Well, when you buy real estate and you stretch your budget and buy at the top of your budget, we call that being house poor. When you’re able to live in a really nice home, but you don’t have the funds available to do some of the other things that you want to do like go out to eat, go on vacation, save for your reserves, that’s being house poor.
We really encourage buyers to take a look at their overall budget. Just because you’re pre-approved for $500,000, doesn’t mean that you necessarily want to spend that. There are so many unknowns that happen with real estate in the world. We recommend staying within a budget that you’re comfortable with, so you’re not house poor.
Buying a home within your means is actually quite important. Do you like to go out to eat, travel or do a little shopping throughout the year? Laura Flood explains the ins and out of being “house poor” and how you can bypass that altogether. Click here to watch our Real View of Real Estate series: https://youtube.com/playlist?list=PLi… If you want to schedule a confidential call with Laura, reach out to us on our socials (@laurasrealestategroup) or visit our website, LaurasRealEstateGroup.com to get started.
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