Ramit SethiRamit Sethi: The No-BS Guide to Living a Rich Life

Do you rent your home or did you buy it? Comment below #rentorbuy #rentingvsbuying

6 Jan 2023 · 1 min

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Ramit Sethi's five-question checklist for buying a house: you'll stay 10 years, housing costs under 28% of income, 20% down saved, you can handle value drops, and you actually want to buy. Yes to all five means you're ready. No to any means wait.

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If you want to know whether you should buy a house, ask yourself these five questions. Will I live here for 10 years? Is my total housing cost lower than 28%? Have I saved 20% for a down payment? Am I okay if the value of my house goes down and am I excited about buying? If you can't check yes to all five of these, you probably shouldn't buy the house. But if you say yes to all these, you might be ready to buy a house.