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  #1  
January 27th, 2013, 09:48 AM
mommy2lilmen's Avatar Mega Super Mommy
Join Date: Oct 2011
Location: Delta, BC Canada
Posts: 2,919
I know we can never (probably very hard to) come up with a down payment and feel secure in our hearts that the mortgage will be paid, but its something I want to accomplish THEN I think about all the added costs of insurance, taxes, damages and more .. I know we are ok renting, we been here 7 years. I am curious what everyone else is doing and why they chose that route or if they would change it?
I guess I/We are at that part in our life of where we need OURS and we are lost at the same time cus if Ours puts us in debt and possibly loose it cus we screwed up then what. We are a 1 income family right now and most banks dont like. ugh
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Mommy to 7 boys and 1 girl!
Sean 16, Justin 13, Kevin 11, Jayson 10, Bryce 4, Seth 3 & Kade 1
4 babies 94,95,99, 08~TL April 2003 & Sept 2013 TR May 2008

~~~~~~~~~~~~~~~~~~~~~~~~~~
Blessed with 1 Autistic and 1 Down Syndrome child
~~~~~~~~~~~~~~~~~~~~~~~~~~
Alyssa Marie Jade
September 1, 2013 @ 11:01pm 6lb 8oz & 18.5in
Emerg C Sec, Down Syndrome blessing, AVSD, Hirschsprungs, G tube
58 day NICU stay, Sept 1- Oct 29 2013





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  #2  
January 27th, 2013, 10:06 AM
Jenilope's Avatar Platinum Supermommy
Join Date: Nov 2007
Location: Western Chicago Suburbs
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We're a one income family as well, but we also own a share of the family business which increases our assets when the banks look at asset to debt ratios, so, we got a mortgage for our house with just my husband listed on it. In Illinois, my interest in the house is protected in case of divorce or death, even without me being on the mortgage, but without me on the mortgage application, we didn't have to include my student loan debt and no income, which would have put a dent in our asset to debt ratio.

I would say that if you have real concerns about your ability to cover the insurance, taxes and mortgage for 30 years, you're safer renting. If you're saving up some cash for a down payment, and you really want to own, it wouldn't hurt to talk to a banker with your husband about how much you could be approved for and whether or not you guys think you could swing that payment (don't forget that insurance and taxes will be ON TOP of the mortgage payment when you're calculating though). If you feel like the payment is something you guys could cover, start looking! I think most conservative financial advisers will tell you to keep your total house payment (with taxes, insurance, PMI etc) under 42% of your after-tax income. Keeping it under 33% would be smarter, especially if you have other debts. And a house payment that prevents you from saving is never a great idea.

Good luck and happy hunting if that's your next step!
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  #3  
January 27th, 2013, 10:52 AM
mommy2lilmen's Avatar Mega Super Mommy
Join Date: Oct 2011
Location: Delta, BC Canada
Posts: 2,919
DH also wants us to wait a while longer incase his dad wants us to take over his place in the future. Lots to think about and head gonna explode
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Annick
Mommy to 7 boys and 1 girl!
Sean 16, Justin 13, Kevin 11, Jayson 10, Bryce 4, Seth 3 & Kade 1
4 babies 94,95,99, 08~TL April 2003 & Sept 2013 TR May 2008

~~~~~~~~~~~~~~~~~~~~~~~~~~
Blessed with 1 Autistic and 1 Down Syndrome child
~~~~~~~~~~~~~~~~~~~~~~~~~~
Alyssa Marie Jade
September 1, 2013 @ 11:01pm 6lb 8oz & 18.5in
Emerg C Sec, Down Syndrome blessing, AVSD, Hirschsprungs, G tube
58 day NICU stay, Sept 1- Oct 29 2013





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  #4  
January 27th, 2013, 11:31 AM
Momtothe6thpower's Avatar Platinum Supermommy
Join Date: Mar 2008
Location: Smalltown, USA
Posts: 7,338
We own. Our house is too small for us now. When we bought it we were thinking in terms of building equity rather than having six kids, lol! It still works out though because our mortgage (w/ ins and taxes included) is still less than 1/4 of our income. I just wish we would have bought it after the market tanked.
I like owning my own home and not dealing with landlords. Every decision is mine to make, if we want a pet, if I want to change paint colors, if I want to build on...there's no worrying about when the kids break something and no waiting for things to be fixed.
Dh and I have talked about renting our place out and renting somewhere else so will could be flexible with relocating for work but I'd rather not. It would stress me out.
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  #5  
January 27th, 2013, 11:33 AM
Mega Super Mommy
Join Date: May 2009
Location: southern cali
Posts: 3,259
after owning for about 12 years straight, we are now renting and are happy to be. i LOVED owning my house but you are right, when you fall behind, everything just snowballs against you. this is a good spot for us for the time being.
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  #6  
January 27th, 2013, 11:59 AM
UrbanMomma's Avatar Platinum Supermommy
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Location: Somewhere near Detroit, MI
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We own and the house is paid for. We bought it as a foreclosure, it was a fixer upper, but we did all the immediate repairs and are now working on the rest of the stuff slowly. Its not really big enough for us, but its ours, paid for and thats a good feeling! All we worry about is the property taxes and homeowners insurance which we pay for out of our income tax refund every year.
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  #7  
January 27th, 2013, 12:50 PM
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Location: Andrews AFB, MD
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We rent because my husband is in the military and I don't want to have to sell a home every 2-4 years.

