What Does It Mean If A House Is In Probate

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What Does It Mean If A House Is In Probate

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I am a business owner and financial planner, married and in every way well settled in my life. I have to have a house, right?

But this is where many people get into trouble: they feel like they “have” to do one thing or another with their money, without really considering which option gives them the best financial outcome… or the lifestyle they really want.

I’ve thought for years about the financial impact buying a home would have on my lifestyle and quality of life – and my insights, experience and knowledge as a financial planner says there are better ways to use my money than buying a home. .

To be clear, I am saying that I am not interested in buying a single family home to live in as my primary residence. Investing in real estate—things like multifamily homes and rental properties—is a completely different topic.

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When “buying a house” means buying a single-family home or condo, I’ve concluded that from both perspectives, given the numbers

Single-family home values ​​have historically — and significantly — lagged stock market growth over the long term.

The average yield on single family homes worldwide is around 3%. The market average return is 8%+. If you add inflation, these figures drop to 2% and 5%, respectively.

And while that’s an average — meaning you could do better or worse in your own situation, or find an anecdotal example with a different outcome — beating that average means a lot of factors outside of your control, like market timing.

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With investing, you have much more control because you can choose the right asset allocation, diversification and tax strategies, along with periodic investments, to maximize your wealth over the long term.

Saving for a down payment on a home will cause cash flow and reduce your ability to build wealth in the long run. If I could save the down payment, I would put my money in a bank account or other investment with little to no risk. But, this account will have much less of a great return for my money.

Instead, I choose to invest most of my available cash in investments with higher risk – and therefore greater potential for returns.

I don’t want to consider the possibility of saving so much cash. If I have money in the bank, I can’t invest it in the market – and I can’t grow my wealth with that money.

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I don’t own a home because I want to minimize unpredictable costs and variable costs that I didn’t choose. This frees up my money to go to investments to grow my wealth.

Your water heater will never cost you anything when you rent it. But that would be true if you own your home and have to replace it—and that goes for every other fixture or physical structure in your home. You are ready to maintain it, repair it, update it.

Sure, you can argue that rents can fluctuate from year to year — but don’t forget that your mortgage can, along with property taxes and home insurance. If you have an ARM, the interest rate can change. Or even with a conventional mortgage, changes in property taxes or home insurance premiums can cause your monthly payment to increase.

The bottom line is that your ongoing rent is a fixed expense over the life of your lease. Your current home ownership costs are always subject to unpredictable month-to-month fluctuations.

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These widely varying home costs can make saving and investing more difficult. If something happens in a month, you can’t call the landlord – you have to take the money you might have planned for an investment and spend it on your house.

A home is a big responsibility that requires a lot of care and attention – especially if you want to preserve its value over time.

Of course, if your favorite thing to do is work on the house or yard, go for it! But for me and many others, the commitment inherent in owning and maintaining a home means less time and energy to travel, work on hobbies or passions, or pursue important business goals.

I want to direct my money, time and energy to what is most important to me in life. The house will eat up all these things, leaving me with less power to choose how to spend them.

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My wife and I are not talking about “buying new panels?” or “Let’s get a new washer and dryer.”

We don’t have a big empty house to fill; I rent an apartment that offers only the space we really need. We’re by no means minimalists, but we seem to have far fewer material possessions than many of our home-owning friends. And there is less attachment to physical space because we do not own it.

That doesn’t mean we don’t care about it. We just don’t get distracted by things that aren’t important to us in the long run, like nice home decor, upgrades, or renovations.

The house just isn’t conducive to how I want to live right now. Financial success is about making smart financial decisions about the things that matter to you—and not following someone else’s path because that’s what you think you should do.

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The problem with home ownership is that it throws a lot of extra costs into your cash flow. It also leaves you vulnerable to unpredictable costs and distractions that eat away at what is available for investment.

By renting, you have an expected, predictable expense from year to year that you can plan for, making it easier to spot the difference between your income and expenses and invest that money.

For both financial and lifestyle reasons, I would happily continue to rent. It gives me more freedom and flexibility in how I spend my energy, time, and of course, money.

Now Watch: Simple Steps Everyone Should Take to Get Out of Debt With a Verified Financial Plan In Full Transparency and Vulnerability I was very disappointed, confused, and generally disappointed by what we discovered. We went out (yet again) on a road trip to a few neighborhoods we imagined would have just the right mix of family friendly +  lifestyle components that the city dweller in me enjoys!

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I left giddy with excitement and anticipation for the day… all the while thinking, “Today might be the day we find our new home!” Not unlike when I was alone and had a night out with my girlfriends for dinner and drinks and secretly thought … “Maybe tonight will be the night I find my husband!”

Ahhhhhh how different they are, but the same! If you’re not looking for one, you’re looking for the other. 😉

We were going from one area to another and I felt golden… This house is very small. It’s too old… we have to destroy everything. Oh my god, it’s right on the freeway and it’s so noisy. We were heartbroken.

But I refuse to buy a house I don’t like just to have a new house. It’s a lot of money to spend on something you don’t like just to say you have it.

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:: “Other people your age who are married with kids have houses – what’s wrong with you?” :: “Look, if you work even harder and longer, you can earn enough money to buy a house on the hill that you like!” :: “You’re behind.”

Maybe there is something you really want right now? Maybe, like me, it’s a new home. Perhaps this is a love affair.

Promotion. The moon. the body. That he understood your hurt and pain. A loyal group of friends.

The human heart and mind always wants more. And this is good, as it is in our nature. But how to prepare, accept and welcome our desires is a topic that is always worth exploring.

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I sat in a channeling session with my spirit guides to find out and I am happy to share their words as I believe they hold much healing and abundance for all of us.

There is a physical home and there is a spiritual home. You see, the house is the main question that worries everyone, because everyone

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