Bradenton Real Estate

June 27, 2012

The Post-Purchase Jitters: Tyson’s Tips on Homeownership

Real Estate expert and author of five national bestsellers Eric Tyson sat down with Dottie Herman, CEO of Prudential Douglas Elliman, on June 2 to discuss the housing market and give valuable advice to new homeowners post-purchase.  Elliman is a leading New York-based Real Estate company, and the broadcast “10 Things to Do After Buying Your Home” was part of Herman’s regular show, “Eye on Real Estate with Dottie Herman.”

Tyson, who began his career as a personal financial adviser at Bain & Company in the early 90s, shared tips with Herman’s audience from two of his newest books, “Investing for Dummies” and “Home Buying for Dummies.”  He is also the ONLY AUTHOR to have four of his books simultaneously on Business Week’s bestseller list. Tyson and Herman opened their talk with a discussion about current home pricing and the buyer’s remorse that often accompanies new home purchases.

“Getting the money to buy is hurdle one, and paying is hurdle two,” Herman explained when introducing her guest.

Tyson agreed, explaining that prospective homebuyers should always be confident of their financial and employment situations prior to buying.  Some of the initial tips he gave to buyers made reference to affordability, personal circumstances and comfort level.

“You have to look at your overall financial situation to figure out how much house you can truly afford,” Tyson said.  He added that potential buyers should account for outstanding loans and expected future expenses to make the decision less stressful in the long run.

Herman asked Tyson to share some of the tips from his most recent book.  At that point Tyson delved into several explanations of the material, including why consumers should avoid solicitors, how buyers should go about hiring effective financial planners and Real Estate teams, why new homeowners should get involved in local tax assessments and how buyers can protect their assets in the future.

Tyson explained that recent home buyers should opt for classic life insurance instead of mortgage insurance policies.  “The life insurance decision comes down to ‘how many years worth of your income are you trying to replace?’” Tyson explained. He also stressed that bank solicitations are usually less cost effective for consumers looking to buy life insurance.

In reference to the process of hiring Real Estate teams, Tyson said, “Learn enough so that you can evaluate these people and make a good hiring decision.”  He further suggested that homeowners should not assume that refinancing will save them money but should crunch the numbers themselves or with their financial planners.

Herman then directed the discussion to emergency funds.  When asked of the standard amount for an emergency fund, Tyson said, “I think for most people–at a minimum–they want to have 3 months worth of living expenses.”  He added, “If things are more volatile, you should have at least 6 months worth of living expenses.”

After noting that many home buyers get stressed out during and after the home-buying process, Tyson finished the interview with some key advice from his book:  “Take time to smell the roses.”


Guest Author Credit:  Megan Gates is an active blogger who provides written work pertaining to home improvement, the latest architecture, design and fashion.  She also writes on behalf of Elliman Real Estate.  Follow her on twitter @MEGatesDesign.

For Dottie Herman | CEO | Prudential Douglas Elliman


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