One of the biggest Metro Detroit home buyer tips I can give any first time home buyer or even an experienced home buyer is to decide yourself how big of a mortgage payment. I knew a bar owner that lived in Plymouth Michigan. He had a big beautiful new construction home with great landscaping. He seemed to have it all, but over the years it showed. His home was outdated, the roof needed repair. He always seemed to be playing catch up.
This guy made good money, but he still over bought for his income. He admitted to me that he could afford the payment of his Plymouth home, but maintaining the home was a whole another matter. To replace the roof was $14,000. He had to patch it several times before he finally replaced it. He let the landscaping go. His home still had the peaches and mauve color scheme from the 1980’s.
So take my Metro Detroit home buyer tip to heart. Sure your mortgage company will allow to have a bigger house payment than you can comfortably handle. So make the decision yourself what you and your family can afford. Take into account that taxes and insurance will rise over the years. Take into account that you will have to replace the furnace, the roof, and other major items. If you are so strapped that you cannot even make cosmetic and simple updates you have over bought.
It is important to me that you make smart financial moves. My commission on a bigger home does not matter. It is insignificant in the whole scheme of things. It is about you, your family being comfortable financially. It is about you being able to afford vacations, you not losing your house because you were laid off for 3 months, it’s about you being to help your kids when they need it. I cannot make the choice of what you can afford. The mortgage company cannot do that either. It is about you. It about you making a good financial decision. Live below your means and be comfortable. Be smart. Be able to afford your home in the long term.
I hope this Metro Detroit home buyer tip makes you step back and think. Decide yourself.
We know metro Detroit real estate well so whether you are relocating from Wayne to Oakland County or looking for a Waterfront homes for sale Bloomfield Township Michigan we can help. Give us a call on my cell phone at (248)310-6239