Re: Having kids and owning a home

you can do anything as long as you live within your means...that is the best advice i can give...

Re: Having kids and owning a home

With your salaries you guys can definitely do it and afford a nice area. Start hunting!!!

Re: Having kids and owning a home

Dh are about the same age and income and made this same decision last year. We bought a small house below our price range that we could afford with one salary if need be. I am preggers now and feel so much less pressure that we own a starter home and I have the option to stay home or work part-time if I want. Later on when I go back full time we can move to a larger home if we choose. It is totally affordable to have a house and kids in your situation. it all depends on what sacrifies you choose to make.

Re: Having kids and owning a home

We make about the same as you and have an 18 month old son. We bought our home this past summer so it can definitely be done. However, we were able to put a little over 25% down on the house and bought a fixer-upper so our mortgage isn't bad. Prices are still low, so spring would be a good time to look if you have a good down payment. Good luck on your decision!

Re: Having kids and owning a home

Thank you so much for your insight ladies!

DH and I went through and made a budget tonight- along with our savings we have, we should be able to put away at least 4,000 a month toward a home. Hopefully we'll be looking very soon!!

Re: Having kids and owning a home

no debt & almost $200k household income--sounds like it's well within your grasp. we make less than that and have student loans and we're TTC with a mortgage.

it's a balancing act tho. i'll be limited as far as how long we can stay home. we agreed not to spend over $350k on the house and stayed within the budget. we have some family help and scheduling flexibility with day care. if i can help it, i'll def BF, which is not a choice i'm making because of money, but formula is $$$.

Re: Having kids and owning a home

Very possible. We didnt own when we had Abby and had no debt. We bought just before Jeremy was born and made it work for three months with me having nothing but disability (a mere pittance) coming from me. BUT as previous posters have said, expect expenses. We just redid our roof. We are re-siding and doing a bathroom and basement as well.

Re: Having kids and owning a home

We make way less then you and own a home in a nice neighborhood and have one child. It is a small house, but we plan on adding on in a few years.
On your salaries you will have no problem owning a home. As long as you have enough for a down payment, and you buy a home in your price budget. I think a lot of people make the mistake off buying something that is way over their budgets. You don't want to live just for your house.
It is a big adjustment, and you may have to cut back on eating out, vacations, etc.. but it is worth it. IMO!

Plus it is a great time to buy!!

Message edited 12/19/2010 12:48:35 AM.

Re: Having kids and owning a home

Here is my advice. Buy the house 1st. It is much easier to get into a house and get settled financially first. Then have kids. We bought our house 1st and working the kids in was no big deal. However, my friends that had kids while renting and then tried to swing daycare, buy a house, closing cost, down payment, repairs on the new home etc. It was more difficult it seemed.
2nd piece of advice, live within your means.

Re: Having kids and owning a home

Re: Having kids and owning a home

I think its driven into our heads that no one is really financially stable/ready for kids and owning a home but believe me you are and you can def do it. good luck!!!!

Re: Having kids and owning a home

i thought for the longest time that we couldn't do it any time soon because we can't afford kids - then i thought, 'well how much money will i have to make in order to afford them?' I'm not sure there's an actual figure for that. DH and I bought a house about 4 years ago. the mortgage is higher than i hoped for, but i invested next to nothing in my house which was in prime condition when we bought. of course i wish we could save more than we do, but we aren't house poor, do put some money away each month and enjoy our lives. it took some adjusting when we first moved but we are happy with the things we have/do, and accept the things we cannot afford to do. i know we will have to cut back once we have a baby, but i'm not worried anymore about not being able to afford one. DH and I make a lot less than you with about $600 in cc debt.

Re: Having kids and owning a home