Buying Too Much House - Is It Worth It?

Since we have the privilege of living in a free country and not burdened by the thought of being subjected to totalitarian authorities, we are faced with the direct consequences of our decisions.

For real estate, it means that we can purchase from a great variety of offerings that the market offers. Be it townhouses, condominiums, stand-alones, rentals, etc. There such a wide range of choice that one can easily be confused.

But the basic premise should be: what do you need and how much can you afford to pay. Mind you that it's important to view your choice in the perspective of many years, since on the average a homeowner might live 13 years in his residential unit.

Many can consider 'buying a little too much house' an acceptable risk. After all, a house is not only a shelter against the elements. It is a reflection of who we are, a way to show what we represent in society. It is very often considered a prized possession that reflects on our sense of importance. If we can afford such vanity, in keeping with the Joneses, well, why not? It might mean that you will be working very hard and sacrifice on other aspects of your life to dwell in a house that is a little too big for your britches.

Of course, in life we are often forced to make such choices A bad real estate decision taken in your 30's or 40's can always be patched up later on, since time is still available (to most of us, hopefully). But a risky decision taken when you are in your 60's can have disastrous consequences that could well be irreversible and that will cause crippling financial pains up to your grave. Always remember that it is always easier to buy than to sell. And real estate is a product that often needs time. And if, because of a desire and need to get out of a squeeze situation, time is not on your side, the losses that would have to be absorbed might be most painful.

The tremendous advantage that we have in living in a free society entails awesome personal responsibilities regarding how we behave in life. Getting involved in a real estate transaction is an important financial decision. Think before you act and don't gamble years of your life on some rash and strictly emotional decisions. If you want to act that way, buy lottery tickets and see how lucky you are.

Gilles Martin is a Real Estate Agent, accomplished Entrepreneur and long-time businessman. His articles can be read on Musings of a Real Estate Agent.

Canon SD770 Best Buy
Buy Canon HG20
Canon HG20 Best Price