Home sales fall for 5th month-Tough economic times, dwindling affordability

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chittesh
Member since: May 05

Posts: 448
Location: Here and There
Post ID: #PID

Posted on: 30-10-08 15:52:03

If you buy a home for which mortgage+property tax = <= 30% of your income after tax per month without kids (25% with kids) then you should be ok. Dosent matter how the market is, where you live etc. Buy what you can afford and still LIVE.

I know people living in a 2000+ sq ft 4 br homes in Mississauga/brampton (in the 65% category) but havent furnished more than 2 rooms in the last 3-4 years. Dont have money to save and think 1000 times before even spending 5$. They go financing way for buying a 400$ camera. not the kind of stress one should take for living in a bigger home or living in a big city

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G13
Member since: Jul 06

Posts: 602
Location: Amidst a glow in the sky.
Post ID: #PID

Posted on: 30-10-08 17:18:16

Quote:
Originally posted by chittesh

They go financing way for buying a 400$ camera..

Good point!

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ecom
Member since: Jun 07

Posts: 115
Location:
Post ID: #PID

Posted on: 30-10-08 20:14:06

Quote:
Originally posted by chittesh

If you buy a home for which mortgage+property tax = <= 30% of your income after tax per month without kids (25% with kids) then you should be ok. Dosent matter how the market is, where you live etc. Buy what you can afford and still LIVE.

I know people living in a 2000+ sq ft 4 br homes in Mississauga/brampton (in the 65% category) but havent furnished more than 2 rooms in the last 3-4 years. Dont have money to save and think 1000 times before even spending 5$. They go financing way for buying a 400$ camera. not the kind of stress one should take for living in a bigger home or living in a big city

In addition to above; one must keep in mind that every year prices of commodities are going up for most of the consumer durables, food, clothing etc....

Over all whatever home buying strategy or standard of leaving one may adopt; one must keep "buffer" for unforeseen events. Personally I don't like to leave with unnecessary stress everyday worrying about "what is something go wrong".

ecom
Member since: Jun 07

Posts: 115
Location:
Post ID: #PID

Posted on: 30-10-08 20:15:33

Quote:
Originally posted by chittesh

If you buy a home for which mortgage+property tax = <= 30% of your income after tax per month without kids (25% with kids) then you should be ok. Dosent matter how the market is, where you live etc. Buy what you can afford and still LIVE.

I know people living in a 2000+ sq ft 4 br homes in Mississauga/brampton (in the 65% category) but havent furnished more than 2 rooms in the last 3-4 years. Dont have money to save and think 1000 times before even spending 5$. They go financing way for buying a 400$ camera. not the kind of stress one should take for living in a bigger home or living in a big city

chandresh
Member since: Mar 03

Posts: 2606
Location: Toronto
Post ID: #PID

Posted on: 31-10-08 12:31:01

Quote:
Originally posted by ecom

Over all whatever home buying strategy or standard of leaving one may adopt; one must keep "buffer" for unforeseen events. Personally I don't like to leave with unnecessary stress everyday worrying about "what is something go wrong".

I think it is a purely personal perspective - I know lot of people who live for the day and for them to spoil today for a rainy day is not worth living. They would be more stressed if they have to think that they should be saving 10-25% of their net earnings simply because "what if something goes wrong someday".

So you like to live stessless by saving enough today - they like to live stress free by enjoying their earnings today for the bad day might NEVER come.

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Chandresh

Advice is free – lessons I charge for!!

chandresh
Member since: Mar 03

Posts: 2606
Location: Toronto
Post ID: #PID

Posted on: 31-10-08 12:37:16

Quote:
Originally posted by G13

Quote:
Originally posted by chittesh

They go financing way for buying a 400$ camera..

Good point!

Isn't it better than not having a camera and so not being able to capture some wonderful moments of today which you would love to see 10-20-30 years from now.

How I repent I did not have any camera when I was a child and I have no photos (may be 2 or 3 only) till I started earning myself!

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Chandresh

Advice is free – lessons I charge for!!

viggy
Member since: Aug 07

Posts: 569
Location:
Post ID: #PID

Posted on: 31-10-08 12:55:31

Live Life King Size... I am with you....

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Home sales fall for 5th month-Tough economic times, dwindling affordability

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