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CunningOne
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Member since 5/05 26975 total posts
Name:
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Re: How far did you stretch yourself to buy your home?
We bought our house almost 6 years ago, when prices were so much cheaper and we refinanced when the rates were really low. we're lucky to have a reasonable mortgage, and only a 20 year one at that.
We weren't even engaged when we bought our house, however, we knew what our future held and we planned accordingly. We made sure DH could pay for all since I wanted to be a SAHM when the time came. For years before the kids came, we lived on just his salary and it worked. In the mean time, I banked and invested my entire salary. We have a happy nest egg and live comfortably... It can get tight at times, but since we've been living this way for so long, it makes it easier to know where to cut back and such.
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Posted 6/26/06 10:55 PM  |
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schnapy
LIF Adolescent
Member since 9/05 766 total posts
Name:
Diana
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Re: How far did you stretch yourself to buy your home?
I think the problem is people are looking for their dream homes, we settled for what we could live comfortably in. Big difference. Our house had to be competely gutted. We werent impressed with having new baths and kitchens
I notice this alot when people say they cant afford homes, you can its what you (meaning aall in general)
We have only one bathroom and will add another eventually. It all depends whats more important to you, Id rather have $$ in the bank than stretch myself to pay a mortgage.
Its all relative
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| Posted 6/27/06 9:57 AM |
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schnapy
LIF Adolescent
Member since 9/05 766 total posts
Name:
Diana
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Re: How far did you stretch yourself to buy your home?
Posted by Meaghan729
Posted by computergirl
Posted by schnapy
not far at all, we bought a house that we could afford on one salary...
Same here. I wanted to be a SAHM and didn't want the house payments to change my plans...
im sure a lot of these people may have bought there house before the boom.
its ridiculous that a house that was $150K four years ago is now worth $400. somethings gotta give - EVERYONE i know that is in their 20s that bought a house within the last 2 years did it NOT buy on Long Island - there arent many buyers left!
eta: FH and I make much more than the average family on LI and we are going to struggle to buy a starter home.....most people that bought their houses five years ago cant afford to buy it today!
We bought our home during the hight of the market. we paid $400 for a dump, but we made sure we sacrificed alot and still do. its a 1 1/2 years later and we still are woriing on the house, we dont have a fully furnised house either... Piece by piece. Its all what you are willing to sacrifice. We dont go out to dinner, we lvie off of one salary and I dont know how but we do it.....
We were both in our 30s when we bought our first home....
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| Posted 6/27/06 10:01 AM |
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Kathy116
Hey baby!
Member since 6/05 1855 total posts
Name:
me
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Re: How far did you stretch yourself to buy your home?
We didn't stretch ourselves either....the house along with all expenses can be met on one salary.
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| Posted 6/27/06 10:03 AM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: How far did you stretch yourself to buy your home?
Posted by schnapy
I think the problem is people are looking for their dream homes, we settled for what we could live comfortably in. Big difference. Our house had to be competely gutted. We werent impressed with having new baths and kitchens
I notice this alot when people say they cant afford homes, you can its what you (meaning aall in general)
We have only one bathroom and will add another eventually. It all depends whats more important to you, Id rather have $$ in the bank than stretch myself to pay a mortgage.
Its all relative
i am seeing homes in for $375 that need to be completely regutted - im not looking for my dream home, but it needs to be liveable at these prices
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| Posted 6/27/06 10:06 AM |
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schnapy
LIF Adolescent
Member since 9/05 766 total posts
Name:
Diana
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Re: How far did you stretch yourself to buy your home?
Posted by Meaghan729
Posted by MrsBlueSash
We bought on the premise that one income should cover our mortgage. We've thought about the idea of more, but its seems scary if one person makes a change or gets hurt and can't cover the mortgage and bills.
for all of you that bought that can live on one income - did you buy your first home recently??
