Frugal Isn't Cheap by Clare K. Levison

Author:Clare K. Levison
Language: eng
Format: epub, mobi
Publisher: Career Press
Published: 2013-05-27T16:00:00+00:00

Being realistic when buying a home

When it comes time for you to buy a home, whether it be your first or not, you need to engage your frugal mind. Always err on the side of caution when determining your price range. If you have any doubt that you will be able to afford a particular home, even if you love it, even if it makes all the other homes you’ve looked at pale in comparison, even if it has the three-car garage or fully equipped kitchen you’ve always wanted, skip it. No home is worth risking your financial future. Many buyers now in foreclosure have told themselves they could afford a certain home, when deep down they knew it would be a struggle.

Let’s say you’ve found a home and you feel comfortable that you can afford it. It’s time to put your frugal mind into second gear. Does the home you’re looking at meet your needs? I don’t mean your need to entertain the entire neighborhood or have a TV room the size of a movie theatre. I’m talking about whether or not it meets the everyday living needs of you and your family. Ask yourself, “How many times a year would I really use the…?” and fill in the blank. If the answer is only a few times, you can probably live without those extra features and save yourself lots of bucks in the process.

Think about it. Is there a room in your home you never use? Almost everyone has one. Maybe it’s the formal living room that you only go into to dust or the dining room that only gets used at Thanksgiving and Christmas. I’m not telling you to buy a house that doesn’t have a living room or dining room; what I’m saying is that you should give serious thought to how much space you will really use.

Can you buy a less expensive, smaller home but make full use of all the space? Get creative. Instead of having a living room that resembles a museum—as in, don’t touch or sit on anything—make it a functional office. Turn that dining room into a playroom if you’ve always wanted one, and set up an extra table elsewhere when the holidays roll around.

A bigger home also brings many other expenses with it that people don’t often think about. For example, the amount you spend on furnishings, utility bills, remodeling, and repairs will likely increase as your space increases. Don’t turn your home purchase into a money pit. If you buy a home in a good location, in a price range you can truly afford, you’ll have a solid investment and peace of mind.

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