How much furniture spending is ok?

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jayk238
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How much furniture spending is ok?

Post by jayk238 » Sun Jul 15, 2018 4:43 pm

Income 255k
Stable
Debt 300k
Rent is 1550
One car 39k
2800 sqft home.
How much is too much for furniture?
Our old place was only 890 sqft so we had very litte furniture
Since moving here we have spent 3k
Anticipate further 1k spending
Beyond this 4k dont plan to buy more rest of the year or even next year
-basically bought everything furniture wise we need patio dining living den bedrooms etc

For example- We spent 1k outdoor patio furniture for example but love it. Using it daily except in rain. Only family using it-i suspect others who have patio furniture here that i see from my backyard (10families) bought too cheap and dont enjoy it.

retiredjg
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Re: How much furniture spending is ok?

Post by retiredjg » Sun Jul 15, 2018 4:52 pm

I don't think there is a number. Buy what you will enjoy when you can afford it. If you cannot afford it, wait till next year and start enjoying it then.

Don't borrow money for furniture beyond what you absolutely have to have (bed, few chairs, table to eat on).

You certainly are not spending "too much" based on what you have told us if that is what you are worried about.

Grt2bOutdoors
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Re: How much furniture spending is ok?

Post by Grt2bOutdoors » Sun Jul 15, 2018 4:53 pm

Kitchen table
Kitchen chairs
Bed
Furniture that accompanies bed
Sofa
Sitting chairs
Maybe a desk if required, work from home, etc.

Then stop spending money on furniture. And stop comparing the Joneses with yourself. Do you know what their personal finance situation is?
"One should invest based on their need, ability and willingness to take risk - Larry Swedroe" Asking Portfolio Questions

ytrewq
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Re: How much furniture spending is ok?

Post by ytrewq » Sun Jul 15, 2018 4:54 pm

General ballpark is square footage x 10. So for 2800 Sq Ft. home approx. $28K. Includes furniture, decor, furnishing, appliances. Some do it in a bit less and some spend more.
Last edited by ytrewq on Sun Jul 15, 2018 4:55 pm, edited 1 time in total.

adamthesmythe
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Re: How much furniture spending is ok?

Post by adamthesmythe » Sun Jul 15, 2018 4:55 pm

Too much is when: you need to stop making reasonable contributions to your retirement plan; when you can't pay down existing (presumably student?) debt at a reasonable rate; or worst- if you start carrying a balance on credit cards.

Other than that- make whatever tradeoffs you want between the new car, drinks at Starbucks, vacations, and restaurant meals. If you eat beans every day to pay for the furniture...it's your choice.

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Pajamas
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Re: How much furniture spending is ok?

Post by Pajamas » Sun Jul 15, 2018 5:53 pm

Whatever will make your wife happy, within reason.

stan1
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Re: How much furniture spending is ok?

Post by stan1 » Sun Jul 15, 2018 6:14 pm

For a rental? I'd spend a lot less than if I owned a home and had expectation to stay there for 10 or more years. A few furniture pieces like a favorite chair or a bed frame are easily movable but when you start getting into dressers, sofas, and dining tables it's easy to find that you want a particular size that fits properly in the room. I'd say $3-4K total is fine in your situation. If you need a little more that's fine too but I'd focus on paying off the debt. If you think you'll be moving frequently it's even better not to have a large amount of furniture to take with you.

Nate79
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Re: How much furniture spending is ok?

Post by Nate79 » Sun Jul 15, 2018 6:15 pm

Depends on what that debt is.

runner3081
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Re: How much furniture spending is ok?

Post by runner3081 » Sun Jul 15, 2018 6:27 pm

I am the wrong person to ask. Furniture is about buying something used that will last at the lowest possible cost. My wife and I don't entertain and have a 6-year old.

No use buying anything nice (not that we ever would).

jayk238
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Re: How much furniture spending is ok?

Post by jayk238 » Sun Jul 15, 2018 7:03 pm

Grt2bOutdoors wrote:
Sun Jul 15, 2018 4:53 pm
Kitchen table
Kitchen chairs
Bed
Furniture that accompanies bed
Sofa
Sitting chairs
Maybe a desk if required, work from home, etc.