If he had any other job we would totally buy. I am an adult. I don't like having to ask someone if I can paint my walls or have a new pet. Also in our area a mortgage payment is way way lower than monthly rent. We could stash the savings in an account to pay for those repairs that would then fall to us.
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  #8  
January 27th, 2013, 02:09 PM
Babymakes8's Avatar Mega Super Mommy
Join Date: Jul 2011
Location: Ohio
Posts: 1,249
We own. No mortgage. We have house and property tax that we pay out of our tax return every year. We have never rented, because we don't see the sense in paying hundreds of dollars a month for something that will never be ours (not criticizing anyone who chooses to rent).

Plus we can make all the decisions for ourselves - pets or no, paint, flooring...etc.

I do hope we can sell this place for enough to buy another further south eventually. Right now we have a car payment so we won't probably consder selling and moving until the car loan is paid.
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  #9  
January 27th, 2013, 02:21 PM
Repti.Mom's Avatar Platinum Supermommy
Join Date: Aug 2007
Posts: 15,641
We rent, don't have to ask to pain, in fact we write off paint AND labor, don't have to ask about pets, we had all those reptiles for a long time remember!? It's not big enough to add on, except for up, but that's not happening lol We just fix crap ourselves unless it's something huge like a water leak or furnace or something, then it gets done and paid for by landlord. Rob even did the gutters and roof and built a new front porch and a fence and we got to write it off.
What we pay for rent is super cheap for houses around here (rent wise) so we're lucky. Probably would be paying 100 or 2 less if we bought a house, but we don't have the credit to do that.
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  #10  
January 27th, 2013, 07:51 PM
Lotsakids's Avatar Platinum Supermommy
Join Date: Nov 2005
Location: Australia
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We own, and thankfully only have a small mortgage.
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  #11  
January 27th, 2013, 09:25 PM
mommy2lilmen's Avatar Mega Super Mommy
Join Date: Oct 2011
Location: Delta, BC Canada
Posts: 2,919
Quote:
Originally Posted by UrbanMomma View Post
We own and the house is paid for. We bought it as a foreclosure, it was a fixer upper, but we did all the immediate repairs and are now working on the rest of the stuff slowly. Its not really big enough for us, but its ours, paid for and thats a good feeling! All we worry about is the property taxes and homeowners insurance which we pay for out of our income tax refund every year.
Im nosey, How did you pay for it in full? I so would LOVe to do that. I see foreclosure homes online and they are like well into the 400,000 putting our mortgage payments at 3000 it says, FRICKEN CRAZy
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Annick
Mommy to 7 boys and 1 girl!
Sean 16, Justin 13, Kevin 11, Jayson 10, Bryce 4, Seth 3 & Kade 1
4 babies 94,95,99, 08~TL April 2003 & Sept 2013 TR May 2008

~~~~~~~~~~~~~~~~~~~~~~~~~~
Blessed with 1 Autistic and 1 Down Syndrome child
~~~~~~~~~~~~~~~~~~~~~~~~~~
Alyssa Marie Jade
September 1, 2013 @ 11:01pm 6lb 8oz & 18.5in
Emerg C Sec, Down Syndrome blessing, AVSD, Hirschsprungs, G tube
58 day NICU stay, Sept 1- Oct 29 2013





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  #12  
January 27th, 2013, 10:39 PM
mommy2lilmen's Avatar Mega Super Mommy
Join Date: Oct 2011
Location: Delta, BC Canada
Posts: 2,919
Quote:
Originally Posted by Repti.Mom View Post
We rent, don't have to ask to pain, in fact we write off paint AND labor, don't have to ask about pets, we had all those reptiles for a long time remember!? It's not big enough to add on, except for up, but that's not happening lol We just fix crap ourselves unless it's something huge like a water leak or furnace or something, then it gets done and paid for by landlord. Rob even did the gutters and roof and built a new front porch and a fence and we got to write it off.
What we pay for rent is super cheap for houses around here (rent wise) so we're lucky. Probably would be paying 100 or 2 less if we bought a house, but we don't have the credit to do that.
We do everything here, have for the last 7 years. the only things we dont do are the roof, furnace and leaks.. well dh fixed the faucet . how much is rent, our rent is 1700 i beelive but our yard is huge. I mean huge. Our credit, is good and isnt good. if that makes sense. we cant get a house really cus we have nothing to go by. no established credit
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Annick
Mommy to 7 boys and 1 girl!
Sean 16, Justin 13, Kevin 11, Jayson 10, Bryce 4, Seth 3 & Kade 1
4 babies 94,95,99, 08~TL April 2003 & Sept 2013 TR May 2008

~~~~~~~~~~~~~~~~~~~~~~~~~~
Blessed with 1 Autistic and 1 Down Syndrome child
~~~~~~~~~~~~~~~~~~~~~~~~~~
Alyssa Marie Jade
September 1, 2013 @ 11:01pm 6lb 8oz & 18.5in
Emerg C Sec, Down Syndrome blessing, AVSD, Hirschsprungs, G tube
58 day NICU stay, Sept 1- Oct 29 2013





