I really hate when I hear people buying a home and becoming house poor. The couple that just bought the home next to us are already having issues :(. They have only owned it for 3 months. She was telling me they could afford the house payments but it is the hidden costs that are hurting them. She said they now have no money left to put in saving or retirement so she said she will never be able to retire 🙁 sadly she told me that if something breaks they could not come up with funds to repair it
I guess they did not factor in extra cost in electric, water, taxes, insurance, and HOA fees. now they have two kids driving and they did not even think about insurance on youthful drivers and both will be heading off to college in two years. these kids are from a blended family his and hers not twins. and in my area in you are divorced you have to pay at least 1/3 of the college. She was not aware of this but both are heading to court next month to get college lined out and she will soon realize they will be putting out at least 16,000 a year.
I wish I could help them but I am afraid they will lose this home within a year
I am confused why people put themselves in such a hard place. The are in their 40’s and the got a 30 year loan!
I just try to be here and listen and I usually try to have a BBQ once a week to feed them not sure if it helps or not.