Then stop spending money on furniture. And stop comparing the Joneses with yourself. Do you know what their personal finance situation is?
No. Sorry, wasn't trying to compare myself in terms of the 'joneses'. Instead, I was comparing how buying something a bit nicer will lead to it being used versus going the cheap route leads to no use- so in terms of usage/dollar we are getting far more out of our stuff than theirs- and I was trying to make this comparison to argue that spending more can be efficient in these situations

jayk238
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Re: How much furniture spending is ok?

Post by jayk238 » Sun Jul 15, 2018 7:04 pm

Nate79 wrote:
Sun Jul 15, 2018 6:15 pm
Depends on what that debt is.
you mean where its allocated? 300k is entirely student debt.

If its amount, its listed in the OP

jayk238
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Re: How much furniture spending is ok?

Post by jayk238 » Sun Jul 15, 2018 7:04 pm

stan1 wrote:
Sun Jul 15, 2018 6:14 pm
For a rental? I'd spend a lot less than if I owned a home and had expectation to stay there for 10 or more years. A few furniture pieces like a favorite chair or a bed frame are easily movable but when you start getting into dressers, sofas, and dining tables it's easy to find that you want a particular size that fits properly in the room. I'd say $3-4K total is fine in your situation. If you need a little more that's fine too but I'd focus on paying off the debt. If you think you'll be moving frequently it's even better not to have a large amount of furniture to take with you.
I desperately hope we move one last time next year to a home we buy and not for another 20 years!

jayk238
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Re: How much furniture spending is ok?

Post by jayk238 » Sun Jul 15, 2018 7:05 pm

Pajamas wrote:
Sun Jul 15, 2018 5:53 pm
Whatever will make your wife happy, within reason.
I agree.
I tried to push back earlier and she gave me fits so I felt that this was a reasonable compromise- she wanted 1k in overstuffed chaise and chairs and I said, instead, we should buy outdoor furniture (since I would enjoy it as well) and she is happy with this now

jayk238
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Re: How much furniture spending is ok?

Post by jayk238 » Sun Jul 15, 2018 7:06 pm

adamthesmythe wrote:
Sun Jul 15, 2018 4:55 pm
Too much is when: you need to stop making reasonable contributions to your retirement plan; when you can't pay down existing (presumably student?) debt at a reasonable rate; or worst- if you start carrying a balance on credit cards.

Other than that- make whatever tradeoffs you want between the new car, drinks at Starbucks, vacations, and restaurant meals. If you eat beans every day to pay for the furniture...it's your choice.
We should be able to do all of the above still (except the cc debt!!)

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Sasquatch
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Re: How much furniture spending is ok?

Post by Sasquatch » Sun Jul 15, 2018 7:29 pm

We just spent about $7k on furniture. Sofa, 3 end tables, dining set, 2 recliners. Our last setup lasted us 15 yrs. we buy what we like with some consideration of price and keep the stuff a long, long time. We finally retired our dining set we bought as newlyweds in 1989!

Nate79
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Re: How much furniture spending is ok?

Post by Nate79 » Sun Jul 15, 2018 7:34 pm

jayk238 wrote:
Sun Jul 15, 2018 7:04 pm
Nate79 wrote:
Sun Jul 15, 2018 6:15 pm
Depends on what that debt is.
you mean where its allocated? 300k is entirely student debt.

If its amount, its listed in the OP
In that case I would be debt free in under 2 years and buying furniture off craigslist until then. We are debt free except our home and still buy quality furniture off Facebook/craigslist when possible.

stan1
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Re: How much furniture spending is ok?

