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When You Buy Too Much House…

Daniel Paull MD explains how buying an expensive house can cause physicians problems.

November 27, 2023

A mistake a lot of physicians (both old and young) make: buying too much house.

It’s very common for physicians to think that they need to own one of the nicest houses around. Many end up buying a massive house straight out of residency, even though they may have hundreds in thousands of debt.

 

It's very common for physicians to think that they need to own one of the nicest houses around. Many end up buying a massive house straight out of residency, even though they may have hundreds in thousands of debt. Click To Tweet

 

Lets look at who wants you to buy the large house:

1. Yourself and possibly your family

2. Your real estate agent (bigger commission)

3. Anyone who sells you insurance (you will need some for the house and then increased life and disability to pay for it if something happens to you)

4. The bank (bigger loan, yay!)

5. The hospital system that employs you. They want you to buy a house you barely can afford, so they can shove terrible contracts down your throat and make you do things that you really don’t want to….salary addiction.

 

 

The end result is that you traded what little autonomy you had for a large house. Physicians can be house poor too.

The irony is that you will need to work so much to stay in the house, that you may not even get to enjoy it!

Conversely, a more reasonable house will give you more leverage in negotiations if you aren’t salary addicted. It will also put less of a financial strain on you and your family…choose wisely.

 

All opinions published on SomeDocs-Mag are the author’s and do not reflect the official position of SoMeDocs, its staff, editors. SoMeDocs is a magazine built with the safety of free expression and diverse perspectives in mind. For more information, or to submit your own opinion, please see our submission guidelines or email opmed@doximity.com. Do you have a compelling personal story you’d like to see published on SoMeDocs? Find out what we’re looking for here and submit your writing, or send us a pitch.

All opinions published on SomeDocs-Mag are the author’s and do not reflect the official position of SoMeDocs, its staff, editors. SoMeDocs is a magazine built with the safety of free expression and diverse perspectives in mind. Do you have a compelling personal story you’d like to see published on SoMeDocs? Submit your own article now here.

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