We live in a country where the housing market has sky rocketed over the last 5 years. My husband and I have been saving hard to scrape together a deposit while living with his parents for the last 2 years.
We decided to buy a property with my mum, which does extend our budget and takes us out of the first home buyer pool. We are also compromising by moving about an hour out of the city (not a huge city by world standards but the capital of our country).
Here’s the thing. Our dream house just came on the market. It’s everything we want and more, with ample room to comfortably house my mum, teenage brother (for the next few years) and us. My mum and I have absolutely hook line and sinker fallen in love with it.
The house is slightly higher than our original budget, but still workable. After paying for mortgage, insurance, rates, groceries, petrol, pets etc etc we would be left with approx $2000 a month for frivolous spending and savings.
AIBU for thinking that this is a healthy budget leftover, or am I completely in denial? My husband is a bit nervous about the price point, and doesn’t think we will have enough leftover for emergency savings/unexpected costs etc.
To put it in context a bit, if we were buying solo without my mums input we would be looking at paying exactly the same amount for a two bedroom, mouldy, damp awful house we would have to put at least $100k into doing up.
Would really appreciate some advice! I’m going crazy crunching numbers here