Owning a home, it’s the American dream. The bigger the better; lots of space to spread out and entertain guests. Not to mention the wow factor. Make it big enough to turn all your friends green with envy. Too much house? Is that even possible?

Hidden Costs

Many people do not consider the hidden costs when buying a large home. Big houses have more cubic feet to heat and cool, which translates into higher utility bills. The property taxes are higher, as are the maintenance and repair bills. Then there’s the biggest and most conspicuous cost of all: a huge mortgage.

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In some cases, there may be unintended consequences that accompany owning a large home. People may think you are rich. Maybe that sounds good to you, but what about expectations? When you go out with your family and friends, will they start expecting you to pick up the check? Will you be expected to throw more parties, give more lavish gifts, and donate more to charity? When someone in your orbit needs a loan, are they going to come to you first?

Values

Each of us has our own unique set of values. They are an amalgamation of our beliefs and various influences in our lives. Our values are not set in stone, they change and evolve over time. Our values may reflect those of our parents and are likely shaped by influences such as peer pressure, media exposure, advertising, community, religion and various other factors. 

Have you ever wondered about the origin of your values? Where did they come from? Are they still valid? As you consider this, you may find that some of your values no longer deserve a place in your life. If you look closer, you may discover they never did.

“The unexamined life is not worth living.”

Socrates

Who do you aim to please? Is it a parent whose hold over you should have passed long ago? Or someone else? Is that person still a part of your life? Or is it them? Who is them? Anyone. Everyone. 

Why is it so important to impress people we don’t even know? They care nothing about us and never will. When you let go of the need to please people, you take back the power you gave them to sit in judgment of you.

Whatever the source of your values, they affect your thoughts and actions. In anything that we do and especially in significant endeavors, it’s important to stop and consider our motivations. 

Before you sign on the dotted line and buy that McMansion, make sure you are not making a huge mistake. You don’t have to spend every available dime on a house; there are other things to spend money on. Don’t become House Rich and Cash Poor. What is that? It’s when you buy more house than you can really afford and you don’t have any money left over to go anywhere or do anything.

Closing Thoughts

Yes, you can have too much house. Who needs thousands and thousands of square feet when it’s just the two of you? Or maybe only one. Consider the things you can do with that money besides umaking mortgage payments. You can go on vacation, Start a New Hobby, go back to school, become debt-free, donate to charity – the possibilities are endless. Ask yourself if it’s really in your best interest to buy that big house. Buying a home is a major decision and you should take all the time you need to make the right decision.

Photo credit: Pixabay Eggstack News will never post an article influenced by an outside company or advertiser. Our mission is to help you overcome uncertainty about retirement planning and inspire confidence in your financial future.