Student loans: the bane of so many college grads’ financial existence! Americans owe over $1.48 trillion in student loan debt, spread out among about 44 million borrowers. Crazy!
My wife and I were in the same predicament not too long ago, owing over $100,000 in student loan debt. After moving to wonderful Washington (yay for no state income tax!) and landing steady jobs, we faced the question that so many young professionals face today: Do we buy a home or focus on paying off our student loans? We chose to buy.
We purchased a “cosmetic fixer” in a good location that needed updating. With some help from our parents, we removed the wall paper, painted, redid the flooring and updated the bathrooms (sorry, the 1970’s called and asked for its bright yellow shower tile back). We lived happily for a few years until a funny thing happened: the Washington housing market took off!
Tech companies started popping up right and left and companies like Amazon and Expedia grew and grew. Realizing we were sitting on a whole bunch of equity, we decided to sell our home and move to a more cost effective (but equally awesome) city nearby. We bought a new(er) house, paid off my student loans and purchased an investment property that we still hold today. This decision changed the course of our lives and helped us understand just how powerful real estate investing can be!
Could buying or selling a home make a positive impact on your finances or lifestyle? Contact me today- I’d love to help you explore the options.