My cousin and his wife bought a new house a few months ago and we were invited for Easter dinner and to see their new place. The house is BIG. It's 3300 square feet with an additional 900 square foot, fully finished basement that is a separate apartment with 2 bedrooms. Their 28 year old son currently lives in that level, rent free but that's another story.
The house is beautiful. Very high end finishes, open concept kitchen, dining, family room, large deck, and 2 car garage. I am still drooling over the master bathroom, 2 sinks, separate tub and large walk in shower with a bench and lot's of storage.
They paid $510,000. The property taxes were listed at just over $5k per year. I know they did not put 20% down because his wife was complaining about having to pay PMI. My cousin is 60 years old and his wife is 56. He works as a truck driver for a large soft drink company. She does not work outside the home, no young kids at home.
I just wonder how they are affording such an expensive home, and I worry about them in retirement. I don't know their full financial picture, but I do talk to his wife quite frequently and I just don't get the sense that they are well prepared for retirement.
I do admit feeling some pangs of envy at the finishes, but not at the thought of that monthly mortgage payment, or utility bill, or cleaning it!
In the end, I feel satisfied with my paid off condo and being able to sleep at night without such large financial burdens.
My cousins new house
April 23rd, 2017 at 10:48 pm
April 23rd, 2017 at 11:07 pm 1492988834
April 24th, 2017 at 07:37 am 1493019478
April 24th, 2017 at 12:36 pm 1493037373