Reply to If you are house poor, do you regret it?

Forum Index » Money and Finances

Reply to "If you are house poor, do you regret it?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous]You need to be so, so careful about this. What percentage of your gross income are you talking about in mortgage + property taxes?

Your budget needs to include approximately 7.5% of the purchase price per year for home repairs/improvements. You can only delay any costly repairs for so long, and they will still cost you. A more expensive house usually means more expensive construction and more expensive repairs.

Also, can you afford a new car if you need it? Will you ever go on vacation? What about kids to summer camps? What if one of you loses a job? What if you have to take a leave of absence to care for an elderly parent?

You have a high income, so maybe you can float yourself on savings if you need to, but consider whether money stress might not outweigh the other benefits.
[/quote]

That is crazy.  My million dollar house does not need anywhere near $75k in repairs/improvements every year.  Wow, I am conservative in budgeting, but not that conservative.[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics