It might be tough for some to grasp and obvious to others, but you really should only buy as much house as you need. Americans have been doing anything but! This could be for social status, personal pride of accomplishment or you really just like large homes.
Here are a few quick reasons why buying a bigger home can be a problem.
Taking on larger debt then necessary. It is so common these days to live paycheck to paycheck. You may feel that you can truly afford the larger home, but you could also be saving more.
Bigger homes raise expenses, like property taxes, homeowner’s insurance, heating and cooling bills, maintenance and repairs. It’s easy to figure the mortgage into your budget, but don’t forget – the more house you buy, the greater the daily expenses across the board.
Bigger homes could suffer a large drop in price based on changes in the market. Changes in the market can happen at any time. The more you spend, the more you have to lose.
So, how much home do you really need? Sit down and think about how many rooms you will really put to use. You may be surprised.
Looking for a deal? Check out these properties.
Not convinced? Still want that dream home? Take a look at our Summit Collection.