February Low Income Support Thread - Page 8

[Sweetmama26]

Satori - Where we live the COL is really cheap and my DF has crunched all the numbers and even with maintence cost its infinitely cheaper to buy then it is to rent so Its not that we don't make enough that we couldn't afford it but my DF likes to spend his money on crap that we don't even need and stuff for him.

He makes $1600/month I make about $1200 or just a lil more. Our rent is $700 alone with nothing include we pay all the utilities. And with us working with a mortgage broker and working out the numbers the Mortgage would work out to $430 a month which is almost $300 cheaper then our apartment is costing, and that is for a 3 bedroom house with basement. Here we only get 2 bedrooms and not a lot of storage.

[yeahwhat]

Originally Posted by Sweetmama26

He makes $1600/month I make about $1200 or just a lil more. Our rent is $700 alone with nothing include we pay all the utilities. And with us working with a mortgage broker and working out the numbers the Mortgage would work out to $430 a month which is almost $300 cheaper then our apartment is costing, and that is for a 3 bedroom house with basement. Here we only get 2 bedrooms and not a lot of storage.

Be careful with this.
1. Don't forget about city taxes. Between city and school taxes, we pay about $300 extra per month on top of our mortgage payment, which only has to be about $550.
2. Don't underestimate repairs and maintenance. No one's going to be coming to fix it for free when a pipe springs a leak or the hot water heater isn't hot anymore. A roof is not cheap. Landscaping and yard maintenance cost money and takes time.
3. Utilities for an apartment are cheaper than utilities on a house. Shared walls vastly reduce the amount it costs to heat an apartment compared to a house.

I'm not saying this to discourage you, I just wish I'd gone into home ownership with a better understanding of just how much it really costs.

[zacharysmom]

just to five a point iof referance we had a leak under the kitchen sink at our home this week it was fixed to the tune iof 580 and that WAS with a large discount (it was to much for us to do our selves)

[Thystle]

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