Rabu, 24 Oktober 2012

You Can Never Be Too Thin or Have Too Big a House

You Can Never Be Too Thin or Have Too Big A House

Well, this is at least what my good friend was famous for saying.   I wonder though, is this the way people feel?   

I work with a lot of first time buyers.    They are all encouraged to talk to my go to mortgage guy before we set them up for an on line search and begin our actual hunt.   This tends to be an eye opener in either direction.  too thin

Many times these buyers can "afford" more home than they thought they could especially today with interest rates at such an affordable low.   This translates into one of two things.   A higher priced community or a larger, possibly newer home than they were thinking of.

Let's talk about that larger home.    Is it true that everyone would like a larger home?    It does seem to be the case for many.   But I wonder would it be nicer to have a smaller home with more money in your pocket?    Would one have a better quality of life if they didn't feel the need to max out on their house payment?    

Looking ahead to the future, it may very well be the wise move to make the largest purchase with interest rates this low.    Or, is it wise to just look at one needs and make the choice on that.  

Either way, it's a personal choice, and one that I respect.

My thoughts after selling hundreds of homes to local families is to really think about what your needs and wants are.   Just because the mortgage guy says you can "afford" a certain payment doesn't mean you have to.   Those guidelines are meant to be a guide for an affordable home based on your current and past income and what people project will be the way you will spend your money.  

You might want to consider,
  • Will your income change one way or another in the future?
  • Will you want to change your job in the future?  Key word being want.
  • Will your family needs dictate a need to stay home to take care of children or older parents?
  • Will the size of your family change one way or the other?
  • Do you have large expenditures that will be coming up in the future, or will you be paying a large bill off?
  • Will you be looking to purchase a vacation home sometime in the future?
There are many things in life that we can't predict, but many that we know might or will happen.  The day you are looking for a mortgage might be the day that you want to consider these.      If you think that your income may change, or you wish to live a life style that will include having payments outside the norm, then you might want to consider a smaller payment.

Remember, just because they say you can afford something, doesn't mean you have to!

So, can you be too thin?  or have too big a house??   I say yes to both.    Eat responsibly and do the same with your home purchase.  

Oh wait!    Maybe having a very big a home will keep you thin!!    
(Just kidding folks!)


About the author
Carol-Ann Palmieri
Carol-Ann Palmieri,   (very much not too thin and owns a very modest size home)

a full time Real Estate professional in Massachusetts for the past 25 years along with Al Mussi have helped hundreds of families find, sell or purchase new places to live.
 A former US Marine, she grew up in Walpole, MA...  is committed to the serving the community through various volunteer opportunities.   She attended MA Bay Community and Suffolk University and is committed to constantly updating her Real Estate education.

 Licensed in MA and RI...

 Al and Cal's primary areas of service Franklin, Bellingham, Medway, Millis, Medfield, Norfolk, Wrentham, Plainville, Blackstone, Walpole, Milford, Holliston, Hopkinton, Mansfield, and Foxboro, North Attleboro, Hopedale, Mendon, Millville but have resourses to help anyone, anywhere....

Her mission....  To exceed your expectations!

Carol-Ann Palmieri
Al and Cal Realty Group


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