Re: Saving for a home vs. Living large

Re: Saving for a home vs. Living large

We too just got married and are renting for a year or two until we are comfortable buying. Our spending/saving habits are this: We focus on the stuff we need first, which really isn't alot and then treat ourselves to the things we REALLY want. We are willing to give up things that aren't as important to us so we can afford what we really want and still be able to save. We get the comments from friends and family too about buying right away. But unless they are going to pay my mortgage, they really have no right to say anything.

We stay focused on our savings goals each month but we also keep reality checks on our happiness.

Re: Saving for a home vs. Living large

We just bought a house, married in April '06 and expecting a child in April/May.
Were we rushed? No but this is what we wanted and although its only a mtg payment right now (since we arent in it)
I feel that we may be not doing ALL we used to do but still do it.

I also look at a family member who chooses to rent, waste the month to month expense and still has MONEY issues with No savings and raising 3 kids with that.
Are they living the large life? Absolutely not! Nothing to show for!

So the home was the way to go for us and its something we both wanted.

Re: Saving for a home vs. Living large

Re: Saving for a home vs. Living large

Posted by Beth1210

Posted by MrsStein

Posted by Beth1210

Posted by MrsFlatbread

I wanted to add, that we saved for 2.5 years and plannd a wedding and will be closing later this week. we heard a lot of remarks from people about why we were "wasting" our money renting. well fast forward to now... renting for that period allowed us to save enough of a down payment to allow us to buy a beautiful house in a great neighborhood, and can still go out to dinner and vacation. Those friends of ours that wanted a house right away instead of "waste" money on renting, are those friends of ours who decline dinner invitations time and time again because "they can't afford it right now."

we always hear the same time- and imagine being married to a mortgage banker and renting!

but we refuse to be house poor and we still want to enjoy our life!

we could have bought a house right away- but it would not have been the right thing to do

I absolutely cannot stand the "why aren't you buying something" question. It's none of your GD business, and here's the reason...we're young, want to enjoy life and in the long run, if it takes us one or two more years to buy a house, it's worth it. At least we can say we lived life to it's fullest. For us, we don't want the headache of a house yet, we're perfectly content renting for the next two years then plan on buying.

Re: Saving for a home vs. Living large

:




As you can tell, I'm very passionate about this subject right now! Of course, when we do buy a house it will be great, but I would never want to be house poor. I'll take a few less bedrooms for more cashflow any day of the week.


I agree- honestly- I don't need 3 or 4 bedrooms right now- I can barely keep up the house work with 1 bedroom

it's doesn't mean I'm bad with money, don't have a saving account and waste money on silly things

and I wouldn't even say we live "large" maybe by some peoples standards b/c both our cars are brand new- but I just moved out here from the city- I didn't even have a car 3 years ago

Re: Saving for a home vs. Living large

We live within our means - we saved and paid for our wedding/HM without issue and saved for our house the same way.

We didn't cut anything out that we didn't want to do without...we still travel, we still go out to dinner, we still buy what we want. Cutting back on our lifestyle isn't living, to me.

Re: Saving for a home vs. Living large

Re: Saving for a home vs. Living large

Re: Saving for a home vs. Living large

Fortunately we didnt have to sacrafice any part of our lifestyle to afford our current home. However, when i was with my ex we struggled to buy a condo and it definitely affected our lifestyle. A big night out was a chain restaurant and a movie. and in some regards I look back at that time fondly - struggling to save for your first home. It made me REALLY appreciate everything that I had then and that i have now. I still walk around my house and i am amazed that I get to live there.

I think that everyone needs to do what is best for them, but I think that struggling to save for something like a house provides an invaluable life experience. Just because you aren't spending money doesnt mean you arent living life to the fullest. But each person needs to evaluate their own priorities. Clearly there is no right or wrong with this issue.

Re: Saving for a home vs. Living large

I wish we rented longer. We rented an entire house with utilites included for $1400. If we didn't rush out of it so fast we could have saved a lot more then we did.

Message edited 2/28/2007 3:20:57 PM.

