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The Rachel Cruze Show

New Build vs. Pre-Owned Home: Which Should You Buy?

The Rachel Cruze Show

Ramsey Network

Education, Investing, Business, Self-improvement

4.83.6K Ratings

🗓️ 30 October 2024

⏱️ 11 minutes

🧾️ Download transcript

Summary

💵 Start your free budget today. Download the EveryDollar app!   Few purchases are as exciting (and important) as buying a home. Whether you’re in the market or just starting your research, get answers to your questions about when to buy and how to find the right home.   Next Steps: 🎥 Watch my video “Easy Ways to Pay Off Your Mortgage Early.” 🛡️ Work with a RamseyTrusted real estate agent.   Connect With Our Sponsors: 🏥 Learn more about Christian Healthcare Ministries. 🔒 Get 20% off when you join DeleteMe.   Listen to More From Ramsey Network:   🍸 Smart Money Happy Hour 🎙️ The Ramsey Show   💸 The Ramsey Show Highlights 🧠 The Dr. John Delony Show 💰 George Kamel 💼 The Ken Coleman Show 📈 EntreLeadership   Ramsey Solutions Privacy Policy

Transcript

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0:00.0

Well, hey you guys, so if you live in a rapidly growing area like us here in Nashville,

0:11.2

then you probably heard your friends debate all kinds of different housing

0:14.3

strategies. Right, like get an older home that has good bones, no, get new construction,

0:19.7

get the tall, you know, skinny houses, get the retro ranch style house. I mean, there's so many options out there,

0:25.7

and because mortgage rates have been on the higher end over the last year or two,

0:31.0

and because the cost of living keeps going up, people are having to compromise

0:35.6

what their home wish lists are.

0:38.4

And this is a really tough discussion, I think, because priorities and expectations are shifting and

0:44.9

setting more into reality of what it looks like today.

0:47.7

So I want to talk through all the pros and the cons and

0:51.4

remind you of the most important things to consider

0:54.0

if you are a current or a future homeowner and if you enjoy this channel and this kind of

0:58.2

ends of content so make sure to subscribe only takes a second that helps us out a lot

1:03.0

all right first let's talk about when the right time to buy a home is.

1:07.0

So to get into the housing market, financially, you want to be in a great place.

1:12.0

So what does that mean?

1:12.8

I want you out of debts.

1:15.9

And I want you to have a fully funded emergency fund

1:18.8

of at least three to six months of expenses.

1:21.1

So that's really important because what happens is if you are

1:24.0

living paycheck to paycheck with a ton of debt and you have no savings and you go and

1:28.0

buy a house, it's probably going to end up being more of a stress point in your

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