Re: cost of living v income

Posted by twinkletoes807

Posted by KS13

I am constantly being told that we should be buying a home while the market is a buyers market etc etc. And truthfully, there is no way that I am backing out of the house that we are in contract for. I have taken into account all of the expenses of the home, a baby (that isn't even conceived yet ) and our "spending" (i.e., fun) money. We have no consumer debt at all. We own our vehicles and have no credit card outstanding balances. I am I guess trying to convince myself that we can make it work..but now I'm scared

Considering that you do not have a baby on the way right now, have no credit card debt, both you and DH have jobs, and have budgeted for the extras- I think you will be just fine in your new home. Take renovations slowly and do the most important things first. The fact is, living on LI is expensive- whether you are paying a motgage or paying someone else's mortgage by renting. Without all of the extras that many of us have to deal with, ie. credit card debt, daycare, child support payments- home ownership is definitely doable if you keep yourselves on a budget. Don't get me wrong, shiit happens and things need to be fixed, but odds are everything won't need to be done at once. Best wishes to you and DH on this exciting and stressful time.

Re: cost of living v income

Congratulations on the house!

I think it sounds like you have done your research, and have planned for this. The truth is, you can never plan for the unexpected. You really don't know what will happen. I don't think that means you should hold off on what you want to do, because something could come up.

And, in case this may make you feel better about your decision...we bought our house 4 years ago, and nothing has come up yet, no major replacements needed, etc. Just things we wanted to do.

I know so many people who complain about the cost of their homes, and expenses, but both have brand new cars, along with the payment, and they charge up vacations, and silly stuff, that is I believe to be unnecessary. So, it sounds like you don't have those extra expenses either. Honestly, it is all in how you and your DH save and spend.

Now, my real advice would be to get off LI, because it so darn expensive, but I haven't even followed my own advice yet

Congrats again, and good luck to you!

Re: cost of living v income

So I have been thinking...

If I kept renting I would never be able to make the move. Its got to happen. Its just a matter of doing it intelligently and being realistic. It would be wonderful to be able to live the way Suze Orman says we should but I don't see how that is realistic for us. I like Suze Orman but I feel like if I follow her advice to the T, while I will safe and prudent, I will also be living with my in laws until I am forty.

I truly appreciate everyone taking the time to reply with their honest opinions and advice. I discussed it with DH last night and we will forgo major renovations to allow a cushion in the bank.

As far as TTC, I personally do not feel like I want to wait much longer...but maybe we will. Perhaps at least we should wait until the dust settles in the new house and we see what it is truly going to be like..

Re: cost of living v income

Posted by MAC222

Congratulations on the house!

I think it sounds like you have done your research, and have planned for this. The truth is, you can never plan for the unexpected. You really don't know what will happen. I don't think that means you should hold off on what you want to do, because something could come up.

And, in case this may make you feel better about your decision...we bought our house 4 years ago, and nothing has come up yet, no major replacements needed, etc. Just things we wanted to do.

I know so many people who complain about the cost of their homes, and expenses, but both have brand new cars, along with the payment, and they charge up vacations, and silly stuff, that is I believe to be unnecessary. So, it sounds like you don't have those extra expenses either. Honestly, it is all in how you and your DH save and spend.

Now, my real advice would be to get off LI, because it so darn expensive, but I haven't even followed my own advice yet

Congrats again, and good luck to you!

Re: cost of living v income

Ok so maybe I'm coming from a different place b/c I figure I know you pretty darn well

Go for it - you're buying the house regardless and since L is handy and you'd be doing 95% of the renovations yourselves you'll be spending a lot less than most. I mean really, if you need an extra hand its not like my father or Neil or even your brother wouldn't come to help.

You have no debt (other than the house) and if you do the bare minimum renovations and you'll have that cushion in the bank for the unforseen stuff.

Add the fact that summer is coming and L will be doing some side jobs for extra income anyway. You can always try to find something part time if need be. You're great with kids and babysitting on a Saturday is great way to make extra cash. I know my sitters make out pretty darn well

I think the giant misconception is that you have to buy a house, renovate it to the nine, have all your furniture, etc. Not realistic. You do what you can and I've been in my house 8 years and my kitchen is still from the 80's and falling apart. We don't have the money to do it and for now I'm fine with it. We do what we can and you know us, we're not extravagant in any which way, shape, or form. You guys are the same.

At the end of the day, you guys are both intelligent with your decisions and if you just do what you can while still having that cushion you'll be more than fine. And if/when that baby comes along I'd pretty much be willing to bet that little one is going to be so insanely spoiled that I don't think he/she will be needing much lol.

xo

Message edited 4/6/2011 1:39:53 PM.

Re: cost of living v income

Posted by lorimarie

Ok so maybe I'm coming from a different place b/c I figure I know you pretty darn well

Go for it - you're buying the house regardless and since L is handy and you'd be doing 95% of the renovations yourselves you'll be spending a lot less than most. I mean really, if you need an extra hand its not like my father or Neil or even your brother wouldn't come to help.

You have no debt (other than the house) and if you do the bare minimum renovations and you'll have that cushion in the bank for the unforseen stuff.

Add the fact that summer is coming and L will be doing some side jobs for extra income anyway. You can always try to find something part time if need be. You're great with kids and babysitting on a Saturday is great way to make extra cash. I know my sitters make out pretty darn well

I think the giant misconception is that you have to buy a house, renovate it to the nine, have all your furniture, etc. Not realistic. You do what you can and I've been in my house 8 years and my kitchen is still from the 80's and falling apart. We don't have the money to do it and for now I'm fine with it. We do what we can and you know us, we're not extravagant in any which way, shape, or form. You guys are the same.

At the end of the day, you guys are both intelligent with your decisions and if you just do what you can while still having that cushion you'll be more than fine. And if/when that baby comes along I'd pretty much be willing to bet that little one is going to be so insanely spoiled that I don't think he/she will be needing much lol.

xo

Message edited 4/6/2011 1:44:13 PM.

Re: cost of living v income

Re: cost of living v income

Posted by KS13

You see its so funny though. I totally expected more people to say that yes they live paycheck to paycheck but they make it work somehow, etc etc.

I am constantly being told that we should be buying a home while the market is a buyers market etc etc. And truthfully, there is no way that I am backing out of the house that we are in contract for. I have taken into account all of the expenses of the home, a baby (that isn't even conceived yet ) and our "spending" (i.e., fun) money. We have no consumer debt at all. We own our vehicles and have no credit card outstanding balances. I am I guess trying to convince myself that we can make it work..but now I'm scared

Re: cost of living v income

Re: cost of living v income