Post by stan1 » Sun Jul 15, 2018 8:26 pm

jayk238 wrote:
Sun Jul 15, 2018 7:04 pm
stan1 wrote:
Sun Jul 15, 2018 6:14 pm
For a rental? I'd spend a lot less than if I owned a home and had expectation to stay there for 10 or more years. A few furniture pieces like a favorite chair or a bed frame are easily movable but when you start getting into dressers, sofas, and dining tables it's easy to find that you want a particular size that fits properly in the room. I'd say $3-4K total is fine in your situation. If you need a little more that's fine too but I'd focus on paying off the debt. If you think you'll be moving frequently it's even better not to have a large amount of furniture to take with you.
I desperately hope we move one last time next year to a home we buy and not for another 20 years!
In that case I would try to postpone buying any more major furniture until you buy a home. Some items like a vertical chest of drawers or storage shelves can always find a place in a closet, garage, basement, or bedroom. We've often ended up buying new sofas every time we move especially in houses with an open floor plan. The L sectional we had in one house was reversed for the new house. I'm usually not a fan of love seats but we bought one for our current house because we needed some extra seating in the family room and that's all that would fit. Dining room tables seem to be a function of the room size. You can of course make do with what you have, but if you are going to buy something different I'd want something that works well with the house. Another option is used furniture which will often be 80-90% less than new if you can find something that will work even for a short amount of time. We have several furniture consignment stores in our city and sometimes good deals can be had.

daveydoo
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Re: How much furniture spending is ok?

Post by daveydoo » Sun Jul 15, 2018 8:51 pm

Used furniture is nearly free now. Many threads on this. I'm less inclined toward used upholstered furniture but there are plenty of options. The folks who insist on new are the ones who tend to lay out tens of thousands all at once. To me, this is not like a car or rent -- its more common sense than formula.
"I mean, it's one banana, Michael...what could it cost? Ten dollars?"

BogleBike
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Re: How much furniture spending is ok?

Post by BogleBike » Sun Jul 15, 2018 9:47 pm

The quality vs use trade-off you mention is important. So is the marital happiness.

Financially, Craigslist has a great advantage in that very nice furniture can sometimes be found there at prices that remain nearly stable. Once somebody sells their $2500 piece for $500, it's not going to depreciate much more if you sell it later. So if you don't use it, you can sell it.

I support your plan of only buying what you really think you'll use. But the price and risk are low enough that it's an area where a happy spouse will not cost you much compared to the price of your home, whether the space is rented or purchased.

AerialWombat
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Re: How much furniture spending is ok?

Post by AerialWombat » Mon Jul 16, 2018 12:09 am

Wow, ya'll spend a lot on furniture!

I live in a 4-bedroom, 1800 sq ft home, and own about $200 worth of furniture. Got some Ikea tables (free to me) zip tied together at the legs to make a big desk. Mattress on the floor in one bedroom (the other three bedrooms are empty). An inexpensive desk chair. Two folding camp chairs in the living room.

I can't fathom ever needing or wanting more. In fact, I want less, and will downsize further when I move into house #4, currently under construction.

Of course, I have no wife to appease, so there's that. 8-)

minimalistmarc
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Re: How much furniture spending is ok?

Post by minimalistmarc » Mon Jul 16, 2018 4:22 am

AerialWombat wrote:
Mon Jul 16, 2018 12:09 am
Wow, ya'll spend a lot on furniture!

I live in a 4-bedroom, 1800 sq ft home, and own about $200 worth of furniture. Got some Ikea tables (free to me) zip tied together at the legs to make a big desk. Mattress on the floor in one bedroom (the other three bedrooms are empty). An inexpensive desk chair. Two folding camp chairs in the living room.

I can't fathom ever needing or wanting more. In fact, I want less, and will downsize further when I move into house #4, currently under construction.

Of course, I have no wife to appease, so there's that. 8-)
Do you want a wife or is your intention to repel potential partners?

mouses
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Re: How much furniture spending is ok?

Post by mouses » Mon Jul 16, 2018 4:33 am

Pajamas wrote:
Sun Jul 15, 2018 5:53 pm
Whatever will make your wife happy, within reason.
Some day I will read bogleheads, and not see any posts that assume women's happiness depends on their husbands spending money on stuff. Every time I see one of these posts, I have a mental picture of a husband breadwinner and a trophy, grasping wife whose life revolves around buying expensive stuff. I don't know any people like that in the real world, just on bad reality shows.

RollTide31457
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Re: How much furniture spending is ok?

Post by RollTide31457 » Mon Jul 16, 2018 6:36 am

$1 per square foot or whatever makes the wife happy.

DarthSage
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Re: How much furniture spending is ok?

Post by DarthSage » Mon Jul 16, 2018 6:59 am

Since you are renting, I would buy as little as possible. But, I would also aim for classic, ageless items--our leather sofa is 20+ years, it has decades of life yet, and we have 4 kids and a dog (who's not supposed to go on the couch, but doesn't listen).

