Community› The Bump Month Clubs› November 2012 Moms
November 2012 Moms
New Discussion

Homebuying advice

sara785sara785 member
in November 2012 Moms

Let me preface by saying that I realize what I should do. We are not in an ideal situation, unfortunately. 

We are trying to move. The house is listed and we have begun looking. Our current neighborhood is undesireable, hence the move. DH's job requires us to live within city limits, so we are very choosy when looking at new neighborhoods. That is limiting our possibilities; and we never know when anything in those areas will be available, so I feel a sense of urgency when looking. We were planning on putting in an offer on a new house with a mortgage contingency (we have to sell ours before we can buy theirs). However, I am very nervous that our offer will either be rejected or we won't sell within the standardized limit of 30-45 days. So we've really started looking at whether or not we can afford 2 mortgages. I ran some rough numbers and it looks possible. Our current home will be paid off in 3 years, so 2 mortgages wouldn't last FOREVER if it never sells. And we are NOT staying here. (Trust me, you wouldn't want to live here with 2 small kids either.) We've talked with our mortgage broker about the breakdown for specific homes we are looking at. 

My question is this: how much extra money would you need each month to feel comfortable having 2 mortages? I'm talking groceries, gas money, etc. all factored in along with the monthly fixed bills and already taken out of the equation. 

Image and video hosting by TinyPic Lilypie Fourth Birthday tickers Lilypie First Birthday tickers
Report Reply to Post

Re: Homebuying advice

  • sara785sara785 member
    imageuconnhuskie007:

    I guess the first question that pops into my mind is whether its possible to rent your house and if so what is the risk?  that way you might feel better financially and if you did get a bad tenant who you had to evict youd be OKAY. 

    To feel comfortable, i would need the following (this is based on a 4 person family, though)

    Groceries:  $600

    Gas:  $400

    Spending Money:  $450

    Clothing allowance:  $200

    + fixed billed (which total around $2500

    This is not to mention ANY savings. 

    Renting is not an option because of the quality of tenant we would likely attract. And the fact that I don't think we would handle the responsibility of being a landlord very well. Although, mayeb we should consider it temporarily? Our savings and retirement money is automatically put into our accounts, so we never see it. What I want to know is how much "spending money" you would want. 

    Image and video hosting by TinyPic Lilypie Fourth Birthday tickers Lilypie First Birthday tickers
    Report Reply
  • Loading the player...
  • sara785sara785 member
    imagekiraliz2:

    You can change the amount you are saving and putting away for retirement, even if you don't "see it".

    So are you asking about spending money or groceries, etc? Because those are two different things to me.

    Spending money; or, I guess "just in case" money per month. I already averaged out our monthly grocery and gasoline bills and put that into our budget. I am thinking about reducing the amount that goes into savings/retirement if we need to. 

    Image and video hosting by TinyPic Lilypie Fourth Birthday tickers Lilypie First Birthday tickers
    Report Reply
This discussion has been closed.
Choose Another Board
Search Boards
"
"