financial hiccups, or your lender didn’t adequately communicate the exact closing costs or the monthly payment.” “But the cost of buying a house you shouldn’t is far higher than the cost of leaving it behind if you’re worried about the payment,” says Todd Huettner, founder of Huettner Capital (Denver), citing worst-case scenarios such as foreclosure, bankruptcy, and decimated credit. He adds that buyers should never buy a home based on the assumption that if it doesn’t work out financially, they can just sell it. What if you can’t sell it when you want? Or you, now the owner, are stuck in a buyer’s market, where there are too many homes for sale but not enough buyers? You could end up living in that unaffordable home for longer than you’d anticipated and could end up in financial trouble down the road. Don’t let your emotions take over. Think logically, and think long term. Most of all, get financially prepared ahead of time and know your budget before you begin the home search and home-buying process. This will save you a lot of time, energy, and potential heartache.
HOW TO GAIN AN ADVANTAGE:
There’s definitely a fine line between knowing when to fight for the home you want and when to walk away from a difficult sale. The best way to gain an advantage in this type of situation, especially when you aren’t sure what to do, or
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