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Hi All
My husband and I are closing on a house this week. We bought a very frugal house 133k that had everything that we felt we "needed" (safe neighborhood, good school district, at least 2 bedrooms, could be older but didnt need a complete overhaul...we can paint and put down floors but major construction is way beyond us). We garden and grow alot of our own vegetables and have a dog, so our one "want" was at least a quarter acre yard. ( Alot of the houses here have postage stamp size yards).
While I am very happy with our choice, the cheap part of me really wishes we had found something cheaper. We are a 2 income family and make enough on one income to pay the mortgage, but I guess I am really cheap!!
Just wondering how other people feel about their houses and if you would have done anything differently..spend more or less..or gotten a bigger or smaller house?
I would not have spent any more or less, or go bigger or smaller, as this house is perfect for us.
I hesitate to say the price, because housing varies soooo much around the country.
But since you asked... $87,000 for 1/3 acre, 2400 sq ft, four bedrooms, 3.5 bathrooms.
Paid $775K for a 8000 sqft lot, 3200 sqft SFR home 5+5, 3 car garage, for 2 adults and 4 kids.
Very happy as the schools are outstanding and a five minute walk, we live at the end of a cul de sac on a flat street, we' close to shopping and the freeways, close to my job, close enough to the beach that we only need AC a week or two a year, and there are probably 50 kids in our neighborhood. Since we bought in August of 2010, the market value has risen over 15% (next door neighbor home sold over the summer for $920K).
We thought we were responsible, buying a house that cost almost exactly one year of combined household income when we could've easily been approved for 3x that much. Then we both got laid off... and now it's expensive. So even if you do things right, you never know when life will bit you in the ass.
We are a 2 income family and make enough on one income to pay the mortgage...
That sounds reasonable and responsible but I suspect this inquiry is really about what else
you are doing (or not doing) with your other money.
Frugality, choosing to have the lower priced <whatever>, is supposed to be about having
enough in surplus to afford something more or better or different in another area of your life.
Things like travel or the kids education in addition to funding the savings and investments...
Choosing to have the low priced in everything is (too often) just being cheap.
My hubby and I did basically exactly what you did. Bought a house we could afford on one salary, even though we both work. $135k about 10 years ago. Then he lost his job, with no unemployment for a full year. So very glad I didn't buy more. Also glad I didn't buy less, as I wouldn't have been as happy with the house. As it is, what I have is exactly what I want.
We paid 155K for a 1300 square foot lot on a 12000 square foot lot. My husband got talked into buying it from his sister, and despite the "good deal" she swore she was giving him, she overpriced it by almost 20K.
Hi All
My husband and I are closing on a house this week. We bought a very frugal house 133k that had everything that we felt we "needed" (safe neighborhood, good school district, at least 2 bedrooms, could be older but didnt need a complete overhaul...we can paint and put down floors but major construction is way beyond us). We garden and grow alot of our own vegetables and have a dog, so our one "want" was at least a quarter acre yard. ( Alot of the houses here have postage stamp size yards).
While I am very happy with our choice, the cheap part of me really wishes we had found something cheaper. We are a 2 income family and make enough on one income to pay the mortgage, but I guess I am really cheap!!
Just wondering how other people feel about their houses and if you would have done anything differently..spend more or less..or gotten a bigger or smaller house?
My wife and I did the same thing. Yes, it would have been nice to live in a nice big house but with no kids, an 1800 sq ft house is enough for us. We don't live in a rich neighborhood but a good, safe neighborhood that I don't worry much about crime. We bought for $200K. I wish it was cheaper. My cousin bought his house in N. Carolina for under $100K. I envy those who can buy a house around $100K.
I guess it really depends on what area of the country you live in. In the CHicagoland area even in a somewhat downtrodden area but in a good school district and safe area I paid 96k. i actually wish I woulda bought something a bit more expensive, just get rid of some of the rif raf, my neighborhood has a lot of section 8. I dont feel unsafe but property crime, people loidering, some drug activity etc kind of comes with the neighborhood. As they say you can change almost anything about a property but lot size and location.
aside from that though i like the size of my house about 1200 sq feet. i had two roomates, friends of mine living with me who were paying my mortgage for like 3 years so i could have afforded more house. oh well though im happy. im now renting out the place for $400 more than my mortgae and renting my parents house for two years while they temp move out of state so all worked out
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