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Forum
-> Household Management
-> Finances
amother
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 Sun, Feb 18 2024, 7:17 pm
Did the numbers work on paper?
People are telling us it never works with a pen and paper but we should just jump into it…
I’m inclined to do so but terrified.
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amother
Mocha
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Sun, Feb 18 2024, 7:19 pm
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No they did not so we rented it out to cover mortgage until we could afford it
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amother
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Sun, Feb 18 2024, 7:21 pm
No it did not
We rent the basement out
Still not covering our expenses but we’ll get there one day
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amother
Ginger
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Sun, Feb 18 2024, 7:22 pm
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Yes the numbers worked out, doesn’t make sense to me if it won’t work out
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amother
Latte
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Sun, Feb 18 2024, 7:22 pm
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Yes it did. I don't have the nerves to jump in to something I can't afford or that I'm dependent on tenants for.
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amother
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Sun, Feb 18 2024, 7:25 pm
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No but it worked out for us bh
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amother
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Sun, Feb 18 2024, 7:25 pm
| amother Hibiscus wrote: | No it did not
We rent the basement out
Still not covering our expenses but we’ll get there one day |
So what happens? You’re in cc debt?
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amother
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Sun, Feb 18 2024, 7:25 pm
Do you know what the amount was that didn’t work on paper?
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amother
Cyan
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Sun, Feb 18 2024, 7:26 pm
| amother OP wrote: | Did the numbers work on paper?
People are telling us it never works with a pen and paper but we should just jump into it…
I’m inclined to do so but terrified. |
It didnt. Yet we didn't see a better way. We saw what the market was doing and how waiting could hurt us more. We couldn't bring ourselves to commit to more than would be on our plate then and no regrets .
It was HARD! We were broke after we bought and lived extremely tight. Necessities were a luxury. That rough patch passed about a year ago and really no regrets.
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amother
Phlox
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Sun, Feb 18 2024, 7:27 pm
The numbers worked out when we bought. I personally could never have just jumped into it without any idea how we would make it work.
3 years on and my husband switched jobs about a year ago and his income is less steady so we have easier months and harder months but so far BH Hashem always makes it work.
So... knowing that the numbers work at the time you buy doesn't necessarily mean anything. And, I have to say, if we hadn't bought when we did, we'd never have been able to buy since because the interest rates went soaring very soon after.
Make of all this what you will.
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amother
Amaryllis
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Sun, Feb 18 2024, 7:27 pm
Yes, we were getting support then & counted it.
When support stopped, salary covered it.
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amother
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Sun, Feb 18 2024, 7:28 pm
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We saved for 10 years and did almost zero renovations because we wanted it to work on paper. I'm not sure we did the right thing, I actually think we were stupid.
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amother
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Sun, Feb 18 2024, 7:29 pm
| amother Phlox wrote: | The numbers worked out when we bought. I personally could never have just jumped into it without any idea how we would make it work.
3 years on and my husband switched jobs about a year ago and his salary is less steady so we have easier months and harder months but so far BH Hashem always makes it work.
So... knowing that the numbers work at the time you buy doesn't necessarily mean anything. And, I have to say, if we hadn't bought when we did, we'd never have been able to buy since because the interest rates went soaring very soon after.
Make of all this what you will. |
Thanks for the perspective! It’s so true and we can’t lose site of that!!
And yes, we can say we’ll be able to afford it when salary goes up x amount, but even if we have a path for that, by the time we get to x salary then the house prices will have gone up and we’ll be in the same position. This is what’s propelling us to move ahead.
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amother
Hawthorn
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Sun, Feb 18 2024, 7:30 pm
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It doesn't work perfectly. So we are a bit late with some bills and sometimes tuition. But it's close so it just means slightly late payments. It needs to sort of work or it will be difficult to pay the mortgage.
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amother
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Sun, Feb 18 2024, 7:31 pm
| amother Blush wrote: | | We saved for 10 years and did almost zero renovations because we wanted it to work on paper. I'm not sure we did the right thing, I actually think we were stupid. |
If you could do it again knowing what you know now, what would you do differently?
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amother
Jetblack
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Sun, Feb 18 2024, 7:39 pm
Bh mortgage rates were low when we bought, and we had money put away for a chunk of the down payment.
Our basement rental goes towards taxes.
Keep in mind, when you own a house there are so many expenses that can come up. Our air conditioner leaked, pipe burst...you need to have rainy day money available for this.
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amother
Stonewash
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Sun, Feb 18 2024, 7:49 pm
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Nope. We just keep taking out more loans. But the numbers didn't work for renting either. Hopefully one day soon my husband will finally finish his third degree and doubly his salary.
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amother
Cinnamon
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Sun, Feb 18 2024, 7:49 pm
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Yes the numbers worked, and we walked away from a lot of deals in year prior before the numbers didn't work at that time. No regrets, I can't imagine living with that kind of stress.
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amother
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Sun, Feb 18 2024, 7:54 pm
| amother OP wrote: | | Do you know what the amount was that didn’t work on paper? |
It was mostly the downpayment. We had to borrow 50k and promised to give it back within a year. I freelance, so I was able to take on a lot more jobs to pay everyone back on time. But when we actually signed contract we were 75k short and we had no idea where we'll get the money from. Hashem helped, that's all I can say.
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amother
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Sun, Feb 18 2024, 7:56 pm
| amother OP wrote: | | If you could do it again knowing what you know now, what would you do differently? |
I would have bought earlier. I don't see that I have a better outcome than those who bought by borrowing and living super tight for a few years.
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