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]

My parents did this OP, and I'm not sure it was worth it. They came from poverty and their dream was to own a beautiful home, now that their kids are grown, I'm not sure they would say it was worth it.

Even though we lived in a nice neighborhood and our house was beautiful, we were very poor. No new clothes for them, no new clothes for kids. No vacations. No eating out, ever. They couldn't afford to send us on school trips. We couldn't go see our family. It just sucked. It was also confusing as a kid, we looked rich if you looked at our house but we lived like we were poor. Our house was also quite barren because they couldn't afford furniture and they couldn't afford renovations over the years. It's also more expensive to maintain the house in general, utilities and repairs are more expensive. The worst of it was during the recession when my dad was laid off and then had to take a lower-paying job.

I guess it depends on how much you're stretching your budget though, I would just be cognizant. I love my parents and I'm grateful that they worked so hard to try to provide us a better life, but I would always choose disposable income over a nice house having grown up in the opposite situation. [/quote]

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