You have gotten married, saved your pennies, started planning for the future and are feeling pretty settled in each of your careers. What’s next? You discuss and agree it is time to buy your first home together!!! How exciting!
May I be the first to congratulate you– and the first to give you some advice you probably will not like and probably should take…BUY AS If YOU HAVE ONE INCOME!!
Oh I know all the arguments…
But we have good jobs or But we are in a growth industry or jobs are not going anywhere…or one of my favorites..I don’t have to worry about layoffs I work for myself
There are so many many many more things people say to themselves to justify spending to the limit. When you sit down with your lender, as you begin the home search process, s/he will tell you you qualify for $x.xx . The lender takes the sum of what information you provide and comes up with a figure based on this information. By no means should you spend to that limit…seriously, it just does not make good financial sense.
It is your job, your responsibility, your duty….to be sure the number that is arrived at is livable under most circumstances- and that includes job loss, job change, illness, short term setbacks, etc. Plus- who wants to be able to afford $x.xx for the house and not have anything left over for ENJOYING LIFE!!
Now as I type this I know it is controversial because we all work very very hard for what we have in life and most of us want the best possible we can get. But I ask you, at what cost? Do you really want the big house on the hill with the 4 car garage if it means in 3 years when you discover you are pregnant with twins that you cannot ‘afford’ to stay home- because of the house? Do you really want the big house on the hill with the oversized game room and media room if it means ALL you can do is play pool and watch movies, rather than taking a SKI or SWIM vacation once a year??
And the biggest Do you really of them all… Do you really want a home that is in jeaopardy of loss should one of you lose your job, or choose to follow a less affluent path to happiness???
Life is about choices..and one of the smartest choices you can make when sitting down with your lender is to listen carefully, gather data, and make a family decision that allows you flexibility of life choices! Enjoy your home, enjoy your life, don’t make your home be the biggest thing dragging you down financially!
Happiness is not about having the most- it is, after all, about making the most of what you have!!! (and having a solid rainy day cushion for when you need a little $ to get you through the rougher patches)
Happy House Hunting in North Texas. If you need a REALTOR® to list your current home, or are looking to buy or rent in the North Texas region- Give Dawn a call/text 214-604-4561 at Avery Properties/Avery Realty Group- where Sellers Enjoy 4% Listings and Buyers Enjoy Cash Back!! (ask me how…..)