Would Like Opinions: How Many Would Rent On One Salary Than Own A Home On 2 Careers?


#1

Hi Friends: How many of you would rather rent on one salary (the mans) than own a home if both had to work full-time? I would really appreciate your opinions here. I will post a poll. This is something H and I are facing at the moment.

Thank you Catholic Friends.

Luv,
Sparkle


#2

Doing it now! I would love to own a nice house… but I also feel I should be home with my kids. So… for now… we rent and try to save!


#3

[quote=sparkle]Hi Friends: How many of you would rather rent on one salary (the mans) than own a home if both had to work full-time? I would really appreciate your opinions here. I will post a poll. This is something H and I are facing at the moment.

Thank you Catholic Friends.

Luv,
Sparkle
[/quote]

Why throw money out the window paying rent when you can own something that will increase in value over time???


#4

There are many programs out there where you can own a home with very little down and pay the mortgage and other bills with one persons salary.,and the topper still save money. Find a good realtor or mortgage broker they can really help out with this info.

Heck me a single mom did it for many years…owned my own home and supported myself and son on one salary. And now that I am married and have another child I stay home full time and the H works and we still get by each month…and the savings account keeps growing:D


#5

Well --this is just what we unfortunately are facing today too as someone mentioned. Yes, “why throw money away”? Of course not Karin, if you do not have to, but if it means a wife going out and having some full-on career, it just might be best to rent, as in our case. We have a gorgeous home, and due to my H’s financial incapabilities, we are considering sellling, which is why I am posting such a poll, just to see what most feel/and are choosing. I wish it were not so. But it is. And you know what? I would rather be a SAHM anyday, than have the status of being a homeowner if I had to have some big high profile career and work 9-5 Monday-Friday. It’s just not me, and I could not do it. I am asking here what others think? Appreciate opinions here, most definately.:slight_smile:


#6

[quote=sparkle]Well --this is just what we unfortunately are facing today too as someone mentioned. Yes, “why throw money away”? Of course not Karin, if you do not have to, but if it means a wife going out and having some full-on career, it just might be best to rent, as in our case. We have a gorgeous home, and due to my H’s financial incapabilities, we are considering sellling, which is why I am posting such a poll, just to see what most feel/and are choosing. I wish it were not so. But it is. And you know what? I would rather be a SAHM anyday, than have the status of being a homeowner if I had to have some big high profile career and work 9-5 Monday-Friday. It’s just not me, and I could not do it. I am asking here what others think? Appreciate opinions here, most definately.:slight_smile:
[/quote]

WOW Sparkle…
I guess having it all does not count…the point I was making is that you can be a SAHM and own a home at the same time…
If you just know where to look!:smiley:


#7

[quote=sparkle]Hi Friends: How many of you would rather rent on one salary (the mans) than own a home if both had to work full-time? I would really appreciate your opinions here. I will post a poll. This is something H and I are facing at the moment.

Thank you Catholic Friends.

Luv,
Sparkle
[/quote]

**IMHO you rent. Your money and time are being invested in your family and children and not in things.

We are a generational family. Ages 22 months to 61 years. As I sit here with the 22 month old on my lap the sacrifices have been well worth it. The baby smells of vanilla cookies and is giving me hugs. Worth the close quarters as far as I am concerned.

Another option could be to look at older houses in older neighborhoods. If you decide to homeschool it does not matter what the schools are like. LOL
**

GOD BLESS


#8

For us, we own. I would rather own than rent anyday.


#9

Hi Sparkle,

I personally would do whatever it takes to stay at home with my kids and live on just my husband’s paycheck. In our area that means owning a small, 80 year old home. With four (almost 5) kids, we pay much less for this house vs. one we would rent. Do they even have rentals big enough for 7 people & pets? (Not sure about that where Iive?) There are lots of beautiful newer homes in subdivisions but they cost 4 X what we paid for our home. So maybe rather than renting, you could downsize? Just my thoughts… :slight_smile:


#10

absolutely downsize…how many square feet do ya need anyway???


