So many pple r building extensions/ knocking down how is eve

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Forum -> Household Management -> Finances

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amother

Thu, Jul 18 2024, 6:08 pm

Live in suburban area. Almost every couple of blocks , there is house being renovated or complete or partial knockdown and building huge homes on small lots . the past 2 yrs. I have noticed a huge uptick. I'm curious how ppl are affording this with yeshiva tuition bills. We live in a smaller home and have saved a lot for retirement BH. That is our choice, but really wondering. Plz no attacks , just wondering how so many pple can afford this when everything is sooo expensive.

amother

Offwhite

Thu, Jul 18 2024, 6:11 pm

Credit card debt

amother

Wheat

Thu, Jul 18 2024, 6:12 pm

I live in Boro Park high avenues-high streets and wonder the same thing.

amother

Seagreen

Thu, Jul 18 2024, 6:15 pm

I built a home when my husband was in school and I was a sahm. My family paid for it in full. We do not have a mortgage. We pay full tuition bh. People who have nice homes around me have family money or good job/business. Yes everything got very expensive lately. People also take out loans and pay it back slowly.

amother

White

Thu, Jul 18 2024, 6:17 pm

Some people have money just saying... I know hard to comprehend

amother

Natural

Thu, Jul 18 2024, 6:17 pm

A lot of people have a lot of money. Even people who don’t look like they do.

amother

DarkCyan

Thu, Jul 18 2024, 6:17 pm

amother Offwhite wrote:

Credit card debt

Highly doubtful people are doing 100k+ extensions on their credit cards.

hodeez

Thu, Jul 18 2024, 6:18 pm

Same thoughts here!

agreer

Thu, Jul 18 2024, 6:18 pm

There are still many people who are extremely rich. They can afford it.

mha3484

Thu, Jul 18 2024, 6:18 pm

I live in an area where the houses don't really accommodate more then 4 kids 2 per room. 6 if you want to really squish and do 3 per room. A lot of people add on two extra beds/baths and take that into their can I afford this calculation.

amother

Waterlily

Thu, Jul 18 2024, 6:20 pm

People re-mortgage their homes to pay for renovations.

amother

Dill

Thu, Jul 18 2024, 6:25 pm

People always ask “how do they afford”
The answer is they make enough money to afford it, or their parents are gifting it to them, or they are borrowing or begging.

Many many people have jobs like healthcare, Amazon, real estate syndications, brokers, nursing homes, and businesses and make 500k +

(We don’t, and we aren’t renovating.)

amother

Lightblue

Thu, Jul 18 2024, 6:36 pm

amother Seagreen wrote:

Thanks for your honesty!

amother

Bone

Thu, Jul 18 2024, 6:45 pm

I feel the same way op ! Dh keeps telling me its all from Hashem ..

amother

Ultramarine

Thu, Jul 18 2024, 7:43 pm

amother DarkCyan wrote:

Highly doubtful people are doing 100k+ extensions on their credit cards.

Lol 100k. Finishing a ready basement costs that today.
Small additions these days are $$$$. Everything has gone up like mad. Construction is almost double 5 years ago.

amother

Violet

Thu, Jul 18 2024, 7:46 pm

Some ppl have money from Amazon, healthcare, real estate.. other take out loans and remortgage their house, others borrow an insane amount of money from a bunch of different people and some have family that pays. One of my neighbors are doing renovations the person paying for it wants to keep him in the yeshiva he works at so he’s making the house more comfortable for my neighbor.

amother

Lotus

Thu, Jul 18 2024, 7:49 pm

amother OP wrote:

Sounds like me in Baltimore.

amother

Heather

Thu, Jul 18 2024, 7:59 pm

2 things that I think might attribute to this.
The market is so crazy with hundred rates so high that he someone considered moving to a bigger place it might be more worth to fix up theirs.
Also houses went up so much in the last few years. It's very easy to get a loan against your house. Since I bought my house 3 years ago it doubled in value. You obviously have to be able to pay it back but it does give homeowners access to cash

amother

Silver

Thu, Jul 18 2024, 8:01 pm

Lots of people build up debt. Some have family pay their tuition or for their extensions.
It is a hard time in general for financing so it’s a very legitimate question

amother

Pear

Thu, Jul 18 2024, 8:11 pm

amother DarkCyan wrote:

Highly doubtful people are doing 100k+ extensions on their credit cards.

We did a 200k extension and we still owe a good chunk of that. Half of it is too my father in law who doesn't need it back really. We hope to one day, and if it's too late then it'll be on his will most likely.
The rest is to gemachim and interest free credit cards. BH we can pay them off monthly.

We still pay full tuition. It's not always easy but this is our priority and we took a risk. Happy that we did it before marrying off kids though.
We had a very small house before. Space isn't a luxury with older kids.

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