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Forum
-> Household Management
-> Finances
amother
OP
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Mon, Apr 08 2024, 3:24 pm
Should we buy a house and have $0 left over or keep renting and have tons of money to save and spend
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groovy1224
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Mon, Apr 08 2024, 3:25 pm
Keep renting and saving until you can buy and have a little more than $0 left
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amother
Opal
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Mon, Apr 08 2024, 3:31 pm
Do you have family to fall back on in case of an emergency?
That would be my deciding factor.
I would at least make sure to have some money in savings in case of chas v'shalom a medical emergency or a job loss.
Yet, owning a house is one of the biggest financial investments you can make. So it's a hard decision.
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amother
OP
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Mon, Apr 08 2024, 3:37 pm
amother Opal wrote: | Do you have family to fall back on in case of an emergency?
That would be my deciding factor.
I would at least make sure to have some money in savings in case of chas v'shalom a medical emergency or a job loss.
Yet, owning a house is one of the biggest financial investments you can make. So it's a hard decision. |
Do ppl have money left over in savings after buying a house?!!
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stillnewlywed
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Mon, Apr 08 2024, 4:18 pm
What do you mean by tons of money to save and spend? Only save, don't spend. And then you'll be able to buy a house in a year without going down to zero. Of course you need a nice emergency fund leftover after down payment, closing costs, movers and any repairs/painting needed prior to move in.
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amother
Daphne
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Mon, Apr 08 2024, 4:28 pm
Jump in if you can and won't drowned! Do you have any family that can help you a bit? It is hard!!!
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amother
Oleander
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Mon, Apr 08 2024, 4:32 pm
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amother
Quince
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Mon, Apr 08 2024, 4:43 pm
amother OP wrote: | Do ppl have money left over in savings after buying a house?!! |
Some do. You say you have tons of money to spend and save, so why would you spend tons vs saving and be able to comfortably buy a house?
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lamplighter
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Mon, Apr 08 2024, 4:50 pm
I don't understand the choices. Shouldn't it be buy now or save more and buy later?
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amother
Moccasin
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Mon, Apr 08 2024, 7:25 pm
We bought and owed 4k to a friend bc the closing costs ended up being higher last minute. The house was in a remodeled condition so we didn't worry about roof and boiler. It was tough nit to have any money on the side, but was worth paying towards house and not rent. Slowly, we were able to put a small amount for the emergency fund. Bh, we both were working and that helped to pay the bills. We didn't have any family to borrow the money from so basically, we took a chance.
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amother
Hydrangea
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Mon, Apr 08 2024, 7:27 pm
Do you have an option of buying something smaller, so cheaper and then you are left with some $?
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amother
Aster
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Mon, Apr 08 2024, 7:36 pm
amother OP wrote: | Do ppl have money left over in savings after buying a house?!! |
Some do. We bought a house and when all was said and done still had about $250k in savings. Saved as much as we could for a few years while living in a cheap old apt.
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amother
Plum
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Mon, Apr 08 2024, 7:46 pm
Many many people buy with nothing left or even with some dept. The question is will your income barely cover your expenses with the new house or will there be room to start saving soon after? It's scary to stay with zero but if you know you have sufficient income to start fresh I would go for the house. It's rarely a good idea to postpone buying a house.
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amother
Oatmeal
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Mon, Apr 08 2024, 8:14 pm
amother OP wrote: | Do ppl have money left over in savings after buying a house?!! |
Yes.
Took me many years to save up a down-payment. Slowly but surely.
I don't count my emergency fund as part of the down payment.
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amother
Blushpink
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Mon, Apr 08 2024, 9:46 pm
Please buy something you can afford and not be house poor. Buying a home makes so much more sense long term but be smart and responsible about your purchase
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amother
Lightyellow
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Mon, Apr 08 2024, 9:56 pm
Depends where ur looking to buy. Anywhere in the tristate area if you find a good deal grab it and b house poor for a few yrs. Prices keep going up and many times our salaries don’t jump along with the housing prices.
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amother
Indigo
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Mon, Apr 08 2024, 11:00 pm
Why does it have to be all or nothing? Buy a cheaper house and also have money left over for emergencies. We bought smaller, older and cheaper so we could still have savings and now we are selling for more than double bh
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Lovable
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Tue, Apr 09 2024, 12:07 am
Rent until you can buy a house you can afford to live in.
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familyfirst
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Tue, Apr 09 2024, 12:58 am
Buy. Home prices go up.
When you’re family is young it is easier to scrimp and save
If you can buy now, do so. But buy responsibly
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