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pittiedaddy t1_j9b08vg wrote

That's great and all. But people also need to sit down and really figure out if they can just "afford the payment" or "afford the house" because there is a difference.

You need to know if you can afford maintenance, upkeep, lawn care, etc. When I bought my house, I had almost $10k put aside for stuff you need. Lawnmower, trimmer, yard tools, etc, and anything that came up that needed attention. The past 4 years have cost me nearly that much taking down sick trees alone, then my central air breaking down, hot water heater needed replacing, fridge crapped out a few months ago, dishwasher did the same the first month I moved in.

Owning a house is more than the payment. So make sure you can really afford the house, not just the payment.

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Kolzig33189 t1_j9b18gj wrote

This is one of the biggest issues I see with younger adults who are trying to move from renting to owning/mortgage. I hear all the time “well I can afford an $1800 rent payment, so of course I can afford an $1800 mortgage payment.” Principal and interest is only one part of paying for a home.

While that might be true with some people doing very well financially, it’s not necessarily true for most because you have to factor in property taxes, home insurance (way more expensive than renters insurance), and any upkeep or repairs that could occur that you wouldn’t be responsible for as a renter. That $1800 mortgage principal and interest payment is more like 2500-2800 for the complete monthly payment after adding in tax and insurance in CT.

And even though I own a “newer” house (about 22 years old) it’s amazing how often things break or repairs/replacements are needed for expensive appliances. All of that needs to be factored in to the question of “can I afford the home” that many often overlook.

Yes, I want more people to be able to afford/buy a home. But I also want them to be in a financial position to smartly and responsibly do so so they’re put in a stressful or financially dangerous situation down the road.

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IndicationOver OP t1_j9betsk wrote

Honestly, that is a lot to happen in 4 years.

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pittiedaddy t1_j9bgxra wrote

I planned on the trees (each tree cost between $1200-1500 and i took down 6), but yeah the appliances were not. What really sucked was the dishwasher shit the bed the first week I was in the house, my wife then got in a car accident 2 days after totaling her car. But you have to think about WHEN something is going to need to be replaced, not IF.

Point is, shit breaks/needs to be maintained and you need to be prepared. For example, the air filters for my central air/Heat get replaced every 4 months and a box of 3 is $80. You're going to need lawn equipment/snow removal equipment, etc and they all need maintenance. And if you think "I'll just pay someone to do it" call around and get prices, you may shit your pants. Learn how to maintain your own stuff.

Another example, When my central air went down, it was a simple capacitor. Just the service fee was $150, the part and install was about another $250. In the middle of summer, that's a big deal

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