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MrsS2005
Mom of 3
Member since 11/05 13118 total posts
Name:
B
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Question re What You Can Afford
If you don't have kids, but are planning to have them, did you factor in the extra cost of having kids (food, clothing, daycare, etc) when you determined how much of a mortgage you could afford? Did it drastically reduce the amount you could afford or were willing to spend? TIA.
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Posted 3/13/07 6:25 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
Tah-wee-ZAH
Kisses
Member since 5/05 15952 total posts
Name:
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Re: Question re What You Can Afford
Yes, we factored it in as if we had kids, their approximate needs, daycare costs etc.
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| Posted 3/13/07 6:55 PM |
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MrsFlatbread
Skinny jeans are in my future
Member since 6/06 10258 total posts
Name:
Baby Momma
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Re: Question re What You Can Afford
yes we did since we knew we would be starting a family right away!
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| Posted 3/13/07 7:32 PM |
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nov04libride
big brother <3
Member since 5/05 14672 total posts
Name:
Me
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Re: Question re What You Can Afford
Yes, we are. I want to be able to take a few years off if I chose to, so we are looking at mortgages that DH's salary alone can cover. It does drastically reduce the amount of mortgage payments we could afford per month, though even with me working we would have taken into account the $2500 a month that two kids in daycare at my job would cost.
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| Posted 3/13/07 7:47 PM |
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MrsPowers
So blessed!
Member since 11/06 10348 total posts
Name:
Ivelysse
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Re: Question re What You Can Afford
We thought about it but we also aren't going to have a family right away so there is some time.
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| Posted 3/13/07 8:21 PM |
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smdl
I love Gary too..on a plate!
Member since 5/06 32461 total posts
Name:
me
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Re: Question re What You Can Afford
You need to ask yourself when the timeframe will be for children. If this is withing 1-2 years then yes, you need to anticipate that expense.
You could buy a starter home with the idea to sell it later. You would be building equity.
Or buy a home that has the potential to grow with you... basement, garage that you could convert later on to living space.
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| Posted 3/13/07 8:31 PM |
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KvsGrl
Round 2!!
Member since 1/07 1202 total posts
Name:
Samantha
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Re: Question re What You Can Afford
Not really... we have enough a cushion just in case, but we aren't planning on starting a family for awhile.
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| Posted 3/14/07 9:05 AM |
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sunnyplus3
:)
Member since 11/05 8749 total posts
Name:
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Re: Question re What You Can Afford
my Dh & I each brought a child into our marriage, so when buying we knew how much the child related expenses are. My son is in college now & my stepdaughter will be in 5 years.
Babies are expensive, but bigger kids are worse
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| Posted 3/14/07 9:18 AM |
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MarathonKnitter
HAPPY
Member since 2/07 17374 total posts
Name:
EMBRACING CHANGE
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Re: Question re What You Can Afford
Posted by smdl
You need to ask yourself when the timeframe will be for children. If this is withing 1-2 years then yes, you need to anticipate that expense.
this seems to fit with the conversation i had with my "mortgage lady". as far as the bank is concerned, they're looking at three years down the pike.
this means (i think) that if you're planning a family within the next three years... consider the costs.
if you're planning to wait more than three years... not so much
hth
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| Posted 3/14/07 9:23 AM |
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DandS
We are so blessed!!
Member since 1/07 1951 total posts
Name:
Stacey
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Re: Question re What You Can Afford
We did factor that in when we were looking for our house. We made sure we can live on DH's salary alone before we bought our house just in case I wanted to stay home with our kids.
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| Posted 3/14/07 9:30 AM |
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MrsBlueSash
Love my sailor
Member since 6/05 5793 total posts
Name:
Christian
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Re: Question re What You Can Afford
Yes, definitely. We factored in emergency scenarios too, like loss of job, when buying for a house and being able to save.
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| Posted 3/14/07 9:30 AM |
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salumunz
Chloe
Member since 1/06 1554 total posts
Name:
Patty
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Re: Question re What You Can Afford
We are looking at houses we can afford just based on DH's salary. We figure this will give us enough of a cushion for whatever happens in the next few years - in case I start working part-time, daycare, etc.
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| Posted 3/14/07 9:34 AM |
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JandJ1224
Member since 6/06 5911 total posts
Name:
Jannette
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Re: Question re What You Can Afford
Everyones DH's must be making a decent amount of money to buy something now and be able to live on 1 salary! There is no way we would be able to buy on 1 salary. We are not considering extra costs of children when figuring what we can afford. We are both fairly young and new in careers and hopefully when the time is right we will be making enough to cover any extra expenses and I plan on working from home.
