Don’t be house poor, buy what you can afford.
The title speaks for itself and it's simple as that. Don't allow your eyes to be bigger than your pocketbook. Owning a home is one of the greatest rewards one can have, however, putting ALL your money in it does not make it great, in fact, its draining and makes life just pure hell! Remember to add in the maintenance costs and things such as utilities, because you will be spending on such things. John's short blog is reality...period.
Don’t be house poor, buy what you can afford.
Just recently I was speaking with a young couple and they had just returned from their big box bank. They were so excited to learn they had been approved for a good bit more than they had originally anticipated. I could easily see they were armed and ready to spend the max. I really wanted to share in their excitement but I am going to be their Albuquerque Realtor and they needed some solid guidance going forward.
Obviously this is great news and you’re now pre-qualified and ready to proceed but consider this. Don’t be house poor, buy what you can afford! They said, “ But John the bank said we can afford more now.” I understand, but just because you are approved for more does not necessarily mean you should spend more. When we first talked you had a budget in mind, we talked about current expenses, student loans, car payments and you have plans to grow your family. I really think we can find you a home that fits your budget without spending the approved maximum. You still want to have a life, enjoying social events, date nights and vacations. You also need to be saving for your future and that planned family. When buying your first home be wise, consider all things in reasonable perspective and Don’t be house poor, buy what you can afford.Albuquerque Homes and Lifestyle Blog
********************************************************************************
John McCormack Owner/Managing Broker, e-PRO
505-980-4576 / John@AlbuquerqueHomes.com
Search Albuquerque Homes For Sale * Search Albuquerque Homes & Lifestlye
If your considering Buying, Selling or Relocating to Albuquerque or Rio Rancho, NM and need a Professional Realtor It would be my pleasure to help you!
Be sure to visit my AlbuquerqueHomes.com website for total access to all available homes in the following New Mexico communities: Albuquerque, Rio Rancho, Los Ranchos, Placitas, Bernalillo, Tijeras, Sandia Park, Cedar Crest, Bosque Farms, Los Lunas & Belen.
Come On Back and Visit My
Comments (6)Subscribe to CommentsComment