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Posts from the ‘Life Stages’ Category

10
Feb
House sold sign

How much house can I afford?

by Larry MacDonald for Money Sense Magazine

Q: My fiancée Michelle and I are building a custom home together. We have a $1.5 million budget in mind but we’d like to go higher if we can afford to. Or should we actually be spending less? We need to make a decision and we’re not sure what to do.  Darren, Toronto

A: There is no doubt that you guys are in a unique position. Darren, you’re earning the entry level minimum this year, but hope your agent can negotiate a big contract next spring. Your career could last 10 years, but an injury or a bad season could easily cut things short. And it’s hard to say what your potential income-earning ability might be thereafter.

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