Instead of going out to buy specific pieces, I would keep an eye out for what you can come up with on the cheap--for now. Our local Salvation Army always has upholstered chairs/couches as well as tables and other wood pieces. Using couch covers, etc. can hide ugly fabric, and make stains and spills much easier to deal with.

The one big piece we bought after our last move was a massive bed, with built-in bookshelves. We finally had a master BR that could accommodate such a leviathan. But I should also mention, we bought this after 28 or so years of a waterbed (DH had it when I met him) and sleeping on hand-me-down mattresses on old bed frames. I knew if we didn't buy that bed at this point, we never would. So we did.

I would also casually let family and friends know that you're interested in acquiring older furniture. When MIL downsized, we and three grandkids benefited from her unloading furniture. We got a dining room table, chairs, and hutch, and a coffee table and side tables for our family room. These were all mid-1970's Danish Modern--not what I would have picked, but they work fine. More importantly, we were given a couch, three chairs, and an ottoman that were made by DH's grandfather, an upholsterer. The couch was specifically designed for my FIL. While I didn't care for the fabric choice, a few slipcovers took care of that, and protected our heirlooms. These pieces are decades old and built like iron--seriously, you'll be in a world of hurt if you kick that ottoman! It would be worth it to us to eventually get these re-upholstered, but we're waiting until the kids move out.

nova1968
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Re: How much furniture spending is ok?

Post by nova1968 » Mon Jul 16, 2018 7:01 am

delete
Last edited by nova1968 on Tue Jul 17, 2018 5:26 am, edited 1 time in total.

Leemiller
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Re: How much furniture spending is ok?

Post by Leemiller » Mon Jul 16, 2018 7:16 am

You spent what I consider to be a lot on a car, but you’re buying cheap furniture based on the info you’ve provided. I don’t see how 1k on some indoor furniture is a big deal when you have a 39k car? I would budget more but avoid buying too much until you buy your new home. Take a mid-range retailer like the Pottery Barn and add up the cost for a couch, two chairs, end tables, coffee tables, lamps, rug, and art. I’m guessing you’re well over 4K.

Good furniture is expensive. I haven’t personally had the luck others have with used furniture, but I’ve gotten some good deals on floor models. We have also spread out our purchases over the past few years.

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Pajamas
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Re: How much furniture spending is ok?

Post by Pajamas » Mon Jul 16, 2018 7:27 am

mouses wrote:
Mon Jul 16, 2018 4:33 am
Pajamas wrote:
Sun Jul 15, 2018 5:53 pm
Whatever will make your wife happy, within reason.
Some day I will read bogleheads, and not see any posts that assume women's happiness depends on their husbands spending money on stuff. Every time I see one of these posts, I have a mental picture of a husband breadwinner and a trophy, grasping wife whose life revolves around buying expensive stuff. I don't know any people like that in the real world, just on bad reality shows.
That's reading a lot into what I said, none of which was implied. Maybe you should stop watching bad reality shows.

RollTide31457
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Re: How much furniture spending is ok?

Post by RollTide31457 » Mon Jul 16, 2018 9:31 am

nova1968 wrote:
Mon Jul 16, 2018 7:01 am
RollTide31457 wrote:
Mon Jul 16, 2018 6:36 am
$1 per square foot or whatever makes the wife happy.
What if your income is $20,000 a year and your wife wants to purchase $250,000 worth of furniture to be happy.
In that case, educate her on reality.

dknightd
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Re: How much furniture spending is ok?

Post by dknightd » Mon Jul 16, 2018 9:46 am

Some furniture is essentially disposable. Some is worth keeping forever.

Caduceus
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Re: How much furniture spending is ok?

Post by Caduceus » Mon Jul 16, 2018 10:39 am

It doesn't make sense to budget for furniture based on your income, otherwise you could just justify buying high-end antique furniture every time your income goes up. Just buy something good quality and keep things simple. I bought a really nice work table since I use it all the time. I don't own a bed because I don't quite see the point of paying so much money to sleep a few feet off the ground. I just sleep on an expensive mattress that's lying on the floor.

sergio
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Re: How much furniture spending is ok?

