My brother is building a house well beyond his means. I am also looking to buy a house myself, however, within a threshold I can afford. Every opportunity my brother has he boasts about the luxurious home him & his wife will being living in. Example of the boasting: He asks me how many square feet will you have?" I state about 1,700 - he replies "My basement is 1,700 feet". Furthermore this dream home is $400,000 with the combined salary of him & his wife being $115,000 per year. With these salaries and no money given from parents -is this something he can even afford?
2007-01-29 01:15:04 · 7 answers · asked by Billy Jack H 1 in Business & Finance ➔ Other - Business & Finance
Hang up on him. If all he wants to do is brag, let him tourment someone else.
2007-01-30 09:46:18 · answer #1 · answered by Anonymous · 0⤊ 0⤋
He will be able to afford living there. The suggestion is that your monthly mortgage payment be 1/3 your monthly income. He should be able to cover that fairly easily if it is on a 30 year mortgage. As far as his houses basement be 1700 sq.ft. Who cares? (this is coming from an architect) I think that it is very irresponsible to own such a large house that is rarely needed. It causes the people who live in them to wast energy and money heating and cooling a place where the sq. ft. are more than needed. If I had all the money in the world I would never need to build a house bigger than 2500 sq. ft.. That is a perfect sized, if planned correctly. I hate seeing these McMansions that are poorly designed by contractors and not architects. There is a reason why we go through 6 years of school.
My suggestion to you is that you dont worry about his ridicously large house. Any time he wants to make you feel bad about your house, just mock him by saying "the whole world is very impressed by your luxurious home"! Trust me you can easily just fire back at him about how expensive his bills to maintain the house are going to be while you will be traveling the world!
Good Luck!
2007-01-29 09:29:39 · answer #2 · answered by Shmesh 3 · 1⤊ 0⤋
Probably not, but, maybe he's exaggerating the cost . It could be his square footage isn't as much as he's leading you to believe. Sounds like your brother is trying to one up you. Wait and see what the finished house looks like. He may be cutting corners somewhere. If he can't afford it you'll find out in short order. Usually the mortgage lender won't give you a loan for more than you can afford. They do the figures based on income, after all they don't want to put money in a losing proposition.
2007-01-29 09:26:20 · answer #3 · answered by mjm52 4 · 0⤊ 0⤋
Its not bad to have an ideal house and plan to build it but its bad to brag about it especially if it would not possibly happen. In his case, their combined salaries is insufficient just ONLY for the house. He might have other expenses such as electric and phone bills, food, clothes, transportation and health care as well as miscellaneous fees such as insurance, and all those bills that you must pay. Also, savings is not still included. How they could live if all their money will be just wasted in the house? He must not brag about anything if he hadn't done it yet. He must better build or just buy a cheaper house or just save money and wait as long as they are comfortable to the house that they will choose.
2007-01-29 09:37:00 · answer #4 · answered by darkwizard_71 2 · 0⤊ 0⤋
Well if they are making that much money, then it seems well within their means. You aren't telling us what other bills they have, there mortgage will be pretty high, but if they are brining in almost 10G's a month, then they can afford it based on that. I think you are a bit jealous, and that's why you are making a big deal out of it. It's their life, maybe you should be happy for them. Or maybe you care a little too much. Either way, I'm not sure it's not any of your business, even if it is your brother.
2007-01-29 09:21:54 · answer #5 · answered by DnBprincess850 5 · 1⤊ 0⤋
The house i hopefully want to buy in the future will cost me about $650000. Hardly anyone can afford a house nowadays. so It's not wrong to boast, but he might later be begging you for the money for the mortgage. Just let him. He'll meet his match.
2007-01-29 09:19:41 · answer #6 · answered by Anonymous · 0⤊ 1⤋
my mother told me in order to have a house and still have money to pay your other bills and luxuries. Your monthly house payment should be somewhat equal to your combined weekly salary. It could be a little higher but you want it somewhat equal.
2007-01-29 09:19:56 · answer #7 · answered by B 4 · 0⤊ 0⤋