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Reply to "If you are house poor, do you regret it?"
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[quote=Anonymous][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. [/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] Yeah, that suggested figure is wrong. The standard number is 1-2% per year. [/quote]
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