Post by sergio » Mon Jul 16, 2018 10:48 am

We spent about $4k for all new furniture for our 2100 sq ft/ 3br place. One of the bedrooms is still unfurnished. We were renting before, so basically we had to buy everything at once. Ikea, wayfair, target, menards/home depot, some used stuff etc.

Lots of people knock the cheaper stuff, but all the cheap particleboard furniture I bought held up incredibly well for almost 10 years while I was renting (aside from the dresser, which I had to fix a few times), so we decided against splurging on super expensive stuff. This was especially true for stuff that wasn't used very heavily, like nightstands, the TV stand, etc.

Broken Man 1999
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Re: How much furniture spending is ok?

Post by Broken Man 1999 » Mon Jul 16, 2018 11:23 am

Our furniture buying strategy has always been buying good quality and keeping a long time. After 26 years we replaced our bedroom suite. Was still in excellent shape, but simply got tired of it. We always put glass tops on the end tables, chest-of-drawers, dressers, etc.

Recently replaced our patterned couch and love seat with leather sectionals with the recline features and all. Again, furniture in great shape, just got tired of it. Also replaced a hulking entertainment center with a much smaller piece. Cost about $5000 for all the living room furniture replacement. Our other group of furniture is in our dining room, the pieces are almost 30 years old. Beautiful golden oak. Not necessarily the current style, but too beautiful to replace. Bought some in North Carolina, a couple of pieces purchased locally. Sadly the furniture maker is out of business. The dining room furniture was about $4000 all total; the set has 8 chairs, long table with extensions, china cabinet, buffet, and a tall cabinet (mostly glass) for crystal and such.

I would make sure that any furniture bought second-hand be carefully inspected. We allowed a neighbor to add a sofa to a garage sale and ended up with mice in our garage and attic. Apparently the sofa had been stored in the neighbor's garage and included free mice for the poor person that bought.

I have to be honest, though I don't think I am a germaphobe, other than using something from a close family member would just creep me out. Buying used clothes, furniture, bedding...... nope! Not gonna do it. :shock:

Broken Man 1999
“If I cannot drink Bourbon and smoke cigars in Heaven than I shall not go. " -Mark Twain

AlwaysWannaLearn
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Re: How much furniture spending is ok?

Post by AlwaysWannaLearn » Mon Jul 16, 2018 12:18 pm

.....
Last edited by AlwaysWannaLearn on Wed Jul 18, 2018 9:58 pm, edited 1 time in total.

Ollie123
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Re: How much furniture spending is ok?

Post by Ollie123 » Mon Jul 16, 2018 12:54 pm

For what its worth, we make ~50k less and spent around 12k in the last year after moving from a modest apartment to a house. Admittedly, we do not have the student loan debt (though do now have a mortgage about the same size!). I agree with others it seems a little odd to balk at a comparatively small amount of furniture after clearly splurging on a car. To each their own though. At your income, I wouldn't question you spending 30k on furniture and I also wouldn't question you spending zero as long as you are meeting your other goals. You should have enough discretionary income at that salary that it just depends how you want to use it. Though I suppose the upper end could be excessive depending on what the interest rate is like on that debt.

To the one who balked at all the comments about "making your wife happy"...if you want to meet a couple like that, you are welcome to come over for dinner;) My wife works very hard and is very far from a "trophy wife" but would go absolutely bonkers if I suggested we get a used box spring off craigslist (per the other furniture thread). She would absolutely make my life a nightmare if I pushed for it. I don't think we are particularly unusual.

SuperGrafx
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Re: How much furniture spending is ok?

Post by SuperGrafx » Mon Jul 16, 2018 1:26 pm

Spend what you can comfortably afford.

Do not let the forum dictate what you can and cannot do.
No one is keeping score.

pejp
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Re: How much furniture spending is ok?

