forever Home!
Recently, I overheard some friends talking about buying a new, bigger house. The housing market is hot and many people think they need to get in on the action. Perhaps it’s the fear of missing out (FOMO) that’s got so many people acting like ding-dongs when it comes to buying their next house, or they’re caught up in the latest trend.
Whatever the reason, people are selling perfectly good houses so they can property-ladder up into their next home. Property laddering, if you haven’t heard, is when you take the equity you’ve earned in one home and roll it into the next home so you can buy a bigger and more expensive property. Some are convinced this is the American dream. I’m not.
These friends mentioned that the house they saw was perfect and it was going to be their “forever home.”
From the outside looking in, I can see they’re making an emotional decision that will max them out financially and emotionally.Read More