Upgrading to a Bigger Home?
Be sure to look at how your expenses will grow after upgrading to a bigger and better house. Liz Frazier Peck, in a piece for Forbes.com, writes:
The bigger the house, the bigger the expenses, in every possible way. So while banks lure you by saying you can afford a $1 million mortgage loan, remember that they want you to take as big of a loan as possible. It is up to you to consider these increased expenses when looking at how much house you can afford.
If you are prepared and save a little extra now in anticipation, you won’t get hit with sticker shock when you get your first “dream home” power bill.
Read the full article here: