MovieChat Forums > Property Brothers (