Shelled out $16K in one week on home/life repairs

[Anonymous]

Oh my god. I am literally thinking about buying a house that would bring our joint savings down to a 2 month emergency fund we'd have to replenish (yes, budgeting for moving costs in there) and there is no way we could soak up $16k in a week for months afterward. Is that really the cash you have to have on hand at all times?

[Anonymous]

Oh my god. I am literally thinking about buying a house that would bring our joint savings down to a 2 month emergency fund we'd have to replenish (yes, budgeting for moving costs in there) and there is no way we could soak up $16k in a week for months afterward. Is that really the cash you have to have on hand at all times?

Well, there's this thing called a credit card . . .

[Anonymous]

Personally, I would not buy a house if I had to draw down to 2 months in the emergency fund to do it. There are things that come up when you move in and you might want to make a few changes (unless the house is truly move in ready).

[Anonymous]

Anonymous wrote:Someone commiserate with me. This week we did the following things:

1) Spring clean up and mulching - $1000
2) Major car repair - $3200
3) New HVAC - $5500
4) French drain in basement - $2800
5) Taxes - owe $8000

UGHHHH we had the money saved to do all of this but good lord it sucks writing those checks out! Being an adult is expensive!

I got a 56k tax bill

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I wiped out our entire savings on medical care and am not done paying the bills. I guess we’re lucky we had the money but, I agree it sucks to have to take a lot of money from savings.

This doesn't just suck - this is emblematic of a much bigger issue. House repairs, car repairs, that's one thing. But sucking your savings dry and then some just to keep yourself healthy - that should not happen in a civilized enlightened society.

+1

What could be more important and valuable than your health? As someone with a chronic disease, I pay a ton but it’s worth every penny to keep me alive, to employ the highly skilled people who keep me alive, and to have access to the very best in technology.

I think the point is that in this country, we let ill health drive people into bankruptcy. That is unimaginable in much of the rest of the developed world.

I had a health related bankruptcy at age 43. It’s insult on top of injury.

[Anonymous]

Anonymous wrote:So brutal. Every month when I review our expenses I think "Oh but that was an exception" but EVERY month is an exception! These kinds of things just never stop. Sorry OP!

YES!!!!

Every month there is something unexpected or seasonal....tree trimming, kids camp, new tires, on and on and on.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Someone commiserate with me. This week we did the following things:

1) Spring clean up and mulching - $1000
2) Major car repair - $3200
3) New HVAC - $5500
4) French drain in basement - $2800
5) Taxes - owe $8000

UGHHHH we had the money saved to do all of this but good lord it sucks writing those checks out! Being an adult is expensive!

I got a 56k tax bill

At least you're rich!

-$900 tax bill

[Anonymous]

Anonymous wrote:

Oh my god. I am literally thinking about buying a house that would bring our joint savings down to a 2 month emergency fund we'd have to replenish (yes, budgeting for moving costs in there) and there is no way we could soak up $16k in a week for months afterward. Is that really the cash you have to have on hand at all times?

Well, there's this thing called a credit card . . .

yep

we bought our house three years ago (almost). it's an old house, and we got a good deal - but with that said, i'd say we've had somewhere between $10k and 25k worth of must-do repairs every year since we bought it so far. we are hoping that as we get old stuff upgraded that number will go down, but at this end of the tunnel i would say be absolutely sure that you have taken into account how much it will cost to keep up any house you are considering buying.

this isn't fun, hgtv-type stuff we've had to do. it's, like, replace the electrical wiring in the kitchen and have our sewer line replaced. i would assume that any house without a warranty/that isn't brand new will be similar.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Oh my god. I am literally thinking about buying a house that would bring our joint savings down to a 2 month emergency fund we'd have to replenish (yes, budgeting for moving costs in there) and there is no way we could soak up $16k in a week for months afterward. Is that really the cash you have to have on hand at all times?

Well, there's this thing called a credit card . . .

yep

we bought our house three years ago (almost). it's an old house, and we got a good deal - but with that said, i'd say we've had somewhere between $10k and 25k worth of must-do repairs every year since we bought it so far. we are hoping that as we get old stuff upgraded that number will go down, but at this end of the tunnel i would say be absolutely sure that you have taken into account how much it will cost to keep up any house you are considering buying.

this isn't fun, hgtv-type stuff we've had to do. it's, like, replace the electrical wiring in the kitchen and have our sewer line replaced. i would assume that any house without a warranty/that isn't brand new will be similar.

Geez - $25k is more than my rent and the mortgage we are considering, and no, we do not have that to spare. But surely not everyone who owns a home spends $40-50k+ on it per year, or nobody making under $200k would own a home, and many do....

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Oh my god. I am literally thinking about buying a house that would bring our joint savings down to a 2 month emergency fund we'd have to replenish (yes, budgeting for moving costs in there) and there is no way we could soak up $16k in a week for months afterward. Is that really the cash you have to have on hand at all times?

Well, there's this thing called a credit card . . .

yep

we bought our house three years ago (almost). it's an old house, and we got a good deal - but with that said, i'd say we've had somewhere between $10k and 25k worth of must-do repairs every year since we bought it so far. we are hoping that as we get old stuff upgraded that number will go down, but at this end of the tunnel i would say be absolutely sure that you have taken into account how much it will cost to keep up any house you are considering buying.

this isn't fun, hgtv-type stuff we've had to do. it's, like, replace the electrical wiring in the kitchen and have our sewer line replaced. i would assume that any house without a warranty/that isn't brand new will be similar.

