Question:
“My husband and I are frustrated. We’re renting and we know it’s a great time to buy, but we can’t afford to buy a home we really want…”
Answer:
Some people call that having “champagne taste and a beer budget.”
That’s a little rough, so I prefer to just say that some people have standards just a bit out of reach of their pocketbook.
I can’t tell you how many people I talk to who…
A) …Didn’t buy a home when they could, let the market pass them by, and are still renting.
B) …Say they budgeted tightly, bought a home, and saw it rise dramatically in value over the years.
So you can be like the “A” folks and look back regretting you didn’t take advantage of 4% interest rates and prices that have risen.
Or you can be like the “B” people and adjust your standards and buy a home you can afford now. Then either turn it into the home you really want (remodel, add, etc.) or later sell it (or keep as a rental) and buy the home you really want.
Just like the Rolling Stones song: “You can’t always get what you want, but sometimes you get what you need.”
So maybe you can’t get the home you really want, but perhaps the time is right and you need to get your first foothold into homeownership.
