Reply to What is it like to be “house poor”?

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[quote=Anonymous][quote=Anonymous]We are thinking of stretching for our dream home.  The first year will be tight, but we will be more comfortable after that.  We would still plan to have 6 mos of expenses in cash, and another 12 months in liquid assets.  We will need a few furniture pieces eventually, but most everything we currently own is relatively new. We are also planning for issues that aren’t caught in the home inspection, but no reno needed.[/quote]

We bought a home unexpectedly (landlord needed to sell and it was an opportunity we couldn't pass up), so we were tighter than what you're describing when we started out.  It was fine, we had to be a little extra thoughtful for the first year, but now we're in a very good position.  If your income is as high as most homebuyers in this region, then something that is "tight" from a debt-to-income perspective often actually isn't that tight at all in terms of surplus dollars at the end of the month.  Many of the expenses that many people take for granted on this forum are things that many or even most people in this country live without.  You can too.

I would do it again for a good opportunity.  Obviously, make a comprehensive budget and try to stick to it.  Also, learn to do home maintenance and repair tasks yourself (within reason).[/quote]

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