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Don’t buy the cheapest house!

August 6, 2013 |  Article By :   | 

dollar signThe trend these days is to get “a deal” and buy the cheapest house when you buy, but is that the right mind set? How about stretching your finances to buy an expensive home? What do you need to think about before you decide how much to spend?

What are some reasons to buy a more expensive home?

  • You haven’t really figured out what you can afford and you simply go with the top number your banker gives you
  • You lived in a cramped place now, and you want to move into a house where you can grow and stay in forever so you buy a home much bigger than what you need
  • You are trying to compete with the homes of your family members and friends that are pretty well off financially
  • You feel pressured to buy an expensive home

Why might I be a good idea to stretch your finances and not buy the cheapest home?

  • The cheap home needs lots of expensive repairs like a roof and/or siding
  • The cheap home is not energy efficient
  • It is in such poor condition, making repairs is not worth the money or effort
  • It may not be in a desirable location
  • You won’t be able to get your money back when you sell it

In the end a mix is probably the best bet. No matter what house you buy, it will be a big expense, so make sure that the house you choose is something you can afford over the years, not just the day you buy it – meaning, take into consideration repairs, maintenance and utilities over time. Sometimes, the cheapest house will end up being the most expensive in the long run!

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