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Love & Marriage Love & Marriage

My husband and I are starting to look at saving up for a down payment on a house of our own. We've always rented. Now that we are a family of 4 and possibly looking to expand our family with one more in the future. We are needing a bigger place.  

I know the obvious things like we take care and pay for all of the maitenence, repairs, lawn work etc. 

But what are some of the biggest things about buying a house that you didn't know when you started the process? taxes? insurances? 

Is it more of a hassle to own a home and better to rent or the other way around? 

by on Apr. 30, 2013 at 7:10 PM
Replies (61-63):
SAHM2011
by on May. 2, 2013 at 1:19 PM

Oh wow, that sounds alot like us right now. We are a family of 4 in a 2 bedroom 1 bath apt. Very little of a yard. Water is included but we pay for gas, electric, garbage, and of course the extra's. Tv, cell phones and then my car payment. Laundry we have to go to the laundry mat as well. If we can get in the one here at the apts it's not too bad. 1.50 per load to wash and dry. Occasionally we have to go else where and for reg loads it's 2.50 to wash and dry. Bigger loads are 3.50-4.00 per load to wash and dry. It adds up extremely quick.

When we do get a house the biggest thing that will change for us will probably be the mortgage. We're only paying 350 right now. Also in the process of moving to a bigger place for the time being, but the rent is the same. The only difference is no gas. It's all electric. Water and tv will be included. For the time that we're in the new place it will help save us some money. With a house though it will go up. So I look for our payments to be around 600 or so a month. Maybe more depending on insurance and taxes. 

Quoting nickellmomof2:

Our first house is in escrow now.  We are a family of 5 and were living in a 2bdrm 1bath apt. with no yard and were paying $810 just for rent, our water sewer and garbage and gas were included, but we paid electric.  Then to do laundry, had to go to the laundry mat which cost about $3.00 a load (wash and dry) and for a family of 5 it really adds up.

The house we are buying is almost 1300sq feet.  it's 3bdrm 2bath and has a huge all grass back yard with a covered patio.  We are going to be paying $650 a month for our house payment (including taxes).  Homeowners insurance is $50, not sure what gas is going to cost (it's metered propane) but our water and sewer is only going to be about $40 (so I've been told) and then whatever our electric is.  So it's pretty much going to be the same amount that we payed to rent.  


jmjdj
by Bronze Member on May. 2, 2013 at 2:06 PM
1 mom liked this

This!!  I have always rented and she listed many of the reasons.  Additionally, there are even larger ticket things like plumbing problems, leaky roofs, etc.  I don't have any desire to buy a house until I am financially able to have a large sum of money set aside for these things.  If I never have it, then I'm ok with it.  Homes can be a money pit!! 

People have told me for years that I'm just throwing my money away and I'll have nothing to show for it, but I don't feel that way at all.  I've lived in my current house since November of 2002.  My rent began at $550/month and I have been paying $650 for the last 2 years.  I live in a 2000 sq. ft house - 3 bed/2 bath with a huge front and back yard that is fenced.  All in all, I have paid about $75,000 to live in my house for 11 years.  Have I more than paid for it, yes.  But every single month that I write that check it is peace of mind that I won't owe one penny more no matter what happens.  When the water heater went out...called the landlord.  When the dishwasher went out...called the landlord.  Both were fixed the same day and it cost me nothing!!  When a storm blew through and tore up huge trees, the landlord cleaned up the big stuff and then trimmed the trees so they wouldn't damage the house in the future.   In January when everyone is scrambling to pay their taxes, I'm good to go. 

Yes, on a monthly basis it costs more to rent.  This is primarily because rentals are not entitled to a homestead exemption like a primary home is.  The taxes are significantly more.  I'm ok with it!  Most homeowners with a mortgage have probably paid about the same as me over the same number of years because they are also paying interest on the 15, 20 or 30 year debt!


Quoting ReadWriteLuv:

If you are going to own a home you HAVE to have a savings account with at least $2000 in it at any given time, because your shit WILL break at the least opportune moments. Hot water heater, air conditioner, furnace, dishwasher, washer and dryer (that will always break within 30 days of you replacing one or the other), something major will break at a terrible time that you have to replace immediately. 

I don't know that I ever want to own again to be honest. It's much easier to rent and not be liable for life's hiccups. 


 

notadramamama
by Member on May. 2, 2013 at 2:13 PM

Unexpected repairs.  It seems like once one appliance goes out they all go out or when you need a new roof your furnace goes out.  Life happens that way sometimes.

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