My Real Estate Blog

We have become a nation increasingly driven by the bigger and better. Can you say 'McMansions'?  It is a culture of debt, where even the national government owes $14 trillion. And no, not every country has national debt. The United States leads the way.

So, what if you could buy a smaller house, or a house in a less prominent neighborhood, and avoid a mortgage payment altogether?

The idea is nearly unheard of in this country. But it could be one that will begin to gain ground as many families struggle to makes ends meet, and even more families learn the hard lesson about home affordability. The truth of the matter is this,  you're paying a mortgage, you don't own your home. It doesn't matter if you've paid on a loan for 1 year or 29 years, if you default, the home is property of the bank.

Consider for a moment what it is in your life that is really important. No doubt you will quickly pull to mind your family and closest friends. You may think about a full refrigerator, a safe city, and a clean bill of health. These are things you can have in a small home,  just the same as a large one.

Success is not measured by the size of house you own. So, if you are in the market to become a homeowner, be sure to consider what it could mean to buy truly within your budget. Does it mean saving for a few more years?  Does it mean buying a fixer upper? Does it mean the smaller house in the less prestigious neighborhood is in your budget?

Maybe it's time to think long and hard about what kind of home is realistic for you. You may find that travertine and granite can be forgone for a nice kitchen table and family meals.