I couldnt imagine living on one income with the housing prices here - FH would have to make over $100K himself - we make that together, but not buy ourselves!
within the past 1 1/2
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| Posted 6/27/06 10:06 AM |
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schnapy
LIF Adolescent
Member since 9/05 766 total posts
Name:
Diana
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Re: How far did you stretch yourself to buy your home?
Posted by Meaghan729
Posted by schnapy
I think the problem is people are looking for their dream homes, we settled for what we could live comfortably in. Big difference. Our house had to be competely gutted. We werent impressed with having new baths and kitchens
I notice this alot when people say they cant afford homes, you can its what you (meaning aall in general)
We have only one bathroom and will add another eventually. It all depends whats more important to you, Id rather have $$ in the bank than stretch myself to pay a mortgage.
Its all relative
i am seeing homes in for $375 that need to be completely regutted - im not looking for my dream home, but it needs to be liveable at these prices
BVut whats not livable, if the bathrooms work but maybe havent been updated since 1970 thats livable, my kitchen is so horrendouse but its livable. Sometimes paint and good cleaning can do wonders
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| Posted 6/27/06 10:08 AM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: How far did you stretch yourself to buy your home?
Posted by schnapy
Posted by Meaghan729
Posted by schnapy
I think the problem is people are looking for their dream homes, we settled for what we could live comfortably in. Big difference. Our house had to be competely gutted. We werent impressed with having new baths and kitchens
I notice this alot when people say they cant afford homes, you can its what you (meaning aall in general)
We have only one bathroom and will add another eventually. It all depends whats more important to you, Id rather have $$ in the bank than stretch myself to pay a mortgage.
Its all relative
i am seeing homes in for $375 that need to be completely regutted - im not looking for my dream home, but it needs to be liveable at these prices
BVut whats not livable, if the bathrooms work but maybe havent been updated since 1970 thats livable, my kitchen is so horrendouse but its livable. Sometimes paint and good cleaning can do wonders
im wiling to do work, and its ok if its circa 1970 (i can get used to shag carpeting and a green toilet) but there are homes that need to be demolished for $300 in some areas!
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| Posted 6/27/06 10:09 AM |
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schnapy
LIF Adolescent
Member since 9/05 766 total posts
Name:
Diana
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Re: How far did you stretch yourself to buy your home?
Posted by Meaghan729
Posted by schnapy
Posted by Meaghan729
Posted by schnapy
I think the problem is people are looking for their dream homes, we settled for what we could live comfortably in. Big difference. Our house had to be competely gutted. We werent impressed with having new baths and kitchens
I notice this alot when people say they cant afford homes, you can its what you (meaning aall in general)
We have only one bathroom and will add another eventually. It all depends whats more important to you, Id rather have $$ in the bank than stretch myself to pay a mortgage.
Its all relative
i am seeing homes in for $375 that need to be completely regutted - im not looking for my dream home, but it needs to be liveable at these prices
BVut whats not livable, if the bathrooms work but maybe havent been updated since 1970 thats livable, my kitchen is so horrendouse but its livable. Sometimes paint and good cleaning can do wonders
im wiling to do work, and its ok if its circa 1970 (i can get used to shag carpeting and a green toilet) but there are homes that need to be demolished for $300 in some areas!
I know Im withg you on that, the only piece of advise I have for you is look at every freaking house on the market, go to open houses call up realtors its almost a job even if you dont like a house from the outside, go in, You never know..
Where are you looking??
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| Posted 6/27/06 10:15 AM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: How far did you stretch yourself to buy your home?
smithtown, nesconset, lake grove, stony brook, st. james, e. setauket, Holbrook.
I think our favorite is e. setauket.
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| Posted 6/27/06 10:26 AM |
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schnapy
LIF Adolescent
Member since 9/05 766 total posts
Name:
Diana
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Re: How far did you stretch yourself to buy your home?
someone I know jsut bought a house in e setauket for 390 nice house
Dont lose faithhhhhhhhhhhhh
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| Posted 6/27/06 10:32 AM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: How far did you stretch yourself to buy your home?
