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They probably only put 3%. They don't have any money.
Quote:
Originally Posted by jojo775
? I know they didn't have savings and could only afford to go out once a month before they bought a house. ).
Although from the fact the want to move it sounds like they are overreached, let me address your perception:
I live on 1/2 my income, I save the rest.
I'll make comments about "affording" or "being broke" etc, and I'm talking about my monthly budget, NOT "Funds avalable" I've even had to 'somewhat' clue in other people who "wanted to help me" I didn't let them know that despite their higher income I had more money than they did! But I did explain that it was budget broke, not broke.
That could easily apply here. Unless ya'll have a VERY open relationship. ... you won't know.
Last edited by Themanwithnoname; 02-06-2017 at 03:09 AM..
My friend bought a nice 4 bedroom home for 197K and taxes 6500 a year. Built in late 90's early
2000's in a decent neighborhood and their income is 40K and have 3 kids. It's an ok income for 1 person in a small condo but an entire family on 40K a year? How did they get the loan? I know they didn't have savings and could only afford to go out once a month before they bought a house. I don't want to ask them how they can afford it....just curious since we make over 100K together, no kids and struggled to find a 2 bedroom home we could afford and also have a bit of extra money on the side. Also they only lived their 6 months and are already trying to rent or sell it since they don't like the neighborhood (too snobby is kind of what they said).
Unless you have access to their loan application and finances, you can't really answer that question.
People get help from relatives to purchase a home and don't mention this in conversation. In some cases, they actually purchase the home for them and it isn't even in their name. If you are really curious, you could see if the property records for the home are online, they might not even own it. They might just have a lease and telling people they own it.
We bought a 1300 sq ft 3 bedroom home in Garner and lived there on just one income for 10 years while my wife stayed home with the kids from 2000-2010. Yes it is absolutely possible.
They probably only put 3%. They don't have any money.
LOL, Years ago a couple that I have known all my life had been renting a small 1 bedroom apartment. Both of them drove the same old cars that they had when they were in high school. They did not have kids but they did both work. Since they did not go out much or do anything fun most people figured that they had no money. They did not get into debt and never spent much on anything.
They did save money though. About 6 or 7 years into their marriage they bought a home. I had never commented to them or anyone else about their financial situation. I did not know what their situation was. I knew them as friends but finances had never came up.
Sometimes we do not know how much someone has saved or what they did to get where they are at. You are not even sure how much they put down on the home. You are at best guessing.
I know another family that had a single income. The wife started selling art work and craft items online. She was able to pay off the student loan debt. They were also able to save up and buy a home of their own. On his salary it does not look like it was possible. Still they did it. I guess the online business helped.
My friend bought a nice 4 bedroom home for 197K and taxes 6500 a year. Built in late 90's early
2000's in a decent neighborhood and their income is 40K and have 3 kids. It's an ok income for 1 person in a small condo but an entire family on 40K a year? How did they get the loan? I know they didn't have savings and could only afford to go out once a month before they bought a house. I don't want to ask them how they can afford it....just curious since we make over 100K together, no kids and struggled to find a 2 bedroom home we could afford and also have a bit of extra money on the side. Also they only lived their 6 months and are already trying to rent or sell it since they don't like the neighborhood (too snobby is kind of what they said).
Don't assume you know what anyone has in the bank. I certainly won't tell you or anyone else what we have or don't have. They may have had savings that you know nothing about. They may have been given a gift. They may be very frugal folks. They figured out a way to make it work. Why are you so hung up on them? Go find your own house. Sounds like there's a lot of jealousy there.
I wonder if the property taxes are really $6,500 on a house wherever that is.
If he bought a house for $197,000, that means the city's assessment is less than that. Let's say it's assessed at $180,000, to be generous.
Take off a homestead exemption (and/or a veteran's exemption, if applicable), and that leaves maybe $135,000 assessed value. That gives a tax rate of 4.18% on the taxable value.
I lived in Texas, one of the highest property tax states in the nation. The rate there last year was 2.67% of taxable value (in Dallas), and it's about 3% in some areas of Houston.
So maybe you were looking at the prior taxes, and no homestead exemption had been filed (higher tax rate). Or the house had been valued much higher, in which case it will be valued LOWER because of the lower sale price (depreciation).
These are a lot of assumptions, and the facts as stated don't add up. So OP is mistaken about some of the facts.
Could be the taxes are more like $4,000 ($337/month), IF they live in one of the high property tax states.
Unless they have a pile of cash in savings, I wouldn't have bought a house just yet, if I were them. But that's me.
I live in NY which is second highest on property taxes only behind New Jersey unless something recently changed. $6500 on a $197K house is perfectly normal here.....it's actually cheap for many areas. Just 45 minutes away from me, those taxes would be 2 or 3 times that amount based on the city/village/town.
Assessments here aren't below what you paid for the house. They're usually the same or significantly higher. There isn't any reduction like a homestead exemption. There's a veterans reduction for specific service after a certain age. There's a senior deduction after a certain age. These deductions are minor though. The only thing we may get - we have to apply for it annually - is a school property tax reduction which knocks off a whopping $30K on your assessment for your primary residence.
The house I currently own cost us tens of thousands less than this house and our taxes are right around $6K which is VERY normal for where we live.
[quote=ss20ts;47101532]Don't assume you know what anyone has in the bank. I certainly won't tell you or anyone else what we have or don't have. They may have had savings that you know nothing about. They may have been given a gift. They may be very frugal folks. They figured out a way to make it work. Why are you so hung up on them? Go find your own house. Sounds like there's a lot of jealousy there.[/QUOTE]
Yes, does sound like a little envious is going on.
Cost saving but your appearance has taken a hit and thats a big part of one's happiness
Who said that person wasn't happy? Many parents simply don't have time to spend the day at the spa or hair salon. Their priorities change. It's very common. And why do you think her appearance took a hit? She didn't say she started wearing Hefty trash bags and show boxes for shoes!
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