#11

We own on one salary. Where we live the cost of rent is so high that we would rather spend just a little more and have an investment.

My friend was renting an old crappy run down rowhouse for just around $150 less that what we pay for mortgage and house taxes (our home is new).

If I were in your situation Sparkle, I would check out the market…if renting is significantly cheaper than owning even a very small place then that’s the way I would go.

If there wasn’t much difference I may take a part time job to make up the difference (if my children were school age).

The most important thing is that spouses work together to make the best family they can. Belongings mean nothing, family is everything.

Malia


#12

I’m not married, but if I was I would choose to own a house over renting any day.

When I was growing up we rented a house and were kicked out at the landlords whim (yes there is more to it, but I was only nine at the time and only remember my mom panicing over finding a new home). At least with owning if you move you get something back with the sale of the home.

I currently rent a house, as I cannot afford to buy one in this area on my salary, and I hate it. My landlord doesn’t care about the property and it drives me nuts. I was brought up not only taking care of the things you own, but trying to improve them. The place is falling apart around me and there is no incentive for me to fix it up when I know they will just let it fall apart again after I leave. :frowning:


#13

[quote=KathleenElsie**We are a generational family. Ages 22 months to 61 years. As I sit here with the 22 month old on my lap the sacrifices have been well worth it. The baby smells of vanilla cookies and is giving me hugs. Worth the close quarters as far as I am concerned.
[/quote]

GOD BLESS

Hi to you KathleenElise: Your sweet post brings tears to my eyes as a mom, and how there were many kitchen smells and still are which just fill my boys and me (and H) with such joy! Today, matter of fact, I was making blueberry muffins with real blueberries, as my little ones, (well not so little any more) but huge ones were getting ready for school. I so remember the days when I was hurried off, H too, and we had to shuffle all kids off at— gosh 7-7:30 to their respective places. It was just so hectic, I could hardly breathe. I so regret those days of rush rush. Well, at least I have gained some of them back today, and thru the past few years when we decided it was best for “mom” to be a “mom”. PTL. We own a gorgeous home in an affluent district. BUT, H is not making enough to afford it any longer. The many mistakes he has made, has really taken a toll on him, and on our family. Many of you know my story here. Thanks for being there throughout. :slight_smile: We feel it is better to sell now, while we can make a huge profit than later. Plus, it just might be time to move on, we’re thinkin. IF I worked full-time, we could manage, but this is just a scenario we’re not willing to go with, hence my post and poll. Just curious. We’re thinkin of buying a nice condo or townhouse for half the price very soon, in a town away from the big, expensive city we now live in. Please pray for us. OK? I want nothing more of course than to do God’s Will, whatever it is.
Thx for the reply.:slight_smile: Just the thought dear friend, of your precious ones on your lap "with the smell of vanilla cookies"and you getting hugs and slobbers is just SO cute and SO precious. No money is worth these memories is it!!! You’re a great mom for sure!!:smiley: Thx all for your replies. I feel these next 10 months or so will be very crucial for our family. Thx for your continued prayers.


#14

Sparkle,

From what you have told us, I would definitely sell the house. It sounds like the mortgage payments are a millstone around your necks right now. That said, I would give serious thought to buying a cheaper house, rather than renting. Everyone’s situation varies, but owning is usually a better deal financially, as long as you’re not taking on a higher mortgage payment than you ought to.

Good luck.

–Bill


#15

My preferred option was not there- buy a cheaper house. There are many things that impact the market value- schools, neighborhoods, age, size, etc…
If you can find something not terribly expensive, I’d say sell the one with the high payments for something cheaper so you’re not throwing money down the toilet with rent.


#16

Does it have to be either/ or? I have no idea what your house is worth, but can you sell it, pay off debt, get in better shape and buy something smaller? —KCT


#17

Same here, rent/lease buy choice has many contributing factors - IMHO, if both work, you should still be able to afford the housing on the salary of one - rainy day and all that.

If you plan on living in a house for less than 3 years, I’d suggest to lease.