Posted by schnapy
someone I know jsut bought a house in e setauket for 390 nice house
Dont lose faithhhhhhhhhhhhh
 thanks!!!
I have to find something before next july, so I have time, but time is moving faster than I want it to!
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| Posted 6/27/06 10:34 AM |
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schnapy
LIF Adolescent
Member since 9/05 766 total posts
Name:
Diana
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Re: How far did you stretch yourself to buy your home?
Posted by Meaghan729
Posted by schnapy
someone I know jsut bought a house in e setauket for 390 nice house
Dont lose faithhhhhhhhhhhhh
thanks!!!
I have to find something before next july, so I have time, but time is moving faster than I want it to!
youll find itttttttttttttttttttt
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| Posted 6/27/06 10:38 AM |
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maryg
LIF Infant
Member since 5/06 196 total posts
Name:
Mary
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Re: How far did you stretch yourself to buy your home?
Posted by schnapy
I think the problem is people are looking for their dream homes, we settled for what we could live comfortably in. Big difference. Our house had to be competely gutted. We werent impressed with having new baths and kitchens
I notice this alot when people say they cant afford homes, you can its what you (meaning aall in general)
We have only one bathroom and will add another eventually. It all depends whats more important to you, Id rather have $$ in the bank than stretch myself to pay a mortgage.
Its all relative
I agree and I don't agree. I didn't buy my dream house--far from it. It was $375,000. But some people just can't afford the prices. In the area I was looking, you COULD if you looked real hard find a house $330K Livable condition, you know, old bathroom, old kitchen, nasty paneling, you know a house circa 1960. But even at $330K, some people still can't afford this. Partially due to taxes but some people just don't make enough. For homes to be affordable to everyone (midle class, working class) prices would have to be $200-$250K. Not that I am upset at the price I paid for my stink hole....it keeps the area nice. I am more upset having to pay the mortgage and taxes for $375K....but it is a great "deal". The house across the street from where I am buying is selling for $450.
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| Posted 6/27/06 10:55 AM |
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schnapy
LIF Adolescent
Member since 9/05 766 total posts
Name:
Diana
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Re: How far did you stretch yourself to buy your home?
Posted by maryg
Posted by schnapy
I think the problem is people are looking for their dream homes, we settled for what we could live comfortably in. Big difference. Our house had to be competely gutted. We werent impressed with having new baths and kitchens
I notice this alot when people say they cant afford homes, you can its what you (meaning aall in general)
We have only one bathroom and will add another eventually. It all depends whats more important to you, Id rather have $$ in the bank than stretch myself to pay a mortgage.
Its all relative
I agree and I don't agree. I didn't buy my dream house--far from it. It was $375,000. But some people just can't afford the prices. In the area I was looking, you COULD if you looked real hard find a house $330K Livable condition, you know, old bathroom, old kitchen, nasty paneling, you know a house circa 1960. But even at $330K, some people still can't afford this. Partially due to taxes but some people just don't make enough. For homes to be affordable to everyone (midle class, working class) prices would have to be $200-$250K. Not that I am upset at the price I paid for my stink hole....it keeps the area nice. I am more upset having to pay the mortgage and taxes for $375K....but it is a great "deal". The house across the street from where I am buying is selling for $450.
I agree I know that prices are high and lots of people cant afford the $$ for these **** holes. I guiess I was talking about people we know who make the money but just have to have the best and hang themselves with mortgages.
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| Posted 6/27/06 11:09 AM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: How far did you stretch yourself to buy your home?
Posted by schnapy
Posted by maryg
Posted by schnapy
I think the problem is people are looking for their dream homes, we settled for what we could live comfortably in. Big difference. Our house had to be competely gutted. We werent impressed with having new baths and kitchens
I notice this alot when people say they cant afford homes, you can its what you (meaning aall in general)
We have only one bathroom and will add another eventually. It all depends whats more important to you, Id rather have $$ in the bank than stretch myself to pay a mortgage.
