LogFAQs > #959717745

Revelation34 posted...

I looked into moving there like a month and a half ago. Average houses being about 400-500k.

Yeah, I'm so glad my friends moved near me, I loved living with them and I only want the best for them. I am so looking forward to being a positive part of their lives. I'm just worried because the insane cost of homes now adays, and the predatory nature of banks is super scary. I didn't find out how much they were paying etc until after they bought the house, but I would never recommend someone put themselves in a position like this, they should have gotten a smaller house for less money for sure.

They don't need 5 bedrooms, even close. They want 1 for themselves, 1 for their daughter, 1 for a future son (whole nother story that they already have a name for the son and expect a son when it's like a 50% chance they will have another daughter), 1 for each of them to have an office since they both work from home, and a guest room lol.

They could have gotten a nice, but smaller house for almost half as much, not had to get down payment insurance ($100 a month), and had half the mortgage rate, and still had a future room to use as a bedroom for another baby (of either gender lol). One could use the living room as an office while working and the other use the future babies room as an office for now (or use the bedroom as an office during the day etc).

That would have dropped their 3500 a month base cost to about $1500 which they could handle on either of their salaries alone).

But oh well, it's done, and they have a really nice house. Just gotta hope everything goes well in the future and neither of them loose their job etc. The banks are freaking evil though, they set them up to lose the house eventually if ANYTHING goes wrong. They would be out the deposit they put down, the money they put into it (through interest), the taxes in t his state for selling a home are insane, and the minimum 4% realtors fees make you lose about 20% of the value of the house if your forced to sell. If they lose the house they are looking at a loss of about $100k anywhere in the next few years.

They are also renovating the house and basically between the deposit (which they didn't reach the full amount of hence the insurance) and all the work (replaced the rugs/painted the inside etc) all t heir savings are gone.

Super scared for them, but super happy at the same time that they live in such a nice/safe neighborhood with a great school nearby and will be close to me!!

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Tacobot 3000 "Saving the world from not having tacos."
Friends don't make their friends die Hanz. Psychopathic friends do.