Post by pejp » Mon Jul 16, 2018 2:07 pm

I go big on stuff we'll keep for a long time and will use no matter if we move, and I'm more moderate on pieces that serve a specific purpose. e.g. our couch cost $5k, it's fantastic quality leather, and incredibly comfortable. If we move tomorrow, it'll be coming with us, and as long as nothing major happens to it, we'll have it for the next 20 years. Whereas we just bought a chair for the corner of the bedroom. It looks great, but we got it because we wanted it for that specific place, so we looked around and paid $250. I'm like that with personal items as well, like clothes, shoes etc....I go high quality (which usually means expensive) on 'core' items that I'll keep forever and look after, and cheaper on things that I don't expect to keep for longer than a few years. I've spent $1k on a briefcase, but the thought of spending $1k on a TV seems crazy to me. No problem with $400 on a pair of good quality British shoes, but I'd never spend $40 on a T-Shirt.

Basically don't try to keep up with the joneses, don't spend what you can't afford, but also buy quality when you can.

bluelight
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Re: How much furniture spending is ok?

Post by bluelight » Mon Jul 16, 2018 6:21 pm

Two years ago we purchased a 2300 sq ft home that also has an 800 sq ft finished basement. Quite a bit larger than our previous 1300 sq ft home. I looked back at our receipts for furnishing, we spent about 14K. A little over half of the 14K was spent on sofas and chairs for our living and family rooms, and a new king mattress. I refuse to buy used sofas, chairs and mattresses. The rest was on various pieces of furniture including a dining room set and a large curio that were purchased on Craigslist for a fraction of their original cost. Much of our old furniture went to the basement. It may get used again when we finally downsize.

Our furniture runs the gamut from a Mahogany bedroom set from the early 50's that was purchased by my parents, to industrial rustic in our family room (my 72 year old husband loves it).

If I were renting, I would go cheaper on the furnishing that may not carry over to my next home. If you want quality at a lower price, checkout craigslist, there are some great bargains out there as people downsize.

Dottie57
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Re: How much furniture spending is ok?

Post by Dottie57 » Mon Jul 16, 2018 6:26 pm

mouses wrote:
Mon Jul 16, 2018 4:33 am
Pajamas wrote:
Sun Jul 15, 2018 5:53 pm
Whatever will make your wife happy, within reason.
Some day I will read bogleheads, and not see any posts that assume women's happiness depends on their husbands spending money on stuff. Every time I see one of these posts, I have a mental picture of a husband breadwinner and a trophy, grasping wife whose life revolves around buying expensive stuff. I don't know any people like that in the real world, just on bad reality shows.
Unfortunately I have seen the wives of co-workers wrangle about furniture, clothes, vacations. The ladies get their way most of the time.

inbox788
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Re: How much furniture spending is ok?

Post by inbox788 » Tue Jul 17, 2018 5:15 pm

AerialWombat wrote:
Mon Jul 16, 2018 12:09 am
Wow, ya'll spend a lot on furniture!

I live in a 4-bedroom, 1800 sq ft home, and own about $200 worth of furniture. Got some Ikea tables (free to me) zip tied together at the legs to make a big desk. Mattress on the floor in one bedroom (the other three bedrooms are empty). An inexpensive desk chair. Two folding camp chairs in the living room.

I can't fathom ever needing or wanting more. In fact, I want less, and will downsize further when I move into house #4, currently under construction.

Of course, I have no wife to appease, so there's that. 8-)
Wow, you spend so little on furniture!

I just spent $600 on a couple of Jonathan Adler Aquatica Octopus Throw Pillows https://www.amazon.com/Jonathan-Adler-A ... B01FSG9LK0

Guess how much the couch costs? (from craigslist or freecycle?)

Just kidding (no on both pillow and couch), but there's a wide spectrum of prices for furniture. I'd use the amount insured as a guide, or maybe you need less insurance. I saved a few bucks going down on my other property (personal property) damage part of homeowner insurance, and even then, I was having difficulty adding up how to document (either through receipts or photos) sufficient losses to max out. Most expensive replacement items were all the appliances that would need replacement.

Anyway, one ballpark limit might be that furniture shouldn't exceed appliances costs in a home (I'm including central air, BBQ grill, and other such larger/costly devices), especially if you annualized the cost (i.e. what furniture doesn't last 10 years and what appliances do?.

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Pajamas
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Re: How much furniture spending is ok?