Its all relative
I agree and I don't agree. I didn't buy my dream house--far from it. It was $375,000. But some people just can't afford the prices. In the area I was looking, you COULD if you looked real hard find a house $330K Livable condition, you know, old bathroom, old kitchen, nasty paneling, you know a house circa 1960. But even at $330K, some people still can't afford this. Partially due to taxes but some people just don't make enough. For homes to be affordable to everyone (midle class, working class) prices would have to be $200-$250K. Not that I am upset at the price I paid for my stink hole....it keeps the area nice. I am more upset having to pay the mortgage and taxes for $375K....but it is a great "deal". The house across the street from where I am buying is selling for $450.
I agree I know that prices are high and lots of people cant afford the $$ for these **** holes. I guiess I was talking about people we know who make the money but just have to have the best and hang themselves with mortgages.
you are right about people hanging themselves with mortgages, and that wont be me. I will sacrifice, but I wont live in poverty to have a huge house.
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| Posted 6/27/06 11:13 AM |
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schnapy
LIF Adolescent
Member since 9/05 766 total posts
Name:
Diana
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Re: How far did you stretch yourself to buy your home?
Posted by Meaghan729
Posted by schnapy
Posted by maryg
Posted by schnapy
I think the problem is people are looking for their dream homes, we settled for what we could live comfortably in. Big difference. Our house had to be competely gutted. We werent impressed with having new baths and kitchens
I notice this alot when people say they cant afford homes, you can its what you (meaning aall in general)
We have only one bathroom and will add another eventually. It all depends whats more important to you, Id rather have $$ in the bank than stretch myself to pay a mortgage.
Its all relative
I agree and I don't agree. I didn't buy my dream house--far from it. It was $375,000. But some people just can't afford the prices. In the area I was looking, you COULD if you looked real hard find a house $330K Livable condition, you know, old bathroom, old kitchen, nasty paneling, you know a house circa 1960. But even at $330K, some people still can't afford this. Partially due to taxes but some people just don't make enough. For homes to be affordable to everyone (midle class, working class) prices would have to be $200-$250K. Not that I am upset at the price I paid for my stink hole....it keeps the area nice. I am more upset having to pay the mortgage and taxes for $375K....but it is a great "deal". The house across the street from where I am buying is selling for $450.
I agree I know that prices are high and lots of people cant afford the $$ for these **** holes. I guiess I was talking about people we know who make the money but just have to have the best and hang themselves with mortgages.
you are right about people hanging themselves with mortgages, and that wont be me. I will sacrifice, but I wont live in poverty to have a huge house.
why you dont wnat to keep up with the Jones? LOL
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| Posted 6/27/06 11:15 AM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: How far did you stretch yourself to buy your home?
why you dont wnat to keep up with the Jones? LOL
not this girl!
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| Posted 6/27/06 11:21 AM |
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schnapy
LIF Adolescent
Member since 9/05 766 total posts
Name:
Diana
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Re: How far did you stretch yourself to buy your home?
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| Posted 6/27/06 11:23 AM |
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JandJ1224
Member since 6/06 5911 total posts
Name:
Jannette
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Re: How far did you stretch yourself to buy your home?
It is so discouraging for someone just starting out. I stress about being able to buy a house constantly!!! With the way house prices are I just don't see how we can do it. Even if we saved and put $100K down, the mortgage and taxes would be crazy. FH and I both make decent salary.
How do we do it, I really don't know and it is so frustrating!!!
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| Posted 6/27/06 12:44 PM |
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schnapy
LIF Adolescent
Member since 9/05 766 total posts
Name:
Diana
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Re: How far did you stretch yourself to buy your home?
Posted by JandJ1224
It is so discouraging for someone just starting out. I stress about being able to buy a house constantly!!! With the way house prices are I just don't see how we can do it. Even if we saved and put $100K down, the mortgage and taxes would be crazy. FH and I both make decent salary.
How do we do it, I really don't know and it is so frustrating!!!
HAve you figured out what you can afford? Do you have any outstanding debt??
