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Saving for a home vs. Living large

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MSeid
LIF Adolescent

Member since 11/05

805 total posts

Name:

Re: Saving for a home vs. Living large

There is no right or wrong answer to a debate like this. It is strictly based on the couple and their preferences. I think people assume a lot about renters versus homeowners and their financial situations. People shouldn't assume those who need to budget are not living life to the fullest. Some couples may very well love to stay in and cook dinner together rather than go out to fancy dinners. While some couples would rather have the freedom to travel without worrying about a mortgage. It's all a matter of preference.

Personally, I don't mind sacrificing a few luxuries in the beginning stages of owning a home as long as I still get a vacation every now and then. It was important to my husband and I to have our own house. That doesn't mean I'm smarter financially than someone who rents. It's just a decision that works for US.

Bottom line is that you have to do what makes you and your significant other happy.

Posted 2/28/07 10:32 PM
 
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Tumbalina
Better than the news!

Member since 2/06

2840 total posts

Name:
Angela

Re: Saving for a home vs. Living large

Posted by MSeid

There is no right or wrong answer to a debate like this. It is strictly based on the couple and their preferences. I think people assume a lot about renters versus homeowners and their financial situations. People shouldn't assume those who need to budget are not living life to the fullest. Some couples may very well love to stay in and cook dinner together rather than go out to fancy dinners. While some couples would rather have the freedom to travel without worrying about a mortgage. It's all a matter of preference.

Personally, I don't mind sacrificing a few luxuries in the beginning stages of owning a home as long as I still get a vacation every now and then. It was important to my husband and I to have our own house. That doesn't mean I'm smarter financially than someone who rents. It's just a decision that works for US.

Bottom line is that you have to do what makes you and your significant other happy.



well said Chat Icon

Posted 2/28/07 10:36 PM
 

Tumbalina
Better than the news!

Member since 2/06

2840 total posts

Name:
Angela

Re: Saving for a home vs. Living large

Posted by smdl

Posted by Tumbalina

Posted by smdl

Posted by Tumbalina

Chat Icon 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.



I am not sure who has a $1600 mortgage either.

But I was commenting on $1600 rent which you say is "somewhat" affordable on one salary. I work with LOTS of people who could not afford more than $1100/month in rent.



true i guess some can't.

Posted 2/28/07 10:41 PM
 

2PreciousBlessings
The Perfect Pair

Member since 5/06

19861 total posts

Name:
Best Wife & Mommy

Re: Saving for a home vs. Living large

Posted by Tumbalina

Posted by smdl

Posted by Tumbalina

Posted by smdl

Posted by Tumbalina

Chat Icon 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.



I am not sure who has a $1600 mortgage either.

But I was commenting on $1600 rent which you say is "somewhat" affordable on one salary. I work with LOTS of people who could not afford more than $1100/month in rent.



true i guess some can't.




Actually, I have single female friends who are renting and there rent are a bit more than $1600.00 per month and they are paying their rent comfortably without help from anyone meaning a boyfriend or a husband.

Posted 3/1/07 7:11 AM
 

sunnyplus3
:)

Member since 11/05

8749 total posts

Name:

Re: Saving for a home vs. Living large

Posted by BellaPaige

Posted by Tumbalina

Posted by smdl

Posted by Tumbalina

Posted by smdl

Posted by Tumbalina

Chat Icon 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.



I am not sure who has a $1600 mortgage either.

But I was commenting on $1600 rent which you say is "somewhat" affordable on one salary. I work with LOTS of people who could not afford more than $1100/month in rent.



true i guess some can't.




Actually, I have single female friends who are renting and there rent are a bit more than $1600.00 per month and they are paying their rent comfortably without help from anyone meaning a boyfriend or a husband.



It depends on who you talk to. I have single friends that can barely pay $1000 a month & they are not big spenders.
Some people don't earn big bucks & living on one income is close to impossible for them.

Posted 3/1/07 7:21 AM
 

2PreciousBlessings
The Perfect Pair

Member since 5/06

19861 total posts

Name:
Best Wife & Mommy

Re: Saving for a home vs. Living large

Posted by KellyFG

Posted by BellaPaige

Posted by Tumbalina

Posted by smdl

Posted by Tumbalina

Posted by smdl

Posted by Tumbalina

Chat Icon 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.



I am not sure who has a $1600 mortgage either.

