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Old 01-06-2013, 11:22 PM   #31
theonenonlymrssmith's Avatar
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Originally Posted by KrisM
Remember there are a lot of other costs with a house - repairs, maintenance, etc. Those are typically not involved in renting at all. You'll buy things like lawn mowers, rakes, mulch, etc. You'll have to save for roof repair, new appliances, etc. I've read a rule of thumb to save about 1-2% of the houses value each year. We budget $300/month. Generally, we don't use it. But, when we needed a new roof 6 years into this house, we were ready.

What percentage of your take-home income with the mortgage, prop taxes, and insurance be?

We have been homeowners before (this apartment is our in between houses living, all our stuff is in storage), and are aware of the upkeep, and while we have all the lawn equipment, there isn't much upkeep on a wooded property.

Luckily, my husband works in maintenance, and can fix or build everything in a house, except electrical. All appliances are practically brand new, and if they break, hubby can most likely fix them.

It's about 40% now, but in less 6 months, that goes down to 36%. Hubby's raises are in writing, so I am comfortable counting the income.

Last edited by theonenonlymrssmith; 01-06-2013 at 11:25 PM.
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