You need to sit down with pencil and paper and work up #s and be realistic.
Do you know what areas you would like to live in look for the least expensive...
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| Posted 6/27/06 12:51 PM |
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Kidsaplenty
Sister love
Member since 2/06 5971 total posts
Name:
Stephanie
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Re: How far did you stretch yourself to buy your home?
Posted by maryg
Posted by schnapy
I think the problem is people are looking for their dream homes, we settled for what we could live comfortably in. Big difference. Our house had to be competely gutted. We werent impressed with having new baths and kitchens
I notice this alot when people say they cant afford homes, you can its what you (meaning aall in general)
We have only one bathroom and will add another eventually. It all depends whats more important to you, Id rather have $$ in the bank than stretch myself to pay a mortgage.
Its all relative
I agree and I don't agree. I didn't buy my dream house--far from it. It was $375,000. But some people just can't afford the prices. In the area I was looking, you COULD if you looked real hard find a house $330K Livable condition, you know, old bathroom, old kitchen, nasty paneling, you know a house circa 1960. But even at $330K, some people still can't afford this. Partially due to taxes but some people just don't make enough. For homes to be affordable to everyone (midle class, working class) prices would have to be $200-$250K. Not that I am upset at the price I paid for my stink hole....it keeps the area nice. I am more upset having to pay the mortgage and taxes for $375K....but it is a great "deal". The house across the street from where I am buying is selling for $450.
I don't think its a matter of settling for something that isn't your "dream house". DH and I are looking at houses up to 250, and I realy haven't found anything in the areas we're looking for. IMO 250 is a decent amount of $ on a house (in other states that could get you a lot). If we wanted to we could probably go up to 325, but then with the rising taxes that would be unaffordable. Not everyone can afford a $2300 monthly mortgage payment plus 600 a month in taxes.
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| Posted 6/27/06 1:33 PM |
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schnapy
LIF Adolescent
Member since 9/05 766 total posts
Name:
Diana
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Re: How far did you stretch yourself to buy your home?
Posted by greeneyes361708
Posted by maryg
Posted by schnapy
I think the problem is people are looking for their dream homes, we settled for what we could live comfortably in. Big difference. Our house had to be competely gutted. We werent impressed with having new baths and kitchens
I notice this alot when people say they cant afford homes, you can its what you (meaning aall in general)
We have only one bathroom and will add another eventually. It all depends whats more important to you, Id rather have $$ in the bank than stretch myself to pay a mortgage.
Its all relative
I agree and I don't agree. I didn't buy my dream house--far from it. It was $375,000. But some people just can't afford the prices. In the area I was looking, you COULD if you looked real hard find a house $330K Livable condition, you know, old bathroom, old kitchen, nasty paneling, you know a house circa 1960. But even at $330K, some people still can't afford this. Partially due to taxes but some people just don't make enough. For homes to be affordable to everyone (midle class, working class) prices would have to be $200-$250K. Not that I am upset at the price I paid for my stink hole....it keeps the area nice. I am more upset having to pay the mortgage and taxes for $375K....but it is a great "deal". The house across the street from where I am buying is selling for $450.
I don't think its a matter of settling for something that isn't your "dream house". DH and I are looking at houses up to 250, and I realy haven't found anything in the areas we're looking for. IMO 250 is a decent amount of $ on a house (in other states that could get you a lot). If we wanted to we could probably go up to 325, but then with the rising taxes that would be unaffordable. Not everyone can afford a $2300 monthly mortgage payment plus 600 a month in taxes.
Have you tried getting things thru govt programs?? I agree that 250 is fair but its not a reality in NY unfortunatley
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| Posted 6/27/06 1:43 PM |
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Kidsaplenty
Sister love
Member since 2/06 5971 total posts
Name:
Stephanie
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Re: How far did you stretch yourself to buy your home?