But I was commenting on $1600 rent which you say is "somewhat" affordable on one salary. I work with LOTS of people who could not afford more than $1100/month in rent.



true i guess some can't.




Actually, I have single female friends who are renting and there rent are a bit more than $1600.00 per month and they are paying their rent comfortably without help from anyone meaning a boyfriend or a husband.



It depends on who you talk to. I have single friends that can barely pay $1000 a month & they are not big spenders.
Some people don't earn big bucks & living on one income is close to impossible for them.



Agreed. There are some people out there who are single without kids with a great career. These few friends that I am talking about is single, without kids, and a great career. They are far from struggling.

Some people can do it while some cannot.

Message edited 3/1/2007 7:26:25 AM.

Posted 3/1/07 7:26 AM
 

charon54
My two boys!

Member since 5/05

7279 total posts

Name:
Rebecca

Re: Saving for a home vs. Living large

I don't think it's anyones business whether someone chooses to rent or buy. What bothers me (and I think other posters) is when that person who is choosing not to purchase a house complains that it is because they can't afford it. It's not that they can't afford it, it's that they are choosing not to! They need to take responsibility for their decision.

Posted 3/1/07 9:00 AM
 

Beth
The Key to your new home....

Member since 2/06

24849 total posts

Name:
Beth

Re: Saving for a home vs. Living large

Posted by charon54

I don't think it's anyones business whether someone chooses to rent or buy. What bothers me (and I think other posters) is when that person who is choosing not to purchase a house complains that it is because they can't afford it. It's not that they can't afford it, it's that they are choosing not to! They need to take responsibility for their decision.



what if they really can't afford it? how do you know how much money they take home?

Posted 3/1/07 9:23 AM
 

jellybean78
:)

Member since 8/06

13103 total posts

Name:
Mommy

Re: Saving for a home vs. Living large

With the crazy housing prices there are a lot of people out there that really can't afford to buy. Not everyone makes a good income and let's face it...a mortgage and the taxes on LI are crazy. Many of those that bought 10 years ago would have been a$$ed out if the market was the way it is today. However, it's a different ballgame when people really can afford to buy but spend frivilously (sp?) then complain.

Case in point my friend. Her and her DH make around $130K a year combined (I know this for a fact because she told me) drive an Acura, drop around $300 a week on eating out, shop like there's no tomorrow then complain that they can't afford to buy in the city or anywhere close to Manhattan. On top of that they live with her MIL in the projects only give her $400 for rent/utilities etc. R U Kidding me? Honestly, that is a point of over indulgence...you want to have your cake and eat it too no sacrafices need be made. What happened to saving and making sacrafices to own? Chat Icon Chat Icon Chat Icon Chat Icon Some people are ridiculous then have the nerve to complain!Chat Icon

Posted 3/1/07 11:52 AM
 

2PreciousBlessings
The Perfect Pair

Member since 5/06

19861 total posts

Name:
Best Wife & Mommy

Re: Saving for a home vs. Living large

Posted by jacquig



Case in point my friend. Her and her DH make around $130K a year combined (I know this for a fact because she told me) drive an Acura, drop around $300 a week on eating out, shop like there's no tomorrow then complain that they can't afford to buy in the city or anywhere close to Manhattan. On top of that they live with her MIL in the projects only give her $400 for rent/utilities etc. R U Kidding me? Honestly, that is a point of over indulgence...you want to have your cake and eat it too no sacrafices need be made. What happened to saving and making sacrafices to own? Chat Icon Chat Icon Chat Icon Chat Icon Some people are ridiculous then have the nerve to complain!Chat Icon




This is so pathetic of your friend. I hope she and her DH will start to manage their finances alot of better and start to act more responsibly.

Posted 3/1/07 12:08 PM
 

MrsStein
LIF Adolescent

Member since 9/05

692 total posts

Name:

Re: Saving for a home vs. Living large

Posted by Beth1210

just checking!

after all- I helped you to continue renting!



This is very true....Chat Icon

Posted 3/1/07 12:45 PM
 

Eleanor
LIF Adult

Member since 2/06

2223 total posts

Name:
Ellie

Re: Saving for a home vs. Living large

It's all a choice. I personally would rather stay home and watch TV then go to a club or out to a restaurant. That's my preference and my choice. I'm probably in a different place in my life than many of the people who want to go out and spend, which is their choice and I respect that - because at one point I did it.

It's all relative - we pay the same amount in mortgage interest and property taxes as our friends do on a luxury apartment building - who cares - we're both content where we are.

