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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
We bought a fixer upper so it was cheaper for us. We fix the house with the tax returns we get so no...we don't get all our projects done right away.
DH works in the City and makes enough money to make it on his own income vs. working on LI. In case of losing my job, that would only be temporarily but we are saving now with both our income just in case of hardship.
The key is to save to make a good down payment, being realistic about what you can afford and stick to a budget.
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Posted 3/14/07 6:21 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
charon54
My two boys!
Member since 5/05 7279 total posts
Name:
Rebecca
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Re: Question re What You Can Afford
No, but if you are considering being a SAHM or if you are planning on having kids right away, you need to.
We knew we wouldn't be trying for a few years when we bought and did not plan on me being a SAHM, so we did not. Our salaries now are so much more than when we bought 3 years ago, that now we are in a different position.
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| Posted 3/14/07 6:33 PM |
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LuckySV
LIF Adult
Member since 10/05 4675 total posts
Name:
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Re: Question re What You Can Afford
We didn't b/c we weren't having kids right away. I also have no intention of being a SAHM, however, I do plan on working only P/T. We're very fortunate that my mom has already said she'll cut back to P/T and provide daycare for us. We also have been saving in a seperate account since we got married so that I can take an extended ML and we have an account for emergencies. It's just important to be as prepared as possible.
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| Posted 3/14/07 7:25 PM |
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2girlsforme
LIF Adult
Member since 8/06 3071 total posts
Name:
XXXXXXXXX
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Re: Question re What You Can Afford
We did, but when we bought, I was 30 and actively trying to conceive.
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| Posted 3/14/07 7:50 PM |
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MrsS2005
Mom of 3
Member since 11/05 13118 total posts
Name:
B
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Re: Question re What You Can Afford
I'm definitely surprised so many people only bought based on 1 salary. I think it's a really smart decision if you can manage it. I guess we if we really made sacrifices we could live on one salary and own a house, but I don't have any plans to stop working.
It recently hit me that we may not be able to afford what I thought we could afford b/c of the cost of children. When figuring out what you can afford, what do you think is a reasonable amount to set aside for the cost of children (including daycare)?
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| Posted 3/14/07 8:02 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
Posted by MrsPowers
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.
we bought our house knowing that when I am pregnant, I can take as much time off and DH can pay the bills. This was definately a factor in the price of the house we were looking to buy.
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| Posted 3/14/07 8:30 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 MrsS2005
I'm definitely surprised so many people only bought based on 1 salary. I think it's a really smart decision if you can manage it. I guess we if we really made sacrifices we could live on one salary and own a house, but I don't have any plans to stop working.
It recently hit me that we may not be able to afford what I thought we could afford b/c of the cost of children. When figuring out what you can afford, what do you think is a reasonable amount to set aside for the cost of children (including daycare)?
Daycare where I work is $1300 a month...So for two kids that is $2600. It's a really good daycare though, and that is something I wouldn't cut corners with.   I am figuring maybe $2-300 more a month on formula and necessities. The biggest chunk will definitely be daycare. I am thinking probably $3000 for two kids, $1500 a month for 1 baby.
Message edited 3/14/2007 9:20:25 PM.
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| Posted 3/14/07 9:19 PM |
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LulaBell
:)
Member since 1/06 3508 total posts
Name:
J
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Re: Question re What You Can Afford
Posted by nov04libride
Posted by MrsS2005
I'm definitely surprised so many people only bought based on 1 salary. I think it's a really smart decision if you can manage it. I guess we if we really made sacrifices we could live on one salary and own a house, but I don't have any plans to stop working.
It recently hit me that we may not be able to afford what I thought we could afford b/c of the cost of children. When figuring out what you can afford, what do you think is a reasonable amount to set aside for the cost of children (including daycare)?
Daycare where I work is $1300 a month...So for two kids that is $2600. It's a really good daycare though, and that is something I wouldn't cut corners with. I am figuring maybe $2-300 more a month on formula and necessities. The biggest chunk will definitely be daycare. I am thinking probably $3000 for two kids, $1500 a month for 1 baby.
Oh my goodness! It's almost not worth it to work if that is the cost!
To answer the original question, we didn't really consider childcare costs when purchasing our home. We don't plan to have children for a few years, and in that time I hope to be able to live on one salary for a while. We bought a reasonable home, and our salaries will increase more rapidly than our taxes/home expenses will, so hopefully when the time comes we will be fine. However, we aren't counting on family members to watch our children, so eventually daycare will be a necessity unless something changes.
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| Posted 3/14/07 10:23 PM |
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bikramaddict
mommy-to-be
Member since 8/06 4376 total posts
Name:
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Re: Question re What You Can Afford
Not really....we don't want to start a family for another 4 or 5 years and by then we'll probably sell this house.
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| Posted 3/14/07 10:32 PM |
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