Re: Saving for a home vs. Living large

We rent, and will continue to rent for a few years.

We have friends who bought their houses 10 years ago, when you could find a good 3-4 bedroom home for $160k. Certain couples are always asking when we're going to buy a house. It can become very annoying.

Do they judge us every time we go on vacation, or out to dinner, or buy a new tv or computer? Probably. But I also consider the source of those judgements, and some of those couples are downright miserable.

DH and I are very happy with our current situation. We'll do it when we're good and ready, and not a moment sooner because someone else thinks we should!

Re: Saving for a home vs. Living large

Posted by Erin0602

We rent, and will continue to rent for a few years.

We have friends who bought their houses 10 years ago, when you could find a good 3-4 bedroom home for $160k. Certain couples are always asking when we're going to buy a house. It can become very annoying.

Do they judge us every time we go on vacation, or out to dinner, or buy a new tv or computer? Probably. But I also consider the source of those judgements, and some of those couples are downright miserable.

DH and I are very happy with our current situation. We'll do it when we're good and ready, and not a moment sooner because someone else thinks we should!

Re: Saving for a home vs. Living large

Re: Saving for a home vs. Living large

Posted by MrsStein

Posted by Erin0602

We rent, and will continue to rent for a few years.

We have friends who bought their houses 10 years ago, when you could find a good 3-4 bedroom home for $160k. Certain couples are always asking when we're going to buy a house. It can become very annoying.

Do they judge us every time we go on vacation, or out to dinner, or buy a new tv or computer? Probably. But I also consider the source of those judgements, and some of those couples are downright miserable.

DH and I are very happy with our current situation. We'll do it when we're good and ready, and not a moment sooner because someone else thinks we should!

Good, I was beginning to think I was the only one who felt this way!

Re: Saving for a home vs. Living large

Posted by Beth1210

Posted by MrsStein

Posted by Erin0602

We rent, and will continue to rent for a few years.

We have friends who bought their houses 10 years ago, when you could find a good 3-4 bedroom home for $160k. Certain couples are always asking when we're going to buy a house. It can become very annoying.

Do they judge us every time we go on vacation, or out to dinner, or buy a new tv or computer? Probably. But I also consider the source of those judgements, and some of those couples are downright miserable.

DH and I are very happy with our current situation. We'll do it when we're good and ready, and not a moment sooner because someone else thinks we should!

Good, I was beginning to think I was the only one who felt this way!

hey- you forgot about me

Re: Saving for a home vs. Living large

just checking!

after all- I helped you to continue renting!

Re: Saving for a home vs. Living large

Posted by MrsStein

Posted by Beth1210

Posted by MrsStein

Posted by Beth1210

Posted by MrsFlatbread

I wanted to add, that we saved for 2.5 years and plannd a wedding and will be closing later this week. we heard a lot of remarks from people about why we were "wasting" our money renting. well fast forward to now... renting for that period allowed us to save enough of a down payment to allow us to buy a beautiful house in a great neighborhood, and can still go out to dinner and vacation. Those friends of ours that wanted a house right away instead of "waste" money on renting, are those friends of ours who decline dinner invitations time and time again because "they can't afford it right now."

we always hear the same time- and imagine being married to a mortgage banker and renting!

but we refuse to be house poor and we still want to enjoy our life!

we could have bought a house right away- but it would not have been the right thing to do

I absolutely cannot stand the "why aren't you buying something" question. It's none of your GD business, and here's the reason...we're young, want to enjoy life and in the long run, if it takes us one or two more years to buy a house, it's worth it. At least we can say we lived life to it's fullest. For us, we don't want the headache of a house yet, we're perfectly content renting for the next two years then plan on buying.

As you can tell, I'm very passionate about this subject right now! Of course, when we do buy a house it will be great, but I would never want to be house poor. I'll take a few less bedrooms for more cashflow any day of the week.

Message edited 2/28/2007 5:20:57 PM.

