Don’t buy the biggest house on the block. Most of my clients paid too much for a house they couldn’t afford a year later. I advocate that you don’t pay more than twice your combined household’s annual salary for your home. Most people pay 3 times their salary. If you purchase a modest home in a good neighborhood, the chances that your home will appreciate over the long haul and be affordable under tight circumstances is much higher than if you bought what your lender says you “should be able to afford.”
For more information on bankruptcy, please visit http://www.abankruptcyfirm.com/ or contact your Kansas City Bankruptcy Lawyer, Betsy Lynch at 816.434.6616.