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Would you buy a house if you will be broke?
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| Yes |
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33% |
[ 67 ] |
| No |
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66% |
[ 131 ] |
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| Total Votes : 198 |
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amother
OP
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 Tue, Aug 29 2023, 11:15 am
We live in a Brooklyn apartment, very squishy, only 1 toilet, etc. DH insists everyone he knows, even those making a lot less then us (we make 226k pretax) are buying houses, ie his rebbi and kollel friends, not just those with rich family. He wants to buy a house for 1.1 even with these interest rates and just figure it out.
We have the down payment.
That comes out to 6,500 a month. With utilities that is 90k a year just for a house.
The rest of our budget:
28k in cc bills (food, clothes, gas, etc)
4k cash expense (flowers, tips, gifts, also includes buying jewish items like hats)
2.5k Car insurance
4.5k cleaning help which honestly would probably need to go up
1k kids savings
5k summer expenses like day camp or a vacation
1k therapy or tutoring
3.5k savings towards home expenses like broken furniture/appliances/plumbing
2.5k towards medical emergency bills like root canals and stitches which unfortunately do happen around here, and other unplanned expenses
20k tuition
15k maaser
After taxes, that leaves us a few negative
Without allowing for actual day camp, making yom tov, having children (we've got 4), or anything we don't do like buy clothes in Jewish stores, buy school supplies, get takeout, HAVE A BABYSITTER I work from home without one.
DH claims if we run low on funds he will demand a raise or look for a new job.
Would you do it?
Note, we have almost done similar and always after something something happened where I said well it's good thing we don't have the house yet or we wouldn't be able to afford to do XYZ and we just did.
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watergirl
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Tue, Aug 29 2023, 11:19 am
Do you believe you’d be approved for a mortgage to buy a house that expensive?
Do you have a downpayment?
Are you prepared to majorly alter your lifestyle to make the payments work?
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10
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justforfun87
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Tue, Aug 29 2023, 11:24 am
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watergirl
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Tue, Aug 29 2023, 11:33 am
| amother OP wrote: | We were approved for 1.2 a few months ago. Rates have gone up but we probably would be still.
Yes we have the down payment.
There's nothing we can trim. I'm super careful with groceries, we don't do day camp, my kids and I wear hand me downs, etc. I can't fire cleaning lady without quitting my job. |
I'm a bit confused, because you also said:
| amother OP wrote: |
After taxes, that leaves us a few negative
Without allowing for actual day camp, making yom tov, having children (we've got 4), or anything we don't do like buy clothes in Jewish stores, buy school supplies, get takeout, HAVE A BABYSITTER I work from home without one.
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If I am understanding this correctly, you listed your budget which BH includes 15k to maaser and a good amount of money to savings every month, yet you can not make YT, pay for school supplies (for 4 kids, that should not be more than $200, so I'm confused about that), etc. You said you are in negative before you can do the things above. What happens if you have a fifth child and you need to pay tuition?
It does not seem that you can afford this house without changing something, considering you can't make it through the month as it is without going into negative.
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amother
OP
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Tue, Aug 29 2023, 11:41 am
| watergirl wrote: | If I am understanding this correctly, you listed your budget which BH includes 15k to maaser and a good amount of money to savings every month, yet you can not make YT, pay for school supplies (for 4 kids, that should not be more than $200, so I'm confused about that), etc. You said you are in negative before you can do the things above. What happens if you have a fifth child and you need to pay tuition?
It does not seem that you can afford this house without changing something, considering you can't make it through the month as it is without going into negative. |
I'm including things that based on my life here I know we will have. We have had our landlord pay for exterminators, had fridge issues, water damage in bathroom etc. So including that in budget.
Not including things we aren't paying for now. So far our school expenses have been uniforms for 1 child and a tehillim, obv thats going to go up a lot as we have 3 preschool aged children.
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shabbatiscoming
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Tue, Aug 29 2023, 11:42 am
| amother OP wrote: | We live in a Brooklyn apartment, very squishy, only 1 toilet, etc. DH insists everyone he knows, even those making a lot less then us (we make 226k pretax) are buying houses, ie his rebbi and kollel friends, not just those with rich family. He wants to buy a house for 1.1 even with these interest rates and just figure it out.
We have the down payment.
That comes out to 6,500 a month. With utilities that is90k a year just for a house.
The rest of our budget:
28k in cc bills (food, clothes, gas, etc)
4k cash expense (flowers, tips, gifts, also includes buying jewish items like hats)
2.5k Car insurance
4.5k cleaning help which honestly would probably need to go up
1k kids savings
5k summer expenses like day camp or a vacation
1k therapy or tutoring
3.5k savings towards home expenses like broken furniture/appliances/plumbing
2.5k towards medical emergency bills like root canals and stitches which unfortunately do happen around here
20k tuition
15k maaser
After taxes, that leaves us a few negative
Without allowing for actual day camp, making yom tov, having children (we've got 4), or anything we don't do like buy clothes in Jewish stores, buy school supplies, get takeout, HAVE A BABYSITTER I work from home without one.
DH claims if we run low on funds he will demand a raise or look for a new job.
Would you do it?
Note, we have almost done similar and always after something something happened where I said well it's good thing we don't have the house yet or we wouldn't be able to afford to do XYZ and we just did. | This sentence stood out to me. This sounds extremely irresponsible. I mean, sure one can ASK for a raise, but that doesnt mean they will always get it. And to look for a new job, well, sure, but that could also take months or not find one at all. Its not a sure thing.
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chestnut
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Tue, Aug 29 2023, 11:43 am
Will you be able to live with such stress?
Why doesn't your husband ask for a raise or finds a better paying job before buying the house, not after?
What if you still need to fix things up before moving in?
Practically speaking, do you have money to pay mortgage the first month? Second?
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watergirl
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Tue, Aug 29 2023, 11:45 am
| amother OP wrote: | I'm including things that based on my life here I know we will have. We have had our landlord pay for exterminators, had fridge issues, water damage in bathroom etc. So including that in budget.
Not including things we aren't paying for now. So far our school expenses have been uniforms for 1 child and a tehillim, obv thats going to go up a lot as we have 3 preschool aged children. |
Is 20k your current or presumed tuition expense for the four kids?
Why not meet with Mesila and get real input?
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