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  #13  
January 28th, 2013, 04:28 AM
UrbanMomma's Avatar Platinum Supermommy
Join Date: Feb 2007
Location: Somewhere near Detroit, MI
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Our house was only 15,100. My mom helped us.
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#12 is on the way
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  #14  
January 28th, 2013, 07:04 AM
Platinum Supermommy
Join Date: Nov 2004
Posts: 8,288
One thing about buying a house now is that interest rates are really not going to get any lower. For ourselves we've always been big believers in owning a home, but that said, I totally think renting can be a better options for others.
And up here, (for us anyways) having a mortgage isn't neccisarily a bad thing, it makes for a tax write off, so there's always a balancing act between what you're not spending on your mortgage but are paying in taxes instead. So we're going to keep a mortgage of some sorts for quite a while yet.
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  #15  
January 28th, 2013, 07:38 AM
Mom to 8 amazing kids
Join Date: May 2010
Location: Melba, Idaho
Posts: 2,627
Unless I could do it like UM I have no interest in 'owning'. Really you don't own it, the bank does and by the time we actually owned it...well it would probably be left to the kids in our will.

I also don't like the fact that I couldn't just up and move, says the woman who has been renting the same place for 13 years

We are pretty lucky though cause our landlords do allow us to do whatever we want. We also do most of the repairs except really major things.

My husband would like to buy and it frustrates him that I don't. I just haven't felt the need.
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  #16  
January 28th, 2013, 08:05 AM
HalfDozen's Avatar Formerly Number5OnTheWay
Join Date: Jul 2012
Posts: 3,574
We own. When we first got married, that was one of our first big projects - buying a house. We bought a fixer-upper that we knew we could afford and had a little over 10% down. Over time, we were stupid and re-financed to take care of other things. When it came time to sell the house, we were under water. We had bought at the near-height of the bubble and moved right after the housing market took a huge plunge!

We rented for a few years, but we don't feel like we're renters. The cost to rent was way more than a mortgage payment, at least where we are on the East Coast. Plus, our kids had never had anywhere that wasn't "theirs" before so that made it really hard on all of us. We just feel like we're better off as homeowners than renters.

For ourselves, we have learned not to bother re-financing, unless it's to get a lower interest rate and still not take any cash out. We had help with a down payment on this house as well, and we were pretty excited because we actually had equity in the house. I just discovered on Friday, though, that apparently our house would be considered underwater now. That's okay - we don't plan on selling anytime soon. It's just a little disheartening because we had quite a substantial down payment this time.

I think so much of it depends on what you want/need for you and your family. We just know renting doesn't work for us.
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  #17  
January 28th, 2013, 09:32 AM
4 Boys & 4 Girls !
Join Date: Apr 2011
Posts: 3,563
We own. No mortgage. In the USA we have stupidly ridiculous taxes though. Thats what is totally awesome about Saudi Arabia, there are no taxes on homes, property, paychecks..no where at any time is there any form of tax. on anything!
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  #18  
January 28th, 2013, 10:28 AM
Babymakes8's Avatar Mega Super Mommy
Join Date: Jul 2011
Location: Ohio
Posts: 1,249
The only reason we own is because my husband bought the land for $8,000 back in the 1980's before we had ever met. 6.5 acres.

We bought a house trailer out right for $2K and added onto it.

We're cheapskates.
therevslady likes this.
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  #19  
January 28th, 2013, 11:48 AM
Mega Super Mommy
Join Date: Sep 2009
Posts: 2,754
We are cheapskates as well. We bought a mold foreclosure last year, got an absolute steal, did some work, okay lots of work, and are somewhat considering selling it as a flip and building again. Our house fits us, it's big enough for the almost 12 of us, but I'm spoiled and want to build a one level in floor heat house

We probably won't, but we might consider what it would sell for. It's hard to know with the market the way it is.

Good luck! We've never considered renting though.
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  #20  
January 28th, 2013, 01:14 PM
therevslady's Avatar Built for Birth
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Location: Atlanta, Ga
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We also bought ours as a foreclosure/fixer upper. We saved our tax returns for a couple of years in a row to use to put toward a down payment. Our monthly bills are now half of what they were when we were renting. It's so expensive to rent around here.
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