Good to know some things don't change. We did expect lawyer fees or cost of purchasing maintenance so things were tight!
The difference is we used to get raises over cost of living, and because we were starting out, Fred moved up in the company wage scale and I could change jobs for better pay. Within a couple years, we had adjusted but, much like having kids, costs are always a surprise.
https://www.cbc.ca/news/business/cmhc-budgets-homebuyers-1.4868418
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we were always cautioned about "house rich, mortgage poor" or whatever the saying was. The bank threw all sorts of numbers they would pre-approve us for. But in the end we knew to take that and say our max was about 75% of that number.
ReplyDeleteIt wasn't the house of our dreams, but we live easier than if we had gotten something more like what the bank would have allowed us.
Us too but there's the unexpected expenses.
ReplyDeleteI think a lot of it comes from HGTV and such...there's so many home buying shows and the framing is always "How much home can you afford?" and at least half the time they go over whatever budget is stated at the start.
ReplyDeleteAnd people always want more than they can afford. I remember going to show homes and the ones that made me want to buy were way over our budget.
ReplyDeleteWell I just bought a new vehicle and one of the first questions are "what can you afford for payments / what is your price range" ... It's pointless because they immediately just start you off at 95% of that number and then show you 110% ... 125%
ReplyDeleteWe just bought a truck as a second vehicle. Fred looked at inventory and picked one. Inventory doesn't include the dealer add-ons they charge you for so still end up over budget.
ReplyDelete