Re: Saving for a home vs. Living large

We are housepoor. Id rather have my house then go out to dinner every night and drive a new car

Re: Saving for a home vs. Living large

I don't think renting is a waste of money. You are paying for a roof over your heard. Personally, I can not buy a house and be house poor. When you rent, you have a landlord to handle your issues. When you buy, guess what, you are the one that handles all the problems. You need a new roof, stove, washer whatever you better make sure you have the $$$ for it.

To each his own but I don't think a house is worth sacraficing every single luxury that is out there (eating out, vacations, shopping, etc) I undestand the cutting back but there are way too many people out there that own houses and can't even afford to go out to dinner once a month. That's not me. I don't want to work to solely pay for my mortgage, taxes and utilities. Life goes by too fast and I don't want to wonder 20 years from now what I could have done in my youth if I wasn't a slave to my house!

Re: Saving for a home vs. Living large

Re: Saving for a home vs. Living large

Posted by MrsStein

Posted by Beth1210

Posted by MrsStein

Posted by Erin0602

We rent, and will continue to rent for a few years.

We have friends who bought their houses 10 years ago, when you could find a good 3-4 bedroom home for $160k. Certain couples are always asking when we're going to buy a house. It can become very annoying.

Do they judge us every time we go on vacation, or out to dinner, or buy a new tv or computer? Probably. But I also consider the source of those judgements, and some of those couples are downright miserable.

DH and I are very happy with our current situation. We'll do it when we're good and ready, and not a moment sooner because someone else thinks we should!

Good, I was beginning to think I was the only one who felt this way!

hey- you forgot about me

Never Beth! At least there's 3 of us here!

Re: Saving for a home vs. Living large

Posted by Tumbalina

good for you ladies!!
ETA: I Know too many married people who, if one loses their job, they are screwed paying their mortgage!

Message edited 2/28/2007 9:27:48 PM.

Re: Saving for a home vs. Living large

Posted by smdl

Posted by Tumbalina

good for you ladies!!
ETA: I Know too many married people who, if one loses their job, they are screwed paying their mortgage!

I will have to slightly disagree with your comment.

Even if you rent a $1600/month apartment you most likely will need 2 incomes. Do you think the landlord will let you live in an apartment if you can pay the rent? NO...

I think buying or renting is a personal choice. A financial choice people make.

It's like investing! Some people believe in buying art as an investment, some people buy stocks, some people just stick to bonds or saving accounts because they feel more comfortable with the low risk.

If someone wants to rent and go out everynight... that's really not my problem. Now if someone comes to me complaining they can't afford a house but they both drive a $500/month car, go out all the time... well, I don't want to hear about it. That goes for both renters and buyers.

Like the previous post said, it's really about money management.

Sometimes a house is not for everyone either. It's a lot of upkeep and maintenance. An apartment is much easier. There are a lot of pros and cons for each choices.

Re: Saving for a home vs. Living large

Posted by Tumbalina

Posted by smdl

Posted by Tumbalina

good for you ladies!!
ETA: I Know too many married people who, if one loses their job, they are screwed paying their mortgage!

I will have to slightly disagree with your comment.

Even if you rent a $1600/month apartment you most likely will need 2 incomes. Do you think the landlord will let you live in an apartment if you can pay the rent? NO...

I think buying or renting is a personal choice. A financial choice people make.

It's like investing! Some people believe in buying art as an investment, some people buy stocks, some people just stick to bonds or saving accounts because they feel more comfortable with the low risk.

If someone wants to rent and go out everynight... that's really not my problem. Now if someone comes to me complaining they can't afford a house but they both drive a $500/month car, go out all the time... well, I don't want to hear about it. That goes for both renters and buyers.

Like the previous post said, it's really about money management.

Sometimes a house is not for everyone either. It's a lot of upkeep and maintenance. An apartment is much easier. There are a lot of pros and cons for each choices.

I am speaking of people i know personally whose mortgages are $2300 & up. I don't know anyone with a mortgage of $1600. I am sure they are plenty, but no one i know of personally. I think $1600 is somewhat affordable one one salary, but $2300 or more is a bit harder. Like I said though, I am speaking of people I know personally.