Stretching is good for the body. Not always good for the budget.

Every health expert will tell you that stretching is good for you.  Before exercise or after, it limbers up your muscles and the more flexible you are, the less likely you are going to have an injury.  Cats and dogs stretch instictively.

When you are buying a home, the old adage was to buy up.  Always buy a little more home than you need.  Stretch to make those payments, and this way, you won’t have to move again if your family grows.  The days are gone when your lender will allow you to stretch as far as you can with no money down.  I say good.  NO money down was a recipe for the disaster that we see in the flood of foreclosures and bank owned properties.

Why buy more house than you need?   That 4th car garage and those 2 acres are NOT what makes a house a home.  That ultra luxury bathroom is great and the kitchen is to die for but is it worth an additional $75,000 on your mortgage?   Too many people stretched 5 years ago and stretched themselves right to sherrif’s sale!

I know you are approved for it and with both your incomes you can more than afford it.  What happens if you decide to have another child and one of you decides to stay home with the kids?  What happens if one of you gets sick and can’t work.  Buy a house, by all means, but please, don’t stretch.  Buy a house that gives you a comfortable house payment in a nice area that you can be proud of.  Mortgage companies are way more conservative these days and it’s harder and harder to get a mortgage.  If you are one of the lucky ones who can borrow as much as you want, think about the future first.  If money is no object, by all means, I can show you all the luxury homes your heart desires in Chester County.  But please don’t stretch. 

Stretching is good.  If you are a cat.

Dani does Bridge pose.

2 Responses to Stretching is good for the body. Not always good for the budget.
  1. Lisa Heindel
    January 20, 2012 | 5:08 pm

    I call it “house poor”. When people stretch themselves to the limits of their buying capacity, they often don’t realize that they will be trading off movies, dinner out, nights on the town, etc. for the privilege of owning that particular home. What fun is that??

    • Susan Mangigian
      January 20, 2012 | 5:15 pm

      There is no fun at all in being house poor! Thanks Lisa!

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