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Having debate about buying a house
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cassandra




 
 
    
 

Post Wed, Nov 22 2006, 6:55 pm
And a cleaning lady for $100 a month?!?!?! I'd like to know what the community is that has million dollar homes and cheap tuition and cleaning help.
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chocolate moose




 
 
    
 

Post Wed, Nov 22 2006, 7:01 pm
Utilities will prob be more, plenty of people spepnd 2 to 3 thousand per month for heat alone!
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lubcoralsprings




 
 
    
 

Post Wed, Nov 22 2006, 9:29 pm
chocolate moose wrote:
Utilities will prob be more, plenty of people spepnd 2 to 3 thousand per month for heat alone!


Where did you get that figure from? I have a four family house, that isn't insulated, and my tenants regulate the heat, all that said and done I have never spent that, or close to it in a month???
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Crayon210




 
 
    
 

Post Wed, Nov 22 2006, 9:38 pm
chocolate moose wrote:
Utilities will prob be more, plenty of people spepnd 2 to 3 thousand per month for heat alone!


I've never heard of such a thing. shock
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ny21




 
 
    
 

Post Wed, Nov 22 2006, 9:39 pm
it is better to buy the worst house in a good neighborhood


than to buy the BEST house in the worst neighborhood.
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cip




 
 
    
 

Post Wed, Nov 22 2006, 9:52 pm
as posted above, I also think you should buy but something much cheaper to start. this way rent $ doesn't get wasted but you will be able to afford your mortgage.
good luck explaining yourself to your husband and no you are not being selfish for using your head and not your heart.
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amother


 

Post Wed, Nov 22 2006, 10:10 pm
I apologize if this comes out harshly, but I feel very frustrated. How can a person with young children buy a house that would leave them with only 1300 a month to pay for food, tuition, etc. I have 2 children in school and one that is soon going to be in school -- right now I am paying 12,000 per year in tuition (1200 per month) and it will go up I am sure to 18,000 in tuition once my next child is in school. I live in a 2 bedroom apartment and am paying a lot in tuition. Have you calculated how much tuition will cost once your 2 children enter elementary school? I have friends that told me to just buy a house and not worry about tuition payments, but I am financially responsible and don't feel like I can go to the yeshivos and say, "sorry, but I can't pay, my mortgage payments are just so high and all we can afford in tuition is xyz". If a person buys a million dollar home (or even 500,000) then who will cover their children's tuition when they are in school?? If a person can afford their expenses and buy a million dollar home, then go for it, but if not, who is paying their tuition??? On the other hand, maybe I should have just bought a house and told the yeshivos that I could not afford tuition, then I wouldn't be squeezing into my apartment with little hope of affording our own home...
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Tefila




 
 
    
 

Post Wed, Nov 22 2006, 10:45 pm
Quote:
Utilities will prob be more, plenty of people spepnd 2 to 3 thousand per month for heat alone!

What Confused we own a home and even in the cold far north we don't come even a fraction close, to that figure shock

Imo I say buy now but perhaps look for a cheaper home. Also if you can get a tenant by renting out a couple of rooms in your house that could help u tremendously with other expenses that could occur.
B/c prices are only rising and who knows if you will be able to afford then Confused

Though I am not sure how good it is for both u and u'r kids to be working full time Wink
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chocolate moose




 
 
    
 

Post Thu, Nov 23 2006, 8:50 am
It might depend on the house and the heating system, but that's what my friend on Lefferts Avenue told me.
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amother


 

Post Thu, Nov 23 2006, 9:02 am
amother wrote:
I apologize if this comes out harshly, but I feel very frustrated. How can a person with young children buy a house that would leave them with only 1300 a month to pay for food, tuition, etc. I have 2 children in school and one that is soon going to be in school -- right now I am paying 12,000 per year in tuition (1200 per month) and it will go up I am sure to 18,000 in tuition once my next child is in school. I live in a 2 bedroom apartment and am paying a lot in tuition. Have you calculated how much tuition will cost once your 2 children enter elementary school? I have friends that told me to just buy a house and not worry about tuition payments, but I am financially responsible and don't feel like I can go to the yeshivos and say, "sorry, but I can't pay, my mortgage payments are just so high and all we can afford in tuition is xyz". If a person buys a million dollar home (or even 500,000) then who will cover their children's tuition when they are in school?? If a person can afford their expenses and buy a million dollar home, then go for it, but if not, who is paying their tuition??? On the other hand, maybe I should have just bought a house and told the yeshivos that I could not afford tuition, then I wouldn't be squeezing into my apartment with little hope of affording our own home...


I was thinking this too... That this person will end up in a million dollar home on scholarship, and that just isn't right.
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mimsy7420




 
 
    
 

Post Thu, Nov 23 2006, 10:49 am
OK - so I asked.
One should never spend more then 40% of their monthly income on housing. That is the formula for how to spend your income.

No more then 40%.

So if you are thinking of spending more then 40% of your monthly incomes on your mortgage, plus property taxes and utilities - that all counts as housing costs. Then you are making a big mistake and any financial planner and accountant will tell you so.
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lubcoralsprings




 
 
    
 

Post Sat, Nov 25 2006, 7:46 pm
Just curious, does this count for frum people or does this account for people who send their kids to public school. I find that we have tuition which is an added fixed expense. How does that account for that figure?
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mimsy7420




 
 
    
 

Post Mon, Nov 27 2006, 11:08 am
It doesn't matter either way. It's 40%.
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ceo




 
 
    
 

Post Mon, Nov 27 2006, 1:44 pm
Interesting, I actually heard closer to 30-33%....well, close enough! If you go to a mortgage bank with all your pay stubs, etc, they most likely won't give you a mortgage if you'll be spending more than the 30-40% of your monthly income on your housing costs. (could be that the 30% I am thinking of is the actual mortgage payment, and then the extra 10% is related costs- utilities, property taxes, etc).
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chocolate moose




 
 
    
 

Post Mon, Nov 27 2006, 2:28 pm
Uh-uh, banks love to give mortgages these days. You can't count on them to advise you.
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mimsy7420




 
 
    
 

Post Mon, Nov 27 2006, 2:32 pm
ceo wrote:
Interesting, I actually heard closer to 30-33%....well, close enough! If you go to a mortgage bank with all your pay stubs, etc, they most likely won't give you a mortgage if you'll be spending more than the 30-40% of your monthly income on your housing costs. (could be that the 30% I am thinking of is the actual mortgage payment, and then the extra 10% is related costs- utilities, property taxes, etc).

yup


Last edited by mimsy7420 on Mon, Nov 27 2006, 2:33 pm; edited 1 time in total
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mimsy7420




 
 
    
 

Post Thu, Jan 04 2007, 2:10 pm
OP, what did you do in the end?
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