How much money did you have after buying a house

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amother

Tue, Sep 12 2023, 11:09 pm

How much money did you leave yourself with after buying a house? Was it hard to recover?

amother

Amaranthus

Tue, Sep 12 2023, 11:15 pm

Lol- we just bought a house and it feels like we have 0$ left.

We had about 5K in our checking and 5K in savings, but between moving expenses and basic renovations (nothing major, just some new appliances for Kashrus reasons and the floors) it feels like we need to start our savings from scratch.

amother

Forestgreen

Tue, Sep 12 2023, 11:19 pm

amother Amaranthus wrote:

I had about the same. As far as recouping, it's hard. We are paying mortgage and tax and expenses that come with mantaining a house. Slowly slowly with Hashem's help...

amother

NeonPink

Tue, Sep 12 2023, 11:23 pm

We were in a negative because we borrowed money and we maxed our credit cards out for small house rehab that needed to be done - but this was all with a responsible plan in place to pay our loans back within a year, which we were bh able to do.

amother

Daphne

Tue, Sep 12 2023, 11:29 pm

Nada. But we had nada before too.
We did a 95% mortgage on 110% off the price. So basically almost 100% of the house price plus closing fees.... we did approximately $17k in renovations.
Plus movers and random moving expenses. Ripping out wallpaper, painting, pulling out all carpets on the main floor, scraping and finishing the floor, fixing the entryway the tiles were chipped and broken, completely changing out one toilet. (It has a colored and rusting in one place) tub and toilet and broken tiles. I think it was still the original that came with the house 60 years ago. Lol), we had to change the kitchen sinks and faucets (couldn't be kashered) and cut out and pull plumbing for a second sink and gas range.
That's all. We didn't touch downstairs other than painting half of it the other half is still wood look paneling....

Dh took out a 20k work loan against his paycheck and paid it off the first 2 years. That covered renovations and moving.

It's been many years later. The house needs major repairs. And we are living paycheck to paycheck. But the quality of life out here is incompatible with what we had before.

amother

Steel

Tue, Sep 12 2023, 11:52 pm

In my experience it took 2 years until we recovered. That's because we borrowed tens of thousands. Then we lived paycheck to paycheck and house was quite neglected. After 2 decades the house value increased to more than 10 times (!) the amount we paid so we profited back and are financially secure now.

amother

Freesia

Wed, Sep 13 2023, 12:00 am

Another vote for negative as we took loans to cover the down payment. However bh we managed to pay those off. It was worth the stress.

amother

Sage

Wed, Sep 13 2023, 12:39 am

We kept 6 months worth of our monthly mortgage in savings, just in case. But we bought a few years ago, when prices were rising but still reasonable and mortgage rates were low.
BTW- we are not rich and live very simply, if you are wondering about financial bracket.

amother

Azure

Wed, Sep 13 2023, 2:06 am

amother Sage wrote:

How much were you able to put down and still keep a large emergency fund?

amother

Firethorn

Wed, Sep 13 2023, 7:54 am

amother Azure wrote:

How much were you able to put down and still keep a large emergency fund?

Not op but if I were to buy a house now I would put down 150k and have an emergency fund of 6 months covered.
This is after many many years of saving.

amother

Marigold

Wed, Sep 13 2023, 8:07 am

We had no money in savings at all afterward. We lived paycheck to paycheck. I B”H never felt any downside or any more pressure than before from owning a home vs renting . Our home expenses remained the same . I did stop having cleaning help for at least 5 years .

amother

Hotpink

Wed, Sep 13 2023, 8:31 am

Does almost all the Monopoly money that came in the box count? I have that. We barely lost any of them. I probably have almost all of the LIFE money too. 🤣🤣🤣

amother

Honeydew

Wed, Sep 13 2023, 8:35 am

Put down $150k as down payment.
Plus about $20k closing costs.
Plus about $50k renovations (which gets you nothing these days, it was for the bare minimum).
Still need to buy lots of furniture which will be another few dozen grand, but gonna do that slowly.

Still have about $300k in the bank BH.

amother

Thistle

Wed, Sep 13 2023, 8:43 am

We put down about 250k and left ourselves with about 30k in the bank.

amother

Fern

Wed, Sep 13 2023, 8:58 am

We were broker than broke but have zero regrets bh

amother

PlumPink

Wed, Sep 13 2023, 11:28 am

We emptied our bank accounts. We didn't have backup left, but we immediately started saving again. Didn't do any renovation when we moved in because there was nothing left but maybe we should have.

amother

Wed, Sep 13 2023, 11:33 am

We have about 20k left which makes me very nervous because we do have a high mortgage and I was t sure if this was normal or not

amother

Tanzanite

Wed, Sep 13 2023, 11:35 am

We moved from central Israel to the south, so despite doubling the size of our apartment, it was still 500,000 NIS cheaper. It's not in an amazing area, though. I joke with DH that Hamas don't even waste their rockets on our city (they fall all around us, but the sirens never go off where we live).

amother

Tomato

Wed, Sep 13 2023, 1:29 pm

We had about 25k left and started building up savings right away

amother

Vermilion

Wed, Sep 13 2023, 1:32 pm

40k in stocks count? 5k in savings that's now $100? But at least house value went up 150k in a year.

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