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The $50,000 Rule

Posted by Will Layton on Wednesday, January 31st, 2018 at 11:25am.

 

The $50,000 Rule video transcript

Hi, I’m Will Layton, Realtor in Virginia Beach. Today I’m going to teach you about the $50,000 Rule. 

For over 10 years I have helped hundreds and hundreds of people learn about the neighborhoods and find the perfect house. While every family wants something different, certain patterns start to develop and one of those patterns is the $50,000 rule. Word to the wise, It’s far better if you learn this rule before you start house hunting. 

So, $50,000! That buys a lot of beer.

Unfortunately, it doesn’t buy you quite as much house, but $50,000 is often the difference between the house you think you can afford and the house you really want. Today, we are going to learn how to bridge that gap using the… $50,000 rule (in a normal voice, then repeat using reverb and making it dramatic.) The $50,000 Rule.

So here’s how it usually goes down. After looking at 8 or 10 houses you say, “I wish I could have the kitchen from house number 5 with the layout of house number 1 in the neighborhood of house number 6.”
And the answer is, of course, you can! It just costs you $50,000 more than you are comfortable spending. That’s why I call it the $50,000 rule. It’s a rule. Everybody does it. It doesn’t matter whether your budget is $300,000 or $800,000. The $50,000 rule applies.

The problem is that you have set your budget ahead of time. Almost all of my clients are preapproved for a mortgage for more than they are comfortable spending. Good on you, people! We will discuss the mindset behind home pricing in a different video.

But there’s good news, that $50,000 doesn’t actually cost you $50,000, as in a suitcase full of 50,000 one dollar bills, or 5 million pennies . Because of the beauty of low cost home mortgages and the ability to deduct the interest from your taxable income, that $50,000 only costs you, wait for it…

A. $119
B. $248
C. $485
D. $792

Per month. For the answer, you’ll have to wait until next week. Sorry about that. Can’t give away all the test questions on the first day of class. Or you can go to WilliamLayton.com and learn about the best neighborhoods in Virginia Beach and check out all the newest listings. See you next week. Subscribe, Like, or sign up for my newsletter and you will always be the first to know.

See the answer at The $50,000 Rule, Part II

 



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