Anonymous
04/05/2013 13:33
Subject: Re:House poor
Op here, thanks for your kindness! I appreciate the commiseration and the perspectives from others who have different concerns. And, counting blessings is always the right thing to do but I have difficulty doing it some days.
We have refinanced-- thankfully! It would have been far more difficult if rates hadn't gone down so much. We aren't at the lowest rate but I think closing costs mean it wouldn't make sense to refinance now. We already used the no cost closing option. We are paying more each month to retain the original term and a 13th payment a year just to get ahead but I am trying to convince my husband that we should cut one of those things out.
We have refinanced-- thankfully! It would have been far more difficult if rates hadn't gone down so much. We aren't at the lowest rate but I think closing costs mean it wouldn't make sense to refinance now. We already used the no cost closing option. We are paying more each month to retain the original term and a 13th payment a year just to get ahead but I am trying to convince my husband that we should cut one of those things out.
Anonymous
04/05/2013 13:26
Subject: House poor
i second the refinance suggestion. if you have been there for 4.5 years then the rates are much lower now. and if you have done improvements your house might appraise for more too..... all depends on how much of a mortgage you have and the difference in the rate but that could give you an extra few hundred a month easily.
Anonymous
04/05/2013 13:22
Subject: Re:House poor
I am in the opposite predicament - our house is affordable, but we are not in one of the best school pyramids. So you have anxiety about your house/finances, and I have some about the schools. In the end, probably it will work out fine for both of us. It's all a matter of what you feel more comfortable having anxiety over.
Anonymous
04/05/2013 13:11
Subject: Re:House poor
Things will get better eventually. They can't keep federal pay frozen forever.
Anonymous
04/05/2013 12:20
Subject: House poor
Have you refinanced since you bought? Rates are so low right now, you might be able to lower your payments that way.
You should still be getting step increases with federal employment--unless you're at the top of your grade.
You should still be getting step increases with federal employment--unless you're at the top of your grade.
Anonymous
04/05/2013 12:20
Subject: House poor
OP, I feel your pain. We recently moved to be closer to my job (the commute was killing me). We took on a much higher mortgage, and we're still not in what is typically known as a desirable area (certainly not a "good school pyramid").
I'm a federal employee, and now, in addition to my pay being frozen for a few years (and probably more), I'm looking at additional cuts via increased pension contributions.
Now, I'm thinking it was a mistake to move. It sucks. This area is so expensive, but everyone says that the employment/pay is stable/good. I feel like that was a lie. And I was foolish to believe it.
I'm a federal employee, and now, in addition to my pay being frozen for a few years (and probably more), I'm looking at additional cuts via increased pension contributions.
Now, I'm thinking it was a mistake to move. It sucks. This area is so expensive, but everyone says that the employment/pay is stable/good. I feel like that was a lie. And I was foolish to believe it.
Anonymous
04/05/2013 12:19
Subject: House poor
I am in a similar position. Change your outlook. Lots of things in life suck. Just count your blessings.
Learn to do repairs yourself. Not the best advice, but one option
Learn to do repairs yourself. Not the best advice, but one option
Anonymous
04/05/2013 12:14
Subject: House poor
Sorry, OP, that sucks. Everyone on here tells people: (1) buy/rent in a great school district; (2) keep your commute short; and (3) be financially conservative with your housing payment.
It's tough to hit all of those, though. Usually, something has to go!
It's tough to hit all of those, though. Usually, something has to go!
Anonymous
04/05/2013 11:50
Subject: Re:House poor
Thanks for the perspective 11:38. I do worry about the home holding value, though, because of these big repairs. Also, we can't afford to update anything (lots of old floors over here!) because there is no $ left.
Anonymous
04/05/2013 11:38
Subject: House poor
I think you should be happy you are in a good school area. I couldn't afford to be in one of the best areas. I know it sucks that you have no money for anything else. But at least there are the schools. And presumably your home will hold its value or go up in the coming years.
Anonymous
04/05/2013 11:30
Subject: Re:House poor
Oh, and we got 3 estimats from Checkbook-recommended providers and they were all extremely close to each other, so we felt that was the going rate for a good job.
Anonymous
04/05/2013 11:29
Subject: Re:House poor
Really big roof because we have a fat rambler. But that price also included soffits and gutters so it was more than the roof.
11:26, misery loves company
11:26, misery loves company
Anonymous
04/05/2013 11:26
Subject: House poor
Same - I feel your pain.
Anonymous
04/05/2013 11:26
Subject: House poor
Anonymous wrote:and it sucks. We are both very risk-averse people and 4.5 years ago we stretched to buy this house because we plan to live in it until our youngest graduates from high school or beyond, it had the space we wanted and it is in a great school pyramid. We also stretched because we had made overly cautious decisions in the housing market since 1997 and have missed out on many great opportunities for fears of overcommitting.
Well, fed gov employment is not yielding any raises now and hasn't for a few years. And, the house is racking up a bunch of expensive repairs. Some were expected (a new roof) but that new roof, plus new soffits and gutters was $24K. OK, we paid it and it was fine. But, since then, we've had a number of new issues come to light which are going to be really pricey.
I feel trapped. Yes, we could sell the house but no way would we find another one in this school pyramid. At this point, we will handle the expenses as they come but I feel like it is such a waste of money. I would rather save or use that money for experiences but that is not a choice when you want a certain school pyramid.
I know I will get flamed -- we made a choice, suck it up. That is what we are doing but I just feel so anxious about it.
I have never heard of paying that much for a roof how big is your house.
Anonymous
04/05/2013 11:25
Subject: House poor
and it sucks. We are both very risk-averse people and 4.5 years ago we stretched to buy this house because we plan to live in it until our youngest graduates from high school or beyond, it had the space we wanted and it is in a great school pyramid. We also stretched because we had made overly cautious decisions in the housing market since 1997 and have missed out on many great opportunities for fears of overcommitting.
Well, fed gov employment is not yielding any raises now and hasn't for a few years. And, the house is racking up a bunch of expensive repairs. Some were expected (a new roof) but that new roof, plus new soffits and gutters was $24K. OK, we paid it and it was fine. But, since then, we've had a number of new issues come to light which are going to be really pricey.
I feel trapped. Yes, we could sell the house but no way would we find another one in this school pyramid. At this point, we will handle the expenses as they come but I feel like it is such a waste of money. I would rather save or use that money for experiences but that is not a choice when you want a certain school pyramid.
I know I will get flamed -- we made a choice, suck it up. That is what we are doing but I just feel so anxious about it.
Well, fed gov employment is not yielding any raises now and hasn't for a few years. And, the house is racking up a bunch of expensive repairs. Some were expected (a new roof) but that new roof, plus new soffits and gutters was $24K. OK, we paid it and it was fine. But, since then, we've had a number of new issues come to light which are going to be really pricey.
I feel trapped. Yes, we could sell the house but no way would we find another one in this school pyramid. At this point, we will handle the expenses as they come but I feel like it is such a waste of money. I would rather save or use that money for experiences but that is not a choice when you want a certain school pyramid.
I know I will get flamed -- we made a choice, suck it up. That is what we are doing but I just feel so anxious about it.