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PreshusSmurf
So in love with my little guys
Member since 1/07 2963 total posts
Name:
Jess
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Saving for Your 1st House ...
DH and I are saving almost every penny these days towards our 1st  ....
I had heard a suggestion (probably from Suze Ormand) that you should live like you are already paying the amount of your mortgage, and save the difference.
This way, after a few months, you already know if you *can* afford the amount you're planning on paying .... AND you have some extra $$ saved towards your downpayment.
Seems like a win-win situation, right?
We've been doing this for 2 months so far without any troubles. I am so proud of us!
Anyone else do this?
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Posted 3/4/08 10:56 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
MsSissy
xoxoxo
Member since 3/07 39159 total posts
Name:
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Re: Saving for Your 1st House ...
We didn't do this. But it makes sense.
 to you for starting out on the right foot! Good Luck...before you know it, you'll have enough saved for your new
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| Posted 3/4/08 11:08 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Saving for Your 1st House ...
Don't forget to include extra monthly money for heating oil 
extra money for electric on a larger living space
extra money for your homeowners insurance and property taxes
extra money for any utilities you aren't currently paying (like water if thats the case)
and for the hell of it throw an extra $100 a month in there to stash away for what I like to call an "emergency repair fund"
I personally started the last one after I got whacked with a $1600 plumbers bill last month when one of my upstairs heating pipes froze during the deep freeze we had.
Isn't homeownership wonderful?
Well I am being a little silly, but yeah you are on the right track with saving extra now. 
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| Posted 3/4/08 11:27 PM |
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Erica
LIF Adult
Member since 5/05 11767 total posts
Name:
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Re: Saving for Your 1st House ...
our first house's mortgage was cheaper than our rent!! 
I think it's a great idea! I think a lot of people think they can swing an extra $x, but when it comes down to it, they can't.
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| Posted 3/4/08 11:34 PM |
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PreshusSmurf
So in love with my little guys
Member since 1/07 2963 total posts
Name:
Jess
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Re: Saving for Your 1st House ...
Posted by ave1024
Don't forget to include extra monthly money for heating oil
extra money for electric on a larger living space
extra money for your homeowners insurance and property taxes
extra money for any utilities you aren't currently paying (like water if thats the case)
and for the hell of it throw an extra $100 a month in there to stash away for what I like to call an "emergency repair fund"
I personally started the last one after I got whacked with a $1600 plumbers bill last month when one of my upstairs heating pipes froze during the deep freeze we had.
Isn't homeownership wonderful?
Well I am being a little silly, but yeah you are on the right track with saving extra now.
Thanks for the reality check 
The costs of ownership sure do add up quickly, huh?
We had already taken into account the insurance & taxes .... not sure if we estimated costs for the increase in utilities above what we pay for our apartment now or an emergency repair fund. Those are great suggestions.
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| Posted 3/4/08 11:45 PM |
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Kris516
Love The Roo
Member since 2/08 2024 total posts
Name:
Kris
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Re: Saving for Your 1st House ...
It's a great idea.
We just bought our 1st home. We've been here only 2 months. It was a scary decision, but after lots and lots of # crunching, we knew we could swing it.
Here is the good news: everyone told us it would be tough at 1st, but you grow into it. I have to say, it really hasn't been bad. The expenses are exactly where we thought they'd be, and we're adusting well.
Good luck - its a great time to buy!
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| Posted 3/4/08 11:47 PM |
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AnotherBFP
LIF Infant
Member since 2/08 239 total posts
Name:
Baby Momma
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Re: Saving for Your 1st House ...
we did this. for a six months before we bought the house. It's a great way to prepare you!
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| Posted 3/5/08 7:31 AM |
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Kissy331
My two miracles!
Member since 5/06 17826 total posts
Name:
Kristen
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Re: Saving for Your 1st House ...
You have a good start to it.
Remember to leave extra $$ around in case something breaks like appliances, pipes, heating system.
Something always will come up that eats away at the extra cash you have around. Just be prepped tp roll with the punches
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| Posted 3/5/08 7:36 AM |
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seank80
Don't Taze My Dog Bro!!
Member since 5/07 2240 total posts
Name:
Sean
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Re: Saving for Your 1st House ...
There are so many extras that you don't realize until you're in a house. I think that pretending to pay the mortgage for 6 months or so is very good practice. Best of luck.
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| Posted 3/5/08 8:25 AM |
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sunflowerjesss
Mommy to 3!
Member since 10/05 20369 total posts
Name:
Jesss, duh.
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Re: Saving for Your 1st House ...
