MME Minute: 🏡 The 3-for-3 Rule for Buying a House 🏡

Good morning.

It’s Friday, August 8th, 2025.

In this expensive real estate market, three out of three things must be in play for your home purchase to be a “go.” Miss one, and you may be setting yourself up for regret.

1️⃣ Location

It’s true what they say—location, location, location. Whether you’re buying your primary residence or a rental property, the location determines both your daily happiness and your long-term return. Ask yourself:

• Can I enjoy living here for 5–7 years without hesitation?

• Is it near the places I frequent—grocery store, gym, gas station, post office?

• Do I love the views from my windows?

You’ll spend a huge chunk of your waking hours here. Make sure you’ll enjoy them.

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2️⃣ Price (and Cash Flow)

This isn’t just about the sticker price—it’s about avoiding house-poor living.

• A good rule of thumb: No more than 28% of your gross pay should go toward housing.

• In many markets today, buyers are spending 40–50%—a dangerous squeeze on your budget.

Remember: HOA fees, insurance, utilities, and taxes rarely go down. In fact, many who bought in the past three years are feeling buyer’s remorse as these costs climb.

Pro tip: Use a rent vs. buy calculator that compares apples to apples. Often, the math will show renting currently beats buying—sometimes by a long shot.

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3️⃣ Timing

This isn’t just about market timing—it’s about life timing.

Ask: Is now the best time for me and my family?

If the honest answer is “Maybe next year,” then that’s probably your answer. Buying too soon can trap you financially and emotionally. (Also… Even though you can qualify to buy a house, ask: do I have 20% down? This will help avoid mortgage insurance and paying too much in interest on your mortgage. Lucky you, millionaireME was designed to help people save for short and long-term goals like down payment for houses!)

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✅ The 3-for-3 Test:

• Best location? ✔️

• Price works (all costs included)? ✔️

• Right timing for both market & family? ✔️

Buying a home is the single biggest investment most of us will ever make. Be brutally honest with yourself on all three questions—before you sign on the dotted line.

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📌 Stay tuned for tomorrow’s post where I’ll share an alternative strategy to get into the real estate game without jumping straight into your “dream house.”

#MillionaireMe #PersonalFinanceMadeEasy #Wealth #Health #Wisdom #Community #CollaborativeTechnology #Coursework #ToTheMoonOnTheWingsOfAPig

millionaireME | Happy • Healthy • Wealthy • Wise

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