Oh my total god. On the one hand, that awful, incredibly ugly house is worth all of $280K? On the other hand, freestanding house of several bedrooms for only $280K?
(You know, if they were to try to sell it, they'd have to sink like $20K into renovations. Probably a lot more, if they had any idea of fixing the crappy layout.)
Yes, 3x your income is the conservative estimate of what you should be buying. (I gather it has moved realistically to 4x in some regions, and Flatmate offered me some cockamamie calculus this summer that sounded like the Gigantic Mortgage Party Line rather than an actual metric.) Yes, somebody who makes even half his likely income (say, $80K) should be able to stretch and afford that mortgage, not even counting the equity he was able to pour into the house from selling his previous house in Maine. (Which I know was, at one point, valued for tax purposes in the $75K range, so not a lot comparatively, but not nothing.)
You know, I really thought he spent all these years lying about money. I guess it's a comfort to discover that he's just delusional about it.
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branchandroot
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Date: 2007-09-11 02:29 am (UTC)(You know, if they were to try to sell it, they'd have to sink like $20K into renovations. Probably a lot more, if they had any idea of fixing the crappy layout.)
Yes, 3x your income is the conservative estimate of what you should be buying. (I gather it has moved realistically to 4x in some regions, and Flatmate offered me some cockamamie calculus this summer that sounded like the Gigantic Mortgage Party Line rather than an actual metric.) Yes, somebody who makes even half his likely income (say, $80K) should be able to stretch and afford that mortgage, not even counting the equity he was able to pour into the house from selling his previous house in Maine. (Which I know was, at one point, valued for tax purposes in the $75K range, so not a lot comparatively, but not nothing.)
You know, I really thought he spent all these years lying about money. I guess it's a comfort to discover that he's just delusional about it.