MSU Red Cedar Message Board

Depends. Do you want to live in a house that makes you strapped for cash or in a house that allows you to drop a couple of grand on vacation without feeling guilty about it? I'd rather be under on the housing budget allowing for more freedom in other things.

Much less than they're willing to lend you, mostly likely.

Definitely under budget. We are probably willing to wait several more years to move if we want to save up some more money if that is what we need to do.

The Doctor and wife mentioned in a thread.

Time to lock.

you gone.

Agree with this. I know a couple that knowingly over bought. Not only is the house huge but they dropped $50k on a pool (deck, etc.) on the premise that they don't vacation much, would never buy a resort condo or cottage and wanted home to be their vacation. It works out well for their friends as they throw some really cool parties. If they had to sell tomorrow they'd be screwed as they are likely at least $100k under water but it's doubtful they'll have anywhere to go so it's no big deal to them. Wife and I are contemplating the same. We've been in our current house 11 years but just started a family a couple years ago and are trying to decide how much we want to go on the next move.

Really? Is that the top of the budget then?

The simple answer is that you own a home currently. How much extra money you currently make can you do without?
If you can't answer that question rather easily, stay put.

Rent to own seems like a good play, look into it.

Splurge and go for the double wide.

MY answer to your question is this:

If you can make your payment with ONE week's pay, then you are in a good spot. That was always a comfortable place for us.

Correct. Expensive homes will prove to be expensive on every level. More expensive window treatments, more expensive furniture, more expensive dance classes and travel sports leagues for your kids, etc. As someone else touched on, you own a home now, how much cash do you think you could part with while still living life, then factor that back to how much you want to spend on a house.