Quote:
Originally Posted by lastlight
I guess this was us to some extent. To be fair to us we had two incomes so the nice house was possible but not a ton of wiggle room if something were to go wrong and it did! Now we're where we belong. Modesty is affordable and we're really happy.
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My comments weren't aimed at people who could afford them such as you did with dual incomes. It was directed more towards the people that buy $600,000.00 houses while only earning $42,000 a year. To be fair the banks play a large role in this. When we bought our house and applied for a morgage we asked for XXX,XXX.00 of dollars and the first thing they asked us what "Well, don't you want to know how much total you can borrow" We said "Nope, this is what we want to spend, not what you think I can afford to spend." I think some people get glassy eyed at the thought of buying a much bigger house simply because the bank said they could.
I had a friend that was planning to spend around $300,000.00 and the bank told them they could afford a house double that so they started looking at houses in that range only to have to sell it less then a year later.