Detroit Real Estate

I went to a Livonia restaurant a few weeks ago night with a group of friends.  It was a slow night for some reason and we were the sole table the waitress had.  So she chit chatted with us all night.

The young girl was only 19 years old and only been working for a year and a half as a waitress.  Sadly she has the wrong notions about what she should have in life already.  Why I say this is because she is caught up in being stylish and keeping up with the Jones.  She is going to be high maintenance and drive some poor guy into the poor house unless she changes.

At nineteen years old she bought herself a Cadillac! (no it wasn't an old pink Cadillac)  She has a $500 a month car payment at 19 years old with a small income!  Some of you will say there is nothing wrong with that, but I am of a different mind set.   Buy what you can afford is my motto.  I know a $500 car payment is tough with people that make a lot more money than her.  So why stress yourself out having a higher payment than you can really afford. I believe in living a little below your means.  DON'T LIVE ABOVE YOUR MEANS.

I have seen both extremes.  People that have a couple million dollars eating soup and never going out to dinner or taking a vacation.  Then I have seen people making $32,000 driving a Jaguar and wearing fur coats.  Somewhere in between is the place to be.

They would love this

I have seen it in the past with many real estate clients.  People that buy a bigger home than they can afford.  I home that will cost to much to heat and air condition,  a home too big with a tax bill that is higher than my house payment.  When the roof goes bad they don't have the money to put the roof on.  They could afford the house payment, but they couldn't afford to keep it up. 

My advice to home buyers is don't buy a house to impress.  Sit down and think about utility bills, taxes, maintenance of the home. Sure you want the Cadillac of homes, but the home that will practical is smarter.

                                                                         But is this more practical?

Photos courtesy of Real Comp II Ltd