| Posted By |
Message |
| Pages: 1 2 [3] |
VickiC
Rocking the party
Member since 5/05 4937 total posts
Name:
Vicki
|
Re: Being housepoor?
Congrats Kelly!!
I used to freelance, and you'd be surprised what you can write off as a business expense.
Best of luck in your new home! 
Ditto this. If you freelance you can write off a room in your house as your office, plus computer and phone expenses, paper, stamps. . .a whole slew of stuff. My husband is a musician so our accountant basically writes off everything including new equipment we buy for him.
Message edited 11/3/2006 8:30:51 AM.
|
Posted 11/3/06 8:30 AM  |
| |
|
Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
Bxgell2
Perfection
Member since 5/05 16438 total posts
Name:
Beth
|
Re: Being housepoor?
Posted by VickiC
Congrats Kelly!!
I used to freelance, and you'd be surprised what you can write off as a business expense.
Best of luck in your new home!
Ditto this. If you freelance you can write off a room in your house as your office, plus computer and phone expenses, paper, stamps. . .a whole slew of stuff. My husband is a musician so our accountant basically writes off everything including new equipment we buy for him.
It's true. DH owns his own business and he literally writes off EVERYTHING at tax time. We even purchased our brand new car using the tax deduction, and basically saved $10k. Go hire yourself a good accountant! 
|
| Posted 11/3/06 8:33 AM |
| |
|
Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
|
Re: Being housepoor?
Posted by Diana1215
Congrats!!!
When we bought our house we weren't poor because I was working making well over 125K a year. Now that I quit that job - it is def. harder and I find that we are living more paycheck to paycheck. I personally think it's worth it. Instead of paying someone else's rent that money can be going to your own mortgage.
And this is how I look at it - I don't think anyone ever has ENOUGH money to buy a house, have kids, you always want to have more money - but you do the best with what you've got!! If it were up to me we'd have about 30K more in the bank before having a little baby - but that's not the case - so whatever will be will be! 
Can't wait to see pics!
I couldn't agree more. Almost everyone I know that has bought a house wishes they had more money and they never thought they could pull it off. We were the same and it worked out.
|
| Posted 11/3/06 10:00 AM |
| |
|
ODonnell
.
Member since 9/05 5983 total posts
Name:
|
Re: Being housepoor?
Congrats! I don't think you'll be housepoor - you will be houseRICH and pursepoor, but it's so worth it. Don't forget the write-off it will be on your taxes too.
|
| Posted 11/3/06 10:19 AM |
| |
|
pugmama
April already?
Member since 3/06 5297 total posts
Name:
Erica
|
Re: Being housepoor?
I am sure everything will work out. I am sure it doesnt matter how much money you have, buying a house is scary. Ours is our money pit so that makes us house poor but somehow we manage.
|
| Posted 11/3/06 10:37 AM |
| |
|
mommy2bella
Where does time go?
Member since 12/05 9747 total posts
Name:
Kelly
|
Re: Being housepoor?
Thanks everyone. We got our mortgage # and it really isn't as bad as I thought, actually a few hundred less a month than I was anticipating...
I agree with the house poor being a fine line and this is why DH and I haven't taken this plunge sooner.
But between his excitement of living in his first ever home (his mom struggled his whole childhood as a single mom and they rented) and my salary being potentially as high as it can be if I work the whole year, I think we can do it comfortably)...
We were going to go out a lot less saving for a home, now we actually do it IN our new home!
|
| Posted 11/3/06 1:47 PM |
| |
|
Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
|
Re: Being housepoor?
you going to be fine! I am so excited for you!
where is the house? are you leaving long beach?
|
| Posted 11/3/06 1:50 PM |
| |
|
mommy2bella
Where does time go?
Member since 12/05 9747 total posts
Name:
Kelly
|
Re: Being housepoor?
Posted by Beth1210
you going to be fine! I am so excited for you!
where is the house? are you leaving long beach?
yes, we are leaving Long Beach...honestly I am glad. After 6 years of the parking and commute, I have had it! DH will miss the beach. We went back and forth for 2 years on where to live. He wanted LB or Oceanside, I wanted Lynbrook, Merrick, or something like that. This was our compromise.