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| Posted 3/14/07 10:30 AM |
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PotofLuck06
Our Baby Boy Is Here!!!
Member since 11/06 13241 total posts
Name:
Betsy
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Re: Question re What You Can Afford
We didn't factor in the children b/c we don't know when that will happen for us. Yes, it would be tight now if we did, but honestly, salaries go up each year, but the mortgage always stays the same, so at some point, we'll come above water and be okay.
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| Posted 3/14/07 10:46 AM |
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ali120206
2 Boys
Member since 7/06 17795 total posts
Name:
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Re: Question re What You Can Afford
Posted by PotofLuck06
We didn't factor in the children b/c we don't know when that will happen for us. Yes, it would be tight now if we did, but honestly, salaries go up each year, but the mortgage always stays the same, so at some point, we'll come above water and be okay.
This is how we did it as well!
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| Posted 3/14/07 10:47 AM |
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BlueDiamonds
mommy to 3 boys
Member since 2/07 3885 total posts
Name:
proud mommy
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Re: Question re What You Can Afford
Posted by JandJ1224
Everyones DH's must be making a decent amount of money to buy something now and be able to live on 1 salary! There is no way we would be able to buy on 1 salary. We are not considering extra costs of children when figuring what we can afford. We are both fairly young and new in careers and hopefully when the time is right we will be making enough to cover any extra expenses and I plan on working from home.
I was thinking the same thing. I make a little more than DH but only about $10K. So for us to live on one salary would never work. We've already discussed what to do about kids and our parents plan to help us out so I can go back to work. But we won't start trying right away, plus we plan on having $ in the bank after we close on the house. It all works out.
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| Posted 3/14/07 12:44 PM |
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Joanna
LIF Infant
Member since 3/07 99 total posts
Name:
Joanna
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Re: Question re What You Can Afford
Posted by BlueDiamonds
Posted by JandJ1224
Everyones DH's must be making a decent amount of money to buy something now and be able to live on 1 salary! There is no way we would be able to buy on 1 salary. We are not considering extra costs of children when figuring what we can afford. We are both fairly young and new in careers and hopefully when the time is right we will be making enough to cover any extra expenses and I plan on working from home.
I was thinking the same thing. I make a little more than DH but only about $10K. So for us to live on one salary would never work. We've already discussed what to do about kids and our parents plan to help us out so I can go back to work. But we won't start trying right away, plus we plan on having $ in the bank after we close on the house. It all works out.
I'm amazed that others can afford the costs on only one salary, it was refreshing to know that there are others who are struggling. I make a little more than DH, but we're both social workers, so lets face it, our salaries will never be over $100K. Wiith a down payment we'll be down to zero in the bank and need both of our incomes to survive. I don't think we shouldn't be buying or thinking about children. Our salaries will hopefully increase, our families will help, we'll find daycare, we'll pick up private therapy patients - I hate the thought that we're denied the "American Dream" for chosing service professions. (sorry if I sound bitter)
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| Posted 3/14/07 2:23 PM |
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LIMOMx2
...
Member since 5/05 24989 total posts
Name:
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Re: Question re What You Can Afford
nope. He doesn't cost that much right now
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| Posted 3/14/07 2:25 PM |
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SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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Re: Question re What You Can Afford
Posted by Joanna
Posted by BlueDiamonds
Posted by JandJ1224
Everyones DH's must be making a decent amount of money to buy something now and be able to live on 1 salary! There is no way we would be able to buy on 1 salary. We are not considering extra costs of children when figuring what we can afford. We are both fairly young and new in careers and hopefully when the time is right we will be making enough to cover any extra expenses and I plan on working from home.
I was thinking the same thing. I make a little more than DH but only about $10K. So for us to live on one salary would never work. We've already discussed what to do about kids and our parents plan to help us out so I can go back to work. But we won't start trying right away, plus we plan on having $ in the bank after we close on the house. It all works out.
I'm amazed that others can afford the costs on only one salary, it was refreshing to know that there are others who are struggling. I make a little more than DH, but we're both social workers, so lets face it, our salaries will never be over $100K. Wiith a down payment we'll be down to zero in the bank and need both of our incomes to survive. I don't think we shouldn't be buying or thinking about children. Our salaries will hopefully increase, our families will help, we'll find daycare, we'll pick up private therapy patients - I hate the thought that we're denied the "American Dream" for chosing service professions. (sorry if I sound bitter)
I'm with you too, there is no way we could afford to buy a house on just one of our salaries, we both need to contribute to make it work.
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| Posted 3/14/07 2:26 PM |
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JennCo
My greatest joy is my baby boy
Member since 1/07 2772 total posts
Name:
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Re: Question re What You Can Afford
We didn't, but we aren't planning on starting a family for a couple of years, so we have some time.
