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How Much House Can You Handle?
3 Steps to a Smart Decision
Once upon a time, a widely-used rule of thumb
among real estate experts and home buyers
alike was to buy as 'much' home as you could
qualify for, as soon as you could qualify for it: even
if you didn't need the space or extra expense. Back
then, big homes were en vogue, mortgage money
was free-flowing, and all homes increased in value
so rapidly that it was seen as foolhardy to buy
something smaller and lose out on the potential
appreciation you'd get for every extra bedroom or
square foot you coulda, woulda or shoulda bought.
1. What do your future family and career look like?
Answering the question of how much home is the
right 'amount' for you requires putting your
visionary hat on. One of the reasons
previous generations of
buyers have erred on the
side of buying too much
home was that it seemed
easier to deal with the
problem of having too
much space compared
with the challenge of
having too little.
2. What's your bandwidth for fixing,
maintaining and engaging? The handling that
has to happen with a home ranges from minimal
to massive, in both cost and lifestyle impact. As
such, deciding on the optimal level or ranges of
the following is an essential step of your ‘how
much home can I handle’ calculus:
• fixing do it yourself and,
• ongoing home maintenance.
3. What can your finances sustain, in the short-
and long-run? When it comes to homes,
‘muchness’ is not just a matter of space, it’s also a
matter of money. In fact, some would actually say
that to buy smart is to allow the boundaries of your
financial resources to trump all the rest. I like to
take a more holistic approach, first scoping the
space needs and bandwidth issues that weigh
heavily on whether a fixer-upper or a condo or a
single family home or a home in move-in condition
makes the most sense, as these factors should also
be balanced in the decision-making about what is
affordable immediately and over time.
Realtors/Buyers and Homeowners: What other
questions do you suggest buyers ask
themselves, in figuring out how much home
they can handle?
Randy Bett
Investment Realtor/Author/Investor
Real Estate Professionals Inc.
Better Group Real Estate
202-5403 Crowchild Trail NW
Calgary, AB T3B 4Z1
Phone:403-774-7464 Ext:1
Fax:403-208-0082
Toll Free fax:888-711-6801
Randy Bett
www.BetterGroupRealEstate.ca

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How much house can you handle

  • 1. How Much House Can You Handle? 3 Steps to a Smart Decision
  • 2. Once upon a time, a widely-used rule of thumb among real estate experts and home buyers alike was to buy as 'much' home as you could qualify for, as soon as you could qualify for it: even if you didn't need the space or extra expense. Back then, big homes were en vogue, mortgage money was free-flowing, and all homes increased in value so rapidly that it was seen as foolhardy to buy something smaller and lose out on the potential appreciation you'd get for every extra bedroom or square foot you coulda, woulda or shoulda bought.
  • 3. 1. What do your future family and career look like? Answering the question of how much home is the right 'amount' for you requires putting your visionary hat on. One of the reasons previous generations of buyers have erred on the side of buying too much home was that it seemed easier to deal with the problem of having too much space compared with the challenge of having too little.
  • 4. 2. What's your bandwidth for fixing, maintaining and engaging? The handling that has to happen with a home ranges from minimal to massive, in both cost and lifestyle impact. As such, deciding on the optimal level or ranges of the following is an essential step of your ‘how much home can I handle’ calculus: • fixing do it yourself and, • ongoing home maintenance.
  • 5. 3. What can your finances sustain, in the short- and long-run? When it comes to homes, ‘muchness’ is not just a matter of space, it’s also a matter of money. In fact, some would actually say that to buy smart is to allow the boundaries of your financial resources to trump all the rest. I like to take a more holistic approach, first scoping the space needs and bandwidth issues that weigh heavily on whether a fixer-upper or a condo or a single family home or a home in move-in condition makes the most sense, as these factors should also be balanced in the decision-making about what is affordable immediately and over time.
  • 6. Realtors/Buyers and Homeowners: What other questions do you suggest buyers ask themselves, in figuring out how much home they can handle?
  • 7. Randy Bett Investment Realtor/Author/Investor Real Estate Professionals Inc. Better Group Real Estate 202-5403 Crowchild Trail NW Calgary, AB T3B 4Z1 Phone:403-774-7464 Ext:1 Fax:403-208-0082 Toll Free fax:888-711-6801