I think that's a great way to learn where your budget lies.
Having some money in savings is also important. Things break, need to be fixed, replaced, etc usually when you least expect it.
Good luck!
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| Posted 3/5/08 8:33 AM |
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MST9106
My life:)
Member since 6/06 9589 total posts
Name:
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Re: Saving for Your 1st House ...
We're actually saving for our first house as well and we're living off of one check and are banking and paying off cc with the other (monthly). We're looking to purchase a house that would allow us to pay mortgage and all the other house related bills with one check, and live off and save with the other.
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| Posted 3/5/08 9:11 AM |
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emeraldeyez
LIF Infant
Member since 10/07 351 total posts
Name:
mommy
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Re: Saving for Your 1st House ...
we're doing the exact same thing. DH and I are saving for our 1st house as well. we started in January and estimated what our mortgage would be like plus utilities and after paying rent we bank the difference. so far we're doing great and have no idea why we couldn't save this much each month before doing this. Good Luck!
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| Posted 3/5/08 10:23 AM |
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PreshusSmurf
So in love with my little guys
Member since 1/07 2963 total posts
Name:
Jess
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Re: Saving for Your 1st House ...
Posted by MST9106
We're looking to purchase a house that would allow us to pay mortgage and all the other house related bills with one check, and live off and save with the other.
Wow. That is wonderful, and very smart thinking.
Unfortunately, I doubt that will ever be in the cards for DH & I ....
Message edited 3/5/2008 2:51:49 PM.
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| Posted 3/5/08 2:51 PM |
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PreshusSmurf
So in love with my little guys
Member since 1/07 2963 total posts
Name:
Jess
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Re: Saving for Your 1st House ...
Posted by emeraldeyez
so far we're doing great and have no idea why we couldn't save this much each month before doing this. Good Luck!
i know, right?!?!
we crunched the numbers a while ago, and came to the conclusion that we have X amount extra in our income that we could put towards a mortgage payment ....
but it wasn't until we actually started living like we were paying that amount that we realized what fools we'd been all along.
we'd have so much more saved if we had started this a long time ago.
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| Posted 3/5/08 2:54 PM |
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greenfreak
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Member since 9/06 11483 total posts
Name:
greenfreak
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Re: Saving for Your 1st House ...
We did that for a full year, year and a half before buying. We also went through our bank accounts and added up all our ATM debits. That was an eye opener!
Don't forget to keep at least 6 months of mortgage payments in the bank for (God forbid) one of you losing your jobs and/or big problems like a new roof or cesspool or boiler.
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| Posted 3/5/08 3:23 PM |
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Kara
Now Zagat Rated!
Member since 3/07 13217 total posts
Name:
They call me "Tater Salad"
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Re: Saving for Your 1st House ...
Posted by PreshusSmurf
We had already taken into account the insurance & taxes .... not sure if we estimated costs for the increase in utilities above what we pay for our apartment now or an emergency repair fund. Those are great suggestions.
Yup, it can definitely be quite an increase! Feel free to FM if you'd like to know what we generally pay for our house -- in case you'd like to compare that to what you're paying for your apartment. (We have gas heat.)
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| Posted 3/5/08 3:23 PM |
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Sassyz75
Turning a new page
Member since 5/05 9731 total posts
Name:
Dina
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Re: Saving for Your 1st House ...
I WISH we could do this, but we can't until we move b/c right now all the extra that would go to the mortgage is going to gas/tolls to drive to LI 3-4 times a week from NJ! 
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| Posted 3/5/08 4:07 PM |
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JennJay41
LIF Toddler
Member since 3/08 431 total posts
Name:
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Re: Saving for Your 1st House ...
We started saving the cost of the mortgage minus what we were paying in rent. . It worked for us also..We are in contract right now. 
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| Posted 3/5/08 10:08 PM |
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PreshusSmurf
So in love with my little guys
Member since 1/07 2963 total posts
Name:
Jess
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Re: Saving for Your 1st House ...
Posted by JennJay41
We started saving the cost of the mortgage minus what we were paying in rent. . It worked for us also..We are in contract right now.
Glad to hear it worked for you, hopefully we will have the same luck.
Can't hurt, right? 
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| Posted 3/5/08 10:34 PM |
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hotelcalie
LIF Adult
Member since 12/05 1392 total posts
Name:
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Re: Saving for Your 1st House ...
We are doing this exact thing now!!!
We sat down figured out what our new mortgage & taxes would be..then we subtracted what we pay for our co-op now...the difference we put in savings every month!! Works really well!
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| Posted 3/6/08 1:20 PM |
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