Which real estate dreams have you abandoned without a fight because money is an issue? Aim to change more than your address when you buy and you may achieve home or cottage ownership seemingly beyond your current means.

Home-buying affordability criteria avoid financial over-extension, but selecting real estate based entirely on current finances and spending patterns may short-change you in the long run. Look beyond what you have to explore what you can do with what you have. Consider which improvements to your debt management and spending habits could extend your financial reach. Credit counseling bureaus offer solid advice in this area at little or no charge.

Balance livable compromise against researched opportunity to reach beyond what finances alone dictate:

• Reign in impulse and discretionary spending, and kick expensive habits like smoking.

• Chip away at "permanent" credit card debt and stop adding to the balance.

• Live to a personal standard instead of chasing the "Jones" to gain some financial "elbow room."

• Shift to a long-term perspective instead of trying to grab everything now.

• Set lifestyle and ownership priorities, and stick to them.

One determined buyer, who we'll call Lee Thompson, is living proof that adapting your finances to achieve your dreams is a powerful alternative to designing your life around a lack of money. Patience and persistence are vital characteristics.

Thompson was almost 50 when the 30-year marriage ended and left her financially vulnerable. Determined to buy her own home and achieve financial stability, Thompson did not let well-meaning, but disparaging friends stand in her way. For a few years, Thompson held down two jobs to make ends meet. Eventually, a move to a small, less-expensive apartment on the outskirts of town allowed her to quit her part-time weekend job.

"Friends and family couldn't understand how I was doing it, but I did it anyway because that is what I wanted to do," said Thompson explaining how she achieved home ownership without the small fortune that pundits say is essential.

Thompson took advantage of her employer's shared contribution program and a loan from a friend to build up her Registered Retirement Savings Plan. Later she withdrew C$20,000 under the Home Buyers' Plan toward her home purchase. She also learned all she could about investing. Meticulous planning and appreciation of the rewards of a simple lifestyle maintained her commitment.

About three years ago, Thompson noticed a newspaper advertisement for a condominium that could be carried for about what she was then paying in rent. Encouraged by her dream of home ownership, Thompson began researching condominiums and this project in particular to learn where value lay:

• When Thompson discovered that prices decreased as square footage dropped and that buying at lower levels saved a thousand dollars a floor, she went after a fifth-floor, 343 square foot unit with a balcony.

• The small building, constructed by a reputable developer, had no swimming pool, elaborate amenities or extensive gardens, so monthly maintenance fees would probably remain affordable.

• Buying one of the last remaining units enabled Thompson to negotiate with the developer who was ready to move on to the next project.

• By selecting a building with a moderate range in unit prices, there was a better chance that owners would have similar long-term financial and management priorities.

By the time the urban river-front building was completed in 2006, Thompson's south-facing unit had already increased in value, as is often the case for purchases made before construction is complete.

Conveniently located for public transit, shopping and pursuit of her interests, Thompson will forego car ownership.

Thompson summed up her real estate decision this way: "It will be tight because it has been since day one, but I'm doing it. It is important not to let anyone put you down or discourage you. When I first found this place, I had been to a real estate seminar and they got me going. Then, I had one family member really put me down. Finally, a friend, who is an accountant, thought it was a good idea and encouraged me, and I thought, 'I can do this.' You must use knowledge to survive. It is very tight, I am not going to kid anyone, but I am still very happy."

Wise choices and strong markets can accelerate your real estate progress and make life enjoyable long the way. What housing dreams are you abandoning without full consideration because money is an issue? Remember, the impossible may just take a little longer.

Published: August 14, 2007

Use of this article without permission is a violation of federal copyright laws.

Strategist and Futurist is The Catalyst -- intent on "Helping The Best Get Better." An internationally-recognized "new retirement" authority, PJ's research, writing and speaking programs focus on decisions Baby Boomers face to achieve a successful future. Author of 6 books, PJ knows that, since home is headquarters for the "new retirement," professionals and consumers need relevant knowledge and insights, along with solid decision-making skills, to protect and enhance this private oasis. As The Catalyst, PJ provides strategic communication, client appreciation and advanced education services to the financial, tourism, lifestyle and service sectors -- and the clients they serve. A frequently quoted financial and business commentator, PJ is a thought-provoking strategic speaker who offers practical, real-life suggestions on leaving "the box" behind and embracing Forward Thinking -- a talent she regularly demonstrates in this column. For more, visit TheCatalyst.com.