We are moving to East Rockaway. and the lot is 60X175! You can put 4 West End houses there! The High school is really small, but OK. I told DH we would evaluate in 10 years or so cuz I want Bella in a good high school 
God, that sounds soooo grown-up.
|
| Posted 11/3/06 1:55 PM |
| |
|
Michelle
My Little Yankee Fans
Member since 1/06 4018 total posts
Name:
|
Re: Being housepoor?
Congrats on the accepted offer, a new home is so exciting and nerveracking.
As a CPA, I find that wiring off business expenses is a good thing, but writing off part of a house that you own for your office is not the best idea. When you sell you are supposed to write off that portion of the sale as a capital gain, where as the home would normally be sold tax free under sale of home, if you met the exemption. Once you use a portion of that home for business and take deductions for it you are required to use that same portion when you sell and allocate the selling price to you business.
Also remember that you can adjust your take home pay now that you will itemize instead of taking the standard deduction, so you will have more a month to play with.
|
| Posted 11/3/06 2:08 PM |
| |
|
ARIELSMOM
Love my Babes
Member since 8/05 5889 total posts
Name:
MEREDITH
|
Re: Being housepoor?
I would do it too.
you can always get another job, but you might not be able to get such a great house.
Good luck with your decision.
|
| Posted 11/3/06 2:09 PM |
| |
|
Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
|
Re: Being housepoor?
We are moving to East Rockaway. and the lot is 60X175! You can put 4 West End houses there! The High school is really small, but OK. I told DH we would evaluate in 10 years or so cuz I want Bella in a good high school
God, that sounds soooo grown-up.
nice! no more fighting for parking- and that's a huge peice of land!!!!
congrats! don't worry about HS yet- and you do sound very grown up!
|
| Posted 11/3/06 2:09 PM |
| |
|
Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
|
Re: Being housepoor?
So happy for you!!!! It sounds wonderful!
|
| Posted 11/3/06 2:15 PM |
| |
|
Tumbalina
Better than the news!
Member since 2/06 2840 total posts
Name:
Angela
|
Re: Being housepoor?
I would never want to be housepoor. If you and your DH can do it comfortable with no help from family, go for it! I know so many people whose parents help them with money, otherwise they wouldn't be able to own squat.
Anyway Congrats on your new home!!!  It will all work out.
|
| Posted 11/3/06 5:21 PM |
| |
|
SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
|
Re: Being housepoor?
congrats!
Message edited 11/3/2006 5:29:17 PM.
|
| Posted 11/3/06 5:26 PM |
| |
|
mommy2bella
Where does time go?
Member since 12/05 9747 total posts
Name:
Kelly
|
Re: Being housepoor?
Posted by Tumbalina
I know so many people whose parents help them with money, otherwise they wouldn't be able to own squat.
Oh, I know. I have never had that kind of life. I paid for most of college, worked two jobs for spending money, bought ALL of my own cars, and DH and I paid for our wedding (My pops did kick in a little $$ there)
I am a better person for it...and now I will own my own home
|
| Posted 11/3/06 7:15 PM |
| |
|
|
|
Re: Being housepoor?
I love East Rockaway. I student taught at the middle school/high school ten years ago. It's a small school, which has definite advantages- all the teachers knew all the kids, and the teachers worked very hard.
|
| Posted 11/3/06 7:29 PM |
| |
|
MrsPorkChop
Twinning!!
Member since 5/05 9941 total posts
Name:
Missy
|
Re: Being housepoor?
its worth it.
i have my days when i miss my $400 rent and the ability to buy whatever i wanted, but you just make it work.
you just do.
cant explain it.
and the feeling of owning your own place...coming home to your house...that feeling is hard to beat
ETA TOTALLY DIDNT READ UP
CONGRATULATIONS!!!!! MANY HAPPY WISHES AND GOOD LUCK IN THE NEW HOME
Message edited 11/3/2006 7:40:23 PM.
|
| Posted 11/3/06 7:38 PM |
| |
|
| Pages: 1 2 [3] |
