Should every 26-year-old with a decent job buy a home instead of renting? You’ll be shocked at the answer: IT DEPENDS. In this episode, David sits down with Carl, a guy who loved renting… until he saw the numbers. Now, this amazing homeowner convert is talking about his four-year home-buying journey from Las Vegas. Check out his amazing tale.
Here are some topics from today’s conversation:
- Renting vs. owning
- Finding a good location
- Buying a home through a lottery system
- Planning ahead after buying your home
[02:15] Renter-lover Turned Homeowner
Carl loved that he was renting. He didn’t have to fix anything, do any landscaping, nada. He was also able to travel the world with his friends and not be committed to one place. But, after a while, it became evident to him that he wanted to have control over his home and that rent was costing him more money in the long run. With a hybrid job working at Disney, he needed to be close enough that he could get to work but also be far enough away that he could afford the cost of living in that area. The hybrid nature of his job also gave him the space to expand his search. It took some creativity and planning, but his home in Las Vegas gives him the comforts of homeowner life without the extreme costs of some condos in Southern California. Now, he’s able to travel back and forth between his work and home.
[15:40] Winning the Lottery?!
Buying a newly built home isn’t always as straightforward as buying a resale home in some areas. In Las Vegas, new builds are more common than resale homes, but the demand is so high that some developments sell their properties through a lottery system. A few times Carl pulled out of the lottery, but on the third time he decided to stick with the house. After winning, he met with design teams to make sure that all the details in the house met his standards and he was able to pick some special features. Although the process was super stressful, it paid off because now Carl has a home that really fits his needs.
[29:17] Planning for the Future
While Carl loves his home, he’s also spending time thinking ahead. Once you buy your first home, it can be much easier to buy a second one because, firstly, you have a valuable asset in your possession, and secondly, because you’re already familiar with the process. There are lots of options when it comes to planning the next step. You can Airbnb your property, you could rent it out and move to another home, or even Airbnb out your home while you’re traveling. While Carl doesn’t have a specific plan yet, he’s gratefully enjoying the options that owning a home gives him.