REAL TipS: BUYING

Don’t underestimate yourself

Can there be such a thing as not buying “enough” house? Certainly, the opposite situation will put you in a bind. Many people have purchased more house than they can afford, leading to money woes that last for years.

But what about aiming too low when you purchase a home? Consider the following scenario: A family buys a two-bedroom, one-bath home, knowing from the start that they want to add a second story to turn it into a four-bedroom, two-and-a-half bath home soon. After all, they already have a three-year-old and twins on the way. Perhaps this is not the best time for their family to undergo a major remodel. And depending on what’s involved in making modifications to the home, they may end up spending more money turning that small house into the size home they desire than they would have paid for a house that needed no changes at all.

Another similar situation might occur for a family that plans to move an aging parent into their home in the near future. Or perhaps it’s as simple as someone whose financial situation is rapidly improving with some measure of certainty. In cases like these with a short time frame for change, it’s worth spending some time to contemplate your future home needs. Your Texas REALTOR® can help you compare different scenarios to determine what will make the most sense for you now and over the next few years. Though you definitely don’t want to get in over your head, you also don’t want to regret having to move too soon or taking on a remodel that will add stress to an already stressful situation.

Texas Association of Realtors®