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Mom Confessions Mom Confessions

Choosing to be house poor is f**king stupid.

Posted by on Dec. 11, 2013 at 10:06 AM
  • 276 Replies
7 moms liked this

I've noticed this on real life, on here, and on those house buying shows. So many people buy more house than they can afford, or barely afford, and become house poor. Most of the time the home they pick is their first home too! Why not start small and build a little equity and work hard to pay the mortgage down, THEN work up into the dream home?

Part of me wonders if this is the reason so many foreclose. Are you house poor?

*If you read my post and there are mistakes in my spelling or grammar please note that I never learned either in school and I am currently learning them now. If you see a mistake POLITELY point it out and I'll be more than happy to correct my mistake. Here's a fun little siggy for your enjoyment. *

by on Dec. 11, 2013 at 10:06 AM
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Replies (1-10):
ButterMeUp
by Butters on Dec. 11, 2013 at 10:10 AM

B

ButterMeUp
by Butters on Dec. 11, 2013 at 10:10 AM

U

ButterMeUp
by Butters on Dec. 11, 2013 at 10:10 AM

M

ButterMeUp
by Butters on Dec. 11, 2013 at 10:10 AM

P

anyotherday
by Ruby Member on Dec. 11, 2013 at 10:11 AM
12 moms liked this

because then they wouldnt be able to show off on social media.

ame85
by Chemistry cat on Dec. 11, 2013 at 10:11 AM
3 moms liked this
It's in our nature to want more. Part of the issue is the home-buying process itself. Banks will pre-approve the highest amount you can afford, which might not actually be the best idea for people to buy. Just because the bank approves you for 350k doesn't mean you shouldn't try for something lower to have a more comfortable payment.
brettsmomma
by ~Tammie~ on Dec. 11, 2013 at 10:12 AM
2 moms liked this

NOPE. we rent a very small house that serves its purpose. We are saving our money to outright buy and build our dream home. We will have it done by the time my son is in 8th grade and finished with  current school he is in. 

Life is all about planning. 


bcoll
by Brandi on Dec. 11, 2013 at 10:12 AM
2 moms liked this

We afford our home without an issue, so no. It also wasn't the first we looked at or even bought though.

bluebunnybabe
by Ruby Member on Dec. 11, 2013 at 10:13 AM
14 moms liked this
Many are house poor but what kills me even more is people that are car poor. People worry about paying $700 & $800 a month to impress people with some car & then can't pay their rent. Trips me out where people's priorities are sometimes but not my problem in the end.
mommytoeandb
by Platinum Member on Dec. 11, 2013 at 10:13 AM
1 mom liked this

We did our research and bought a home in a price range we were comfortable with.  We were approved for way more.  My husband talked to one lender who offered to give us a SECOND MORTGAGE on our first home.  WTH?  We went with our credit union.  

ETA:  We bought our home about 12 years ago, prior to having kids.  3 BR/2 BA.  After 10 years, we added on.  :)

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