Photo: Flickr via _bubby_
When prospective homebuyers dished on what they are looking for in their dream home, real estate tracker Trulia noticed a disturbing trend: Once again, our eyes are might be bigger than our budgets. Twice as many homebuyers said they’re vying for McMansions and even more saw pools, hot tubs and gourmet kitchens in their future. On the flip side, one-quarter said they doubted whether they’d even qualify for a home loan.
It was that mentality––and a lot of ill-placed encouragement from lenders––that helped dig us into this housing mess in the first place. But new findings from Century 21 paint a more hopeful picture of how much consumers have learned from the past.
Of more than 2,000 homeowners and renters surveyed, a whopping 80 per cent of homeowners said they would be willing to rethink their daily budget if it meant affording their dream home.
Here’s what we’re willing to give up:
50 per cent: would cut back on dining out,
49 per cent: would cut back on their shopping for non-essential items (e.g., clothing, accessories, gadgets, etc.)
47 per cent: would give up luxuries (e.g., expensive cable packages, trips to the salon, etc.)
39 per cent: would cut back on vacations
10 per cent : would contribute less to their 401(k) in order to be able to purchase their dream home.
We’re slightly inclined to disagree with the 200 or so participants who said they’d sacrifice their retirement savings for their dream home. What good’s a roof over your head if you don’t have enough income to pay the mortgage?
Want to talk real sacrifice? This German woman has been living without money for 16 years >