Retirement
fromSubstack
4 days agoCan I Afford to Move #2: Is Draining Our Savings to Buy a Home a Bad Idea?
Depleting savings to purchase a home increases financial risk, but may be acceptable if income is stable and savings discipline is strong.
I moved from Newport News, Virginia, to Tulsa, Oklahoma, in 2022 because of the Tulsa Remote program. It was around Christmastime of 2021, and I was looking for a new opportunity. I had just moved to Newport News from Virginia Beach just for that year. I really needed a change of pace, and I got introduced to MakeYourMove.com. I saw that a bunch of different cities had incentives for remote workers at the time.
A first-time homebuyer savings account (FHSA) is a state-sponsored, tax-advantaged savings account that helps you save money for your first home. Offered in some states, the money you contribute or the interest you earn, may qualify for state tax exemptions or deductions. As a result, these accounts may help you grow your savings faster. You can use these funds for a variety of home buying expenses including your down payment , closing costs , real estate agent commissions, or inspection and appraisal fees,
Your entryway sets the tone for your entire home, yet it's often the most overlooked space when taking a look at a home essentials list. A good doormat and hooks can bring both order and ease to your daily rhythm.