Posted by schnapy
Posted by greeneyes361708
Posted by maryg
Posted by schnapy
I think the problem is people are looking for their dream homes, we settled for what we could live comfortably in. Big difference. Our house had to be competely gutted. We werent impressed with having new baths and kitchens
I notice this alot when people say they cant afford homes, you can its what you (meaning aall in general)
We have only one bathroom and will add another eventually. It all depends whats more important to you, Id rather have $$ in the bank than stretch myself to pay a mortgage.
Its all relative
I agree and I don't agree. I didn't buy my dream house--far from it. It was $375,000. But some people just can't afford the prices. In the area I was looking, you COULD if you looked real hard find a house $330K Livable condition, you know, old bathroom, old kitchen, nasty paneling, you know a house circa 1960. But even at $330K, some people still can't afford this. Partially due to taxes but some people just don't make enough. For homes to be affordable to everyone (midle class, working class) prices would have to be $200-$250K. Not that I am upset at the price I paid for my stink hole....it keeps the area nice. I am more upset having to pay the mortgage and taxes for $375K....but it is a great "deal". The house across the street from where I am buying is selling for $450.
I don't think its a matter of settling for something that isn't your "dream house". DH and I are looking at houses up to 250, and I realy haven't found anything in the areas we're looking for. IMO 250 is a decent amount of $ on a house (in other states that could get you a lot). If we wanted to we could probably go up to 325, but then with the rising taxes that would be unaffordable. Not everyone can afford a $2300 monthly mortgage payment plus 600 a month in taxes.
Have you tried getting things thru govt programs?? I agree that 250 is fair but its not a reality in NY unfortunatley
Not really, we have been looking at getting an FHA mortgage, but I'm not sure it would reduce our monthly payments enough. We've been looking out of state where you can get a nice starter home for under 125, lol. It looks like we'll be leaving, especially since DH will mak the same $ somewhere else.
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| Posted 6/27/06 1:48 PM |
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schnapy
LIF Adolescent
Member since 9/05 766 total posts
Name:
Diana
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Re: How far did you stretch yourself to buy your home?
Posted by greeneyes361708
Posted by schnapy
Posted by greeneyes361708
Posted by maryg
Posted by schnapy
I think the problem is people are looking for their dream homes, we settled for what we could live comfortably in. Big difference. Our house had to be competely gutted. We werent impressed with having new baths and kitchens
I notice this alot when people say they cant afford homes, you can its what you (meaning aall in general)
We have only one bathroom and will add another eventually. It all depends whats more important to you, Id rather have $$ in the bank than stretch myself to pay a mortgage.
Its all relative
I agree and I don't agree. I didn't buy my dream house--far from it. It was $375,000. But some people just can't afford the prices. In the area I was looking, you COULD if you looked real hard find a house $330K Livable condition, you know, old bathroom, old kitchen, nasty paneling, you know a house circa 1960. But even at $330K, some people still can't afford this. Partially due to taxes but some people just don't make enough. For homes to be affordable to everyone (midle class, working class) prices would have to be $200-$250K. Not that I am upset at the price I paid for my stink hole....it keeps the area nice. I am more upset having to pay the mortgage and taxes for $375K....but it is a great "deal". The house across the street from where I am buying is selling for $450.
I don't think its a matter of settling for something that isn't your "dream house". DH and I are looking at houses up to 250, and I realy haven't found anything in the areas we're looking for. IMO 250 is a decent amount of $ on a house (in other states that could get you a lot). If we wanted to we could probably go up to 325, but then with the rising taxes that would be unaffordable. Not everyone can afford a $2300 monthly mortgage payment plus 600 a month in taxes.
Have you tried getting things thru govt programs?? I agree that 250 is fair but its not a reality in NY unfortunatley
Not really, we have been looking at getting an FHA mortgage, but I'm not sure it would reduce our monthly payments enough. We've been looking out of state where you can get a nice starter home for under 125, lol. It looks like we'll be leaving, especially since DH will mak the same $ somewhere else.
Well they are supposed to help you with grants and lower interest rates. Lots lof luck lady
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| Posted 6/27/06 2:10 PM |
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