Posted 3/1/07 2:11 PM
 

Whamtastic
LIF Adult

Member since 1/07

997 total posts

Name:
Big Fat Baby with a Blackberry

Re: Saving for a home vs. Living large

Posted by charon54

I don't think it's anyones business whether someone chooses to rent or buy. What bothers me (and I think other posters) is when that person who is choosing not to purchase a house complains that it is because they can't afford it. It's not that they can't afford it, it's that they are choosing not to! They need to take responsibility for their decision.



Houses in my area go for around $1M. I'm not exaggerating in the least. A small house that needs a lot of work might go for closer to $800,000. That being said, I CANNOT afford a house where I live. I would have to either move further away and have a longer commute each day AND live in a less desirable area or put down a very small down payment and even then I probably wouldn't be able to make ends meet with my mortgage payments. That being said, my husband and I rent a very reasonably priced apartment that we love in a neighborhood that we love and it allows us to live a life we enjoy, where we can go out and spend money without worrying about paying our bills and at the same time save a lot of money for future goals - vacations, a newer car and, yes, someday a house. So, I guess I could technically afford a house, but I'd rather wait until I could afford a house that I love instead of just buying so I could say I own a house. Is that my decision? Yes. And I think it's a darn good one.

Posted 3/1/07 2:12 PM
 

Beth
The Key to your new home....

Member since 2/06

24849 total posts

Name:
Beth

Re: Saving for a home vs. Living large

I think we are talking about 2 different types of people

on one hand you have people that can't manage their money and therefore have no choice but to rent

and then people who rent and are still saving money and mangaging it properly

we are saving for a house- but like the above poster said- I would rather wait and save - then buy a house I do not love

Posted 3/1/07 2:39 PM
 

MrsM-6-7-08
<3

Member since 8/06

4249 total posts

Name:
Nicole

Re: Saving for a home vs. Living large

What bugs me is when people say its a waste to rent. I truely do not believe that. renting is so much easier than owning there is about 99% less things you are responsible for including Taxes and Major Appliances.

I think everyone has to do what is right for them, life is definately to short and to not fully enjoy it might not be fun for some people.

We rented for 2 years, it was nice, now we own, our mortgage is around 1600 a month. We are in the process of getting our variances approved to make our house much larger. Its alot of work, and alot of money but we plan on living the same lifestyle, maybe cut back a few things while we are paying for the construction, but not much.

My one pet peeve is when people say its a waste to rent, when i have done both, and feel that it can be a great savings and less stress and headaches.

Message edited 3/1/2007 2:44:56 PM.

Posted 3/1/07 2:44 PM
 

~Colleen~
my loves...

Member since 5/05

9129 total posts

Name:
guess

Re: Saving for a home vs. Living large

Posted by stinkysmom80

What bugs me is when people say its a waste to rent. I truely do not believe that.


I never got the "renting is a waste" argument either. Renting afforded us the ability to save a tremendous amount of money for both our wedding and house, in a relatively short period of time. Our rent was pennies - $950/month - so I never saw having a roof over my head as a waste.

It's all about what works for the individual/couple/family.

Posted 3/1/07 2:52 PM
 

cjik
Welcome 2010!

Member since 2/06

8879 total posts

Name:

Re: Saving for a home vs. Living large

DH and I talked about this before we bought our house (and put our co-op on the market). The mortgage is paid off on the co-op, so we only have to pay the maintenance fee. That's not so high, so by staying here we could "live large" and travel easily (which is our biggest indulgence).

But we both grew up in houses and really wanted more space and a yard of our own. This is a dream for us, and we are willing to go without some things to make it come true. We figured the first year will be the worst what with closing costs, moving expenses, and any repairs or changes we want to make to the house. Plus we have to buy things like lawn mowers that we do not own now. Will we be able to take trips over the next year? No long trips of expensive ones, but we know this is temporary, and we're looking forward to enjoying the summer in our backyard. We figured if we're wrong and home ownership is not for us, we can sell in a few years and buy a condo or another co-op.

I think DH and you need to decide which lifestyle would make you happier. If it does not involve purchasing a home, then maybe you should wait. Don't listen to what other people in your life think you should do, just decide what is right for the two of you. You can always revisit that in the future. Or save some money now towards a home, but still spend money on the things you enjoy.

Posted 3/1/07 6:34 PM
 
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