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Old 06-26-2009, 05:46 AM
 
304 posts, read 781,992 times
Reputation: 163

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How do you all feel about buying a house way below your means?

The reason I ask this question is when my hubby & I bought our current home 7 years ago, a well respected business manager in town called me out on "stealing" a house someone less fortunate than I could have had, while the surplus houses in our price range weren't selling...BTW we paid $45,000 more for this house than what we sold our last home for (different town) - so we didn't feel like we were stealing anythingdidn't even cross my mind.

We are talking about moving to a less expensive area, and are convinced we can find something 1/4 to 1/2 of what we purchased this house for like a small rental house property - nothing fancy, but has to have good "bones." Is it wrong to do this? We know what we can afford and frankly - I don't want to show off or keep up a house like that.

What are your thoughts?
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Old 06-26-2009, 05:49 AM
 
Location: southwestern PA
20,426 posts, read 35,696,560 times
Reputation: 38829
I think you can buy whatever you want!

Why do you feel badly about this - seven years later?
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Old 06-26-2009, 06:13 AM
 
304 posts, read 781,992 times
Reputation: 163
Quote:
Originally Posted by Pitt Chick View Post
I think you can buy whatever you want!

Why do you feel badly about this - seven years later?

I agree, and I don't feel badly about our purchase...like I said, it never crossed my mind that we would be perceived as "stealing." But I also see the point he was trying to make and talking about moving has brought this idea forward again.
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Old 06-26-2009, 07:58 AM
 
Location: Southwest Missouri
1,921 posts, read 5,551,912 times
Reputation: 910
Quote:
Originally Posted by Darrow View Post
The reason I ask this question is when my hubby & I bought our current home 7 years ago, a well respected business manager in town called me out on "stealing" a house someone less fortunate than I could have had, while the surplus houses in our price range weren't selling...
And this guy is a well-respected business manager??? Sounds more like a hypocrit to me, unless he passes up the best deals for his business so that other, less fortunate businesses can snag them and prosper.

His case makes absolutely no sense to me. You didn't buy the only house in town and you didn't "cheat" anyone else out of anything. You simply bought a house that met your needs at a price point that made sense for you. Happens every single day.
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Old 06-26-2009, 02:37 PM
 
3,553 posts, read 6,784,827 times
Reputation: 2304
There are lots of "well respected business managers", "finance professors" and waaaaaaay lots of "bankers" who are living way too far above their means.

We always lived (house and car wise) waaaay below our means. The last (literally) mortgage that we ever took out was for a house that cost $125,000, our gross income from salaries was about $120,000/year at the time and we had another $40,000/year in outside income. The mortgage guy told us we should be buying a "much more upscale" house. We told him to pound sand.

Buy the house you like in the neighborhood you like.

golfgod
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Old 06-26-2009, 04:43 PM
 
Location: Eastern Washington
13,388 posts, read 42,701,155 times
Reputation: 11465
Quote:
Originally Posted by Darrow View Post
How do you all feel about buying a house way below your means?

The reason I ask this question is when my hubby & I bought our current home 7 years ago, a well respected business manager in town called me out on "stealing" a house someone less fortunate than I could have had, while the surplus houses in our price range weren't selling...BTW we paid $45,000 more for this house than what we sold our last home for (different town) - so we didn't feel like we were stealing anythingdidn't even cross my mind.

We are talking about moving to a less expensive area, and are convinced we can find something 1/4 to 1/2 of what we purchased this house for like a small rental house property - nothing fancy, but has to have good "bones." Is it wrong to do this? We know what we can afford and frankly - I don't want to show off or keep up a house like that.

What are your thoughts?
My thought is to tell this self-important nitwit to mind his own business, or simply ask "Jealous?" - particularly with the real estate market as it is, it does not make much sense to "stretch" to buy more house than you can comfortably afford.

In general if someone makes a remark like this - they think I should spend more - I turn it around to "because I am smarter than you."

If this "well respected business manager" never speaks to you again after you flip him off, well, great.

You should avoid buying anything from his business as well.
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Old 06-26-2009, 05:10 PM
 
1,796 posts, read 6,067,287 times
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Hi. Good for you. What a wise move. Don't let someone else that may have an agenda unsettle you.
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Old 06-26-2009, 05:33 PM
 
Location: In America's Heartland
929 posts, read 1,823,445 times
Reputation: 1173
What a load of cabbage. I would tell the respected business manager to mind his own business. You did a smart thing and it sounds like you will continue to do smart things. I see too many people with way more house than they need, way more car than they need, way more debt than they should have. You are to be respected, the business manager, not so much...
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Old 06-27-2009, 12:05 AM
 
2,699 posts, read 5,151,595 times
Reputation: 5514
Quote:
Originally Posted by Darrow View Post
, a well respected business manager in town called me out on "stealing" a house someone less fortunate than I could have had,
That's just ridiculous! Seriously. What a load of dung-flavored malarkey!
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Old 06-27-2009, 12:39 PM
 
Location: North Eastern Minnesota
563 posts, read 898,239 times
Reputation: 299
I agree with all the comments. Did the business manager have a list of people you supposedly "stole" the house from? I doubt there were even people you had to bid against; am I right? My husband and I bought a house for super-duper cheap which had great bones - very structurally sound. The house was on the market for over a year! No one was very interested in the poor house but now everyone compliments us on the good job we're doing to make it not an eyesore. We put in a lot of labor (all our own) and some money to make it nice again. We don't buy the most expensive things - why do that? We have always had vision when it comes to houses, and I think it is great that you want to buy another house for even less.
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