Geez - $25k is more than my rent and the mortgage we are considering, and no, we do not have that to spare. But surely not everyone who owns a home spends $40-50k+ on it per year, or nobody making under $200k would own a home, and many do....

We make under $180K and regularly put out $15-20, sometimes more per year on house repairs as we got a house that needed everything. Every year or so we do one big thing.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Oh my god. I am literally thinking about buying a house that would bring our joint savings down to a 2 month emergency fund we'd have to replenish (yes, budgeting for moving costs in there) and there is no way we could soak up $16k in a week for months afterward. Is that really the cash you have to have on hand at all times?

Well, there's this thing called a credit card . . .

yep

we bought our house three years ago (almost). it's an old house, and we got a good deal - but with that said, i'd say we've had somewhere between $10k and 25k worth of must-do repairs every year since we bought it so far. we are hoping that as we get old stuff upgraded that number will go down, but at this end of the tunnel i would say be absolutely sure that you have taken into account how much it will cost to keep up any house you are considering buying.

this isn't fun, hgtv-type stuff we've had to do. it's, like, replace the electrical wiring in the kitchen and have our sewer line replaced. i would assume that any house without a warranty/that isn't brand new will be similar.

Geez - $25k is more than my rent and the mortgage we are considering, and no, we do not have that to spare. But surely not everyone who owns a home spends $40-50k+ on it per year, or nobody making under $200k would own a home, and many do....

We make under $180K and regularly put out $15-20, sometimes more per year on house repairs as we got a house that needed everything. Every year or so we do one big thing.

This is literally the first time i have heard owning is twice the cost of renting...i know there are additional costs but yikes, if repair coats are equal to equity maybe i should just rent forever....

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Oh my god. I am literally thinking about buying a house that would bring our joint savings down to a 2 month emergency fund we'd have to replenish (yes, budgeting for moving costs in there) and there is no way we could soak up $16k in a week for months afterward. Is that really the cash you have to have on hand at all times?

Well, there's this thing called a credit card . . .

yep

we bought our house three years ago (almost). it's an old house, and we got a good deal - but with that said, i'd say we've had somewhere between $10k and 25k worth of must-do repairs every year since we bought it so far. we are hoping that as we get old stuff upgraded that number will go down, but at this end of the tunnel i would say be absolutely sure that you have taken into account how much it will cost to keep up any house you are considering buying.

this isn't fun, hgtv-type stuff we've had to do. it's, like, replace the electrical wiring in the kitchen and have our sewer line replaced. i would assume that any house without a warranty/that isn't brand new will be similar.

Geez - $25k is more than my rent and the mortgage we are considering, and no, we do not have that to spare. But surely not everyone who owns a home spends $40-50k+ on it per year, or nobody making under $200k would own a home, and many do....

We make under $180K and regularly put out $15-20, sometimes more per year on house repairs as we got a house that needed everything. Every year or so we do one big thing.

i'm the pp and we are at about $180k, too. the repairs are super expensive! in exchange we get to live in a house we love - and accrue all the benefits of homeownership, which seem to be many - but let's just lay out that we aren't taking lots of expensive vacations or saving tons of money at the moment.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Oh my god. I am literally thinking about buying a house that would bring our joint savings down to a 2 month emergency fund we'd have to replenish (yes, budgeting for moving costs in there) and there is no way we could soak up $16k in a week for months afterward. Is that really the cash you have to have on hand at all times?

Well, there's this thing called a credit card . . .

yep

we bought our house three years ago (almost). it's an old house, and we got a good deal - but with that said, i'd say we've had somewhere between $10k and 25k worth of must-do repairs every year since we bought it so far. we are hoping that as we get old stuff upgraded that number will go down, but at this end of the tunnel i would say be absolutely sure that you have taken into account how much it will cost to keep up any house you are considering buying.

this isn't fun, hgtv-type stuff we've had to do. it's, like, replace the electrical wiring in the kitchen and have our sewer line replaced. i would assume that any house without a warranty/that isn't brand new will be similar.

Geez - $25k is more than my rent and the mortgage we are considering, and no, we do not have that to spare. But surely not everyone who owns a home spends $40-50k+ on it per year, or nobody making under $200k would own a home, and many do....

We make under $180K and regularly put out $15-20, sometimes more per year on house repairs as we got a house that needed everything. Every year or so we do one big thing.

i'm the pp and we are at about $180k, too. the repairs are super expensive! in exchange we get to live in a house we love - and accrue all the benefits of homeownership, which seem to be many - but let's just lay out that we aren't taking lots of expensive vacations or saving tons of money at the moment.

What are the other benefits of homeownership if you are spending $20k+ a year on repairs? Serious question. Renter PP here at under $150k with kids in day care, so that kind of money is make or break.

[Anonymous]

The rule of thumb is you should expect to spend one percent of the purchase price of your home YEARLY for maintenance.

[Anonymous]

Anonymous wrote:The rule of thumb is you should expect to spend one percent of the purchase price of your home YEARLY for maintenance.

Yes, I've read that! But $20-25k is 1% of a 2 million dollar house. So I assume people reporting this as an average with salaries under $200k are reporting a higher percentage by far.