Me and my husband have started looking for homes and we live in San jose- CA where the house prices are so exorbitant. So with all our calcultaion we came to a conclusion that we can pay the mortgage and live comfortably only if we have two incomes. But we want to have kids soon may be in the next 1-2 years and we are scared to think that I may have to quit my job incase I cannot work after having a baby. We are so confused now as I am not sure if I will be able to continue working after having a baby, which makes it tough for us to support a baby and mortgage in single income. Has anyone else been in this situation or any suggestions or advice? Please help.
2007-03-02 09:09:32 · 6 answers · asked by svk 1 in Home & Garden ➔ Other - Home & Garden
Do the math on a single income. Find a house in your means, go with a realtor and see what you can find on one income. Also after having the baby you can sell things on ebay or something to make some extra money if your worried.
2007-03-02 09:14:04 · answer #1 · answered by Alexis221 4 · 0⤊ 0⤋
If you want to buy a townhome and live in San Jose, CA on only one income, it will require you to make a lot of financial sacrifices.
While it is not impossible to live on one income in San Jose, CA, it will be difficult.
If it were me, I would look for a single family residence that needs some light fixing. If I were determined to live on only one income, I would make certain that I had NO outstanding debt and a substantial savings account, in case of emergencies.
Within a year or two, your single family residence will have appreciated (not always true for townhomes) and your savings will be a great cushion for those extra costs related to the child(ren).
By the way, consider taking an extended leave of absence from your job. That way, you retain the option of returning if you find that living on one income proves too difficult for your family.
Good luck.
2007-03-02 09:19:09 · answer #2 · answered by ken erestu 6 · 1⤊ 0⤋
When buying a house , no matter what you should and must spend at least 3 - 6 month just looking for houses. Just see the houses , dont rush. get the idea of what you get and what you want. In 6 months keep a target and save some money. the more you put down , the less u pay towards monthly payment(of course u can get a house for 0% down as well). 6 months pay your bills on time and make ur credit history stronger than ever. After looking for houses buy one which fits all your criteria
2007-03-02 11:26:48 · answer #3 · answered by ashwiniak2 1 · 0⤊ 0⤋
Ever consider living other than San Jose? standard of living in San Jose is so high for you to be able to afford a house with one income. so you need to generate two incomes if you still considering San Jose.
2007-03-02 09:16:16 · answer #4 · answered by Jy 2 · 0⤊ 0⤋
let's face it. california is outrageously priced, the whole state. if you want to live in cali, and have a child, you need to make sure that the both of you are well established financially before you even consider a child. if you want to have a child, and live off of only one income for a while, you should consider moving to a different state. good luck in whatever decision you make.
2007-03-02 09:22:34 · answer #5 · answered by lidakamo 4 · 0⤊ 0⤋
lancaster / palmdale
2007-03-02 09:12:33 · answer #6 · answered by just me 4 · 0⤊ 1⤋