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Shoes vs. House

When I talk to buyers who are trying to determine if they can truly afford to buy a particular house (or any house), I ask them what they enjoy now that might not be in the budget once they have a mortgage to pay. Dinners out? Weekends away? Theater? Cruises? Clothes shopping? If they were unable to enjoy their favorite pastime, would they be happy in the house?

The future buyer listened to my inquiry. Nodding and smiling, she said, “I buy a lot of shoes. A whole lot of shoes.” With calculator in hand, I worked out my next question. As her apartment rent is $1,800/month, and her mortgage, taxes, and insurance would be $2,900/month, does the additional $1,100 obligation impact her shoe-buying ability?

“Yessssssssssssssssss!” she gasped. “That would stop me from buying any more shoes. I would not be happy about that.”

The real estate agent was not too happy with me when she heard why the buyer got cold feet.

Comments

( 2 comments — Leave a comment )
(Anonymous)
Oct. 16th, 2012 07:09 pm (UTC)
Love the shoes. Live for the shoes!!
real_lawyer
Oct. 16th, 2012 08:07 pm (UTC)
You're my client's kind of person!
( 2 comments — Leave a comment )

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