"I Will Probably Get A Raise Next Year" Is No Way To Plan A Housing Budget

By
Real Estate Broker/Owner with Bayou Properties
http://activerain.com/droplet/ytP

Doug Rogers Bayou Properties Realty

 What's the quickest way to turn the American Dream into a nightmare? Buy more house than your CURRENT budget affords. Think a high car note for five years is tough? Try a mortgage payment you can't afford for the next 360 months.

 Working with first-time buyers  I hear this logic often. Sure we only make 2,000 a month now but next year I will be due for a fat raise. Once we are earning 3,300 a month this note will be a breeze. Like a cynical old billy goat I ask the obvious question...

What happens if you don't get that raise? Prior to real estate I had experience working for both the state and in the private sector. Nothing is more uncertain than a promised raise. Budgets get cut, bosses get fired, departments get slashed, but your sky-high mortgage payment stays the same.

Want stress in your life that an ice-cold beer can't solve? Take on more home than you can afford. Budget busting mortgages means no money for family vacations, extra-curricular activities, or Santa Claus.

 After that crazy mortgage payment clears there will be less money in your account than the special effects budget for a Youtube video. Are you ready for 30 years worth of the pauper lifestyle? If so, sign that offer and pass the pinto beans.

 Buy a home you can easily afford. When that raise does come through either add on or upgrade to a better home then. Your bank account will thank you.

Doug Rogers Bayou Properties Realty

 

Posted by

Searching for a Top real estate agent in Alexandria Louisiana? Need help selling your Pineville, Louisiana home? Either way call Doug today!

Doug Rogers

Broker/Owner

Realty Executives-Bayou Properties

 

Bayou Properties Realty

301 Jackson Street, Suite 301

Alexandria La 71301

(318) 613-1994 or (318) 528-8806

 Equal opportunity housing. Doug Rogers is a licensed real estate broker in Louisiana, Each office independently owned and operated

 

 

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
ActiveRain Community
Location:
Louisiana Rapides Parish Alexandria
Groups:
Active Rain Newbies
FOR SALE BY OWNER - MARKETING(FSBO)
POSITIVE ATTITUDE for the Weary Soul
Louisiana Lagniappe
Real Estate Professionals
Tags:
doug rogers bayou properties realty

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
4,008,002
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
"Franklin MA Homes"

Hi Doug.... that's how this mess started.... Clinton wanted everyone to own a home and made it easy for them to close on it....if he had only thought about how they'd pay for it after six months or a year!!!

Apr 07, 2012 02:59 AM #1
Ambassador
762,344
Doug Rogers
Bayou Properties - Alexandria, LA
Your Alexandria Louisiana Agent

Very true!

Apr 07, 2012 03:01 AM #2
Rainmaker
1,673,282
Winston Heverly
Winston Realty, Inc. - Atlantis, FL
GRI, ABR, SFR, CDPE, CIAS, PA

I've been doing this for years, but perhaps I'm the exception, always found a way to make the payments.

Apr 07, 2012 03:02 AM #3
Rainmaker
1,549,306
Carla Muss-Jacobs, Principal Broker (503) 810-7192
BuyersAgentPortland.com | Portland Metro Exclusive Buyers Agent | 100% Buyer Representation ~ 100% of the Time - Portland, OR
Buyer Focused ~ Buyer Results

I suggested this even before I read the article!  Your title says it all.  Bravo.  And the post was spot on and well said.

Apr 07, 2012 03:04 AM #4
Ambassador
762,344
Doug Rogers
Bayou Properties - Alexandria, LA
Your Alexandria Louisiana Agent

Thanks Carla. Underwater is great for the beach, not so much for the family budget...

Apr 07, 2012 03:09 AM #5
Rainmaker
504,770
Bill Cobb
Accurate Valuations Group, LLC - Baton Rouge, LA
Greater Baton Rouge's Home Appraiser

Very Good Points Made, Doug!  Shared, Suggested and Tweeted. 

Happy Easter to you and your family!

Bill 

Apr 07, 2012 07:06 AM #6
Ambassador
762,344
Doug Rogers
Bayou Properties - Alexandria, LA
Your Alexandria Louisiana Agent

Thanks Bill! Happy Easter to your crew as well!

Apr 07, 2012 08:41 AM #7
Ambassador
1,533,607
Florida Tolbert Team Keller Williams Advantage
Keller Williams Advantage III Realty in Lake Nona - Orlando, FL
Million $ Guild Member Cert Luxury Home Mkting Spc

OMG!  This is why a Realtor should not wear 2 hats.  I have mortgage professionals on my team that tell me what the person can afford and that is all they see.  No pipe dreams, no what if I can get them to come down, no but I can put down more when my taxes come in.  They only see what the preapproval letters prove they can afford.

Apr 07, 2012 09:52 AM #8
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Ambassador
762,344

Doug Rogers

Your Alexandria Louisiana Agent
Find out how much your home may be worth!
*
*
*
*
Spam prevention

Additional Information