If I was planning on having kids right away, then yes, we def would have.
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| Posted 3/14/07 2:58 PM |
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MrsNaunie
Kai helps my father dump out.
Member since 9/06 1181 total posts
Name:
Lauren
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Re: Question re What You Can Afford
No, we didn't. We are buying based on what we can afford now. We may try for kids in about a year, but at that point, DH will be making a higher salary anyway.
But we don't want to continue paying rent, so buying low is what made sense for us.
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| Posted 3/14/07 3:10 PM |
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mskimmy98
My twins are one!!!
Member since 5/05 2540 total posts
Name:
Kimberly
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Re: Question re What You Can Afford
Nope we didn't factor that in.. but we decided to wait for a little while after we bought the house.. by the time we get on the ball and by the time the kid comes I am sure with raises and everything we would be fine... We have extra monthly money now so I am sure we would be more than fine... but we didn't have any exact budget for kids.
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| Posted 3/14/07 3:11 PM |
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nov04libride
big brother <3
Member since 5/05 14672 total posts
Name:
Me
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Re: Question re What You Can Afford
Posted by Joanna
Posted by BlueDiamonds
Posted by JandJ1224
Everyones DH's must be making a decent amount of money to buy something now and be able to live on 1 salary! There is no way we would be able to buy on 1 salary. We are not considering extra costs of children when figuring what we can afford. We are both fairly young and new in careers and hopefully when the time is right we will be making enough to cover any extra expenses and I plan on working from home.
I was thinking the same thing. I make a little more than DH but only about $10K. So for us to live on one salary would never work. We've already discussed what to do about kids and our parents plan to help us out so I can go back to work. But we won't start trying right away, plus we plan on having $ in the bank after we close on the house. It all works out.
I'm amazed that others can afford the costs on only one salary, it was refreshing to know that there are others who are struggling. I make a little more than DH, but we're both social workers, so lets face it, our salaries will never be over $100K. Wiith a down payment we'll be down to zero in the bank and need both of our incomes to survive. I don't think we shouldn't be buying or thinking about children. Our salaries will hopefully increase, our families will help, we'll find daycare, we'll pick up private therapy patients - I hate the thought that we're denied the "American Dream" for chosing service professions. (sorry if I sound bitter)
For us, we are not looking at expensive houses. I'm talking $350,000 or less (and yes, we are finding 3 bedrooms in decent areas for that) and we saved for years to be able to put down well over the 20% so that the payments and taxes are doable on DH's salary. We won't be rich, but it is doable. I'm a state worker, and make good money but not great, so if we had two kids and had to pay $3000 a month for daycare it almost wouldn't make sense for me to work with how little I would be bringing home after daycare costs. I understand not worrying about it if your parents will mind your kids free of charge, but I think everyone should think about it so it isn't a shock when the time comes. I've been researching daycare for years, and I don't even want to TTC for another couple years.
Message edited 3/14/2007 3:23:47 PM.
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| Posted 3/14/07 3:23 PM |
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Eleanor
LIF Adult
Member since 2/06 2223 total posts
Name:
Ellie
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Re: Question re What You Can Afford
We factored in living on one salary. Now, does that mean that we go on lavish vacations and buy expensive things on one salary? No, but if there was ever an emergency - we COULD live on one salary when we cut out luxuries.
When I had DS I ended up consulting - so I really feel like I got the best of both worlds.
Posted by PotofLuck06
We didn't factor in the children b/c we don't know when that will happen for us. Yes, it would be tight now if we did, but honestly, salaries go up each year, but the mortgage always stays the same, so at some point, we'll come above water and be okay.
although taxes and insurance almost always go up!
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| Posted 3/14/07 5:29 PM |
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MrsPowers
So blessed!
Member since 11/06 10348 total posts
Name:
Ivelysse
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Re: Question re What You Can Afford
Posted by JandJ1224
Everyones DH's must be making a decent amount of money to buy something now and be able to live on 1 salary! There is no way we would be able to buy on 1 salary. We are not considering extra costs of children when figuring what we can afford. We are both fairly young and new in careers and hopefully when the time is right we will be making enough to cover any extra expenses and I plan on working from home.
I was thinking the exact same thing. To be honest, I know that when we have a child, I will not be able to take a lot of time off probably just 6 or 8 weeks depending. I make more than DH and we need my salary in order to afford our house. Therefore, we cannot live on just one salary.
We did think somewhat about costs of having a child but I do think everyone's situation is different. For example, for me, I am a teacher and DH works 12 hour shifts so I know we won't have to pay for childcard for 5 days a week.
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| Posted 3/14/07 6:14 PM |
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