#18

Sparkle:

My advice is sell what you have and downsize into a good neighborhood/smaller house. You should find a realtor you trust and get a market analysis of your home. You should also spend $500 and talk to a financial/tax planner for tax advice and estate planning. You might even want to hire an accountant to manage your funds for a while, if it is a considerable influx of cash. You don’t want to free up lots of money only to fritter it away. Nor do you want your husband to blow through the money either, since your original post implied that he’s made serious mistakes in this area before. Plus, if you make a profit on your house you might be subject to income taxes on that amount. You must buy a new house to avoid that situation. You don’t want to spend your limited money on taxes! And if you sell, there are strict timelines for buying a new house: I think the IRS gives you two years until they tax your capital gains as income. Under no circumstances should you rent. You will not be in a position to save for another down payment to purchase a home for a long, long time. For many people, their home is their only asset. Don’t be foolish, figure out some way to own a home. And if your husband is careless with money, make certain that your name appears on each and every document that you sign and that you know where to find copies of all of this paperwork.

You should also determine with your husband exactly where the money would go, should you sell your home and size-down. Would it be to pay off credit card debt? Car loans? Don’t use it to pay for Christmas or a family vacation or college. Sparkle, once the money is gone, it’s gone forever. You can only bail out your finances like this once. Next time, you would probably have to rent. And you still might have to work full time anyway.

After you decide where the funds should go, you should establish a realistic budget for your household. Finally, you have to make certain that your husband handles the money as the two of you agreed upon. This is critical for the stability of your finances and your family. You might need to take over the family finances. Are you prepared to do that?

In the thread title, it seemed like you and your husband were making the own/rent decision for the first time. You and your husband have already made the decision to own. Now it’s time to adjust things so you can keep living in your own home. Please consider hiring a tax accountant or financial planner to guide you through this process. Many financial and tax issues are far to complex for most people to understand at first. Staying home is a good thing. Owning your home is a good thing. These are not mutually exclusive objectives. God wants you to trust Him, but he also wants you to use your money well, like the servant and the talents. You are wise enough to see that you need a major change in your finances, just don’t throw the baby out with the bath water. Please talk to some professionals for accurate, legal advice so that you don’t wind up in deeper trouble down the road. Have you considered declaring bankrupcy? I know this is a terribly difficult time, Sparkle, I just want you to understand the ramifications of whatever choice you make. God bless you, dear forum friend.


#19

[quote=vluvski]My preferred option was not there- buy a cheaper house. There are many things that impact the market value- schools, neighborhoods, age, size, etc…
If you can find something not terribly expensive, I’d say sell the one with the high payments for something cheaper so you’re not throwing money down the toilet with rent.
[/quote]

That is my pref option too. Some states have nice laws that help people purchase a new house after selling one. I’d ask around or do some research on that.


#20

Not only did we choose to rent, but we choose to live in a Base Housing duplex. :slight_smile: Sure, I desire the “Better Homes and Gardens” house of my dreams, more than any material possession! Believe me! But we have the firm belief that we can turn any house into a home.

We bought a moderat home when we lived in Florida(6 yrs ago) , thinking we would be investing money on real estate, rather than throwing it away on rent. This was the worst move we ever made. Our house was three years old when we had to move and we lost a grande total of $15,000 ! We had to pay someone to buy our house which was still in perfect condition! It wiped out our savings, ran up our credit cards and hurt our credit, but we finally sold it to a family for $8, 000 less than we paid for it.

Long story short, the market was flooded with brand new homes, so nobody wanted to buy a 3 yr old home. It was cheaper to buy a house than to rent. We checked out renting our house and the going price for rent would have barely paid our mortagae, let alon paid for upkeep. Our builder went bankrupt because of class action law suits due to faulty construction in another developement, so nobody wanted to give us top dollar for our house, even though the construction was fine. The week we were closing on our house, the county changed the flood zones from C to A, so their offer changed to $3,000 less after their appraisal. IT was a MESS MESS MESS! Just about any time you are buying a house, you are taking a gamble. Know your market and be prepared that the market can go to pot.


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