Post by Pajamas » Tue Jul 17, 2018 5:34 pm

AerialWombat wrote:
Mon Jul 16, 2018 12:09 am
I live in a 4-bedroom, 1800 sq ft home, and own about $200 worth of furniture. Got some Ikea tables (free to me) zip tied together at the legs to make a big desk. Mattress on the floor in one bedroom (the other three bedrooms are empty). An inexpensive desk chair. Two folding camp chairs in the living room.
Just curious as to why you have such a large house with so many bedrooms you don't use since it seems you tend towards minimalism with your possessions.

Also, you might be interested in this thread just for laughs:

"Why own a bed?"

viewtopic.php?&t=254100

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wabbajack
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Re: How much furniture spending is ok?

Post by wabbajack » Tue Jul 17, 2018 11:50 pm

Forget income and all that. Buy what you like, especially if it's something you will use all the time. Case in point: I spent a lot (for a new college grad) on my bed and office because I knew that's where I would be spending most of my time at home.

I have a dining set that I've never used except when I have guests. And I only bought a couch and TV when I started having potential mates over.

madbrain
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Re: How much furniture spending is ok?

Post by madbrain » Tue Jul 17, 2018 11:58 pm

You are spending about 1.5 - 2% of your gross income on furniture and wondering if it's too much ?
Of course it's OK. We have never made that much income, but have spent $30,388.21 on furniture the last 11 years according to Quicken.
We do live in a large place - about 4700 sq ft. The year we made contact (I mean, moved in), 2010, we spent $13k on furniture.
Since then, annual furniture spending numbers have been $4633.34, $0 , $331.99, $0, $5238.97, $4251.76, $2323.97 and $600 .
Our household is owned by 3 cats, and that contributes to the need to replace furniture more often than might otherwise be the case.

CarpeDiem22
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Re: How much furniture spending is ok?

Post by CarpeDiem22 » Tue Jul 17, 2018 11:58 pm

Equivalent to the time of your life you are ok to exchange with the furniture (reference: Your money or Your Life by Joe Dominguez, Vicki Robin)

AerialWombat
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Re: How much furniture spending is ok?

Post by AerialWombat » Wed Jul 18, 2018 1:00 am

minimalistmarc wrote:
Mon Jul 16, 2018 4:22 am

Do you want a wife or is your intention to repel potential partners?
Divorced twice. Not looking for a third.

AerialWombat
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Re: How much furniture spending is ok?

Post by AerialWombat » Wed Jul 18, 2018 1:03 am

Pajamas wrote:
Tue Jul 17, 2018 5:34 pm
Just curious as to why you have such a large house with so many bedrooms you don't use since it seems you tend towards minimalism with your possessions.
Yes, I’m a minimalist. My real estate investing strategy is to buy a house, live in it for the one year minimum required for an owner occ mortgage loan, then buy another house, converting previous to a rental. Repeat until FI.

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Pajamas
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Re: How much furniture spending is ok?

Post by Pajamas » Wed Jul 18, 2018 9:32 am

AerialWombat wrote:
Wed Jul 18, 2018 1:03 am
My real estate investing strategy is to buy a house, live in it for the one year minimum required for an owner occ mortgage loan, then buy another house, converting previous to a rental. Repeat until FI.
Seems like a smart strategy. That's a good pace for acquiring properties, you get a good rate on your loans without lying about occupying the property, you live in each one for a year to get familiar with the place and do any repairs or improvements that need to be done, and they are easy to show for the first rental.

AerialWombat
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Re: How much furniture spending is ok?

Post by AerialWombat » Wed Jul 18, 2018 9:45 am

Pajamas wrote:
Wed Jul 18, 2018 9:32 am
AerialWombat wrote:
Wed Jul 18, 2018 1:03 am
My real estate investing strategy is to buy a house, live in it for the one year minimum required for an owner occ mortgage loan, then buy another house, converting previous to a rental. Repeat until FI.
Seems like a smart strategy. That's a good pace for acquiring properties, you get a good rate on your loans without lying about occupying the property, you live in each one for a year to get familiar with the place and do any repairs or improvements that need to be done, and they are easy to show for the first rental.
Bingo! You hit the nail on the head!

It has downsides, obviously. It works well for me, but for people with families, I could see it being a massive turnoff due to the annual move. But I do know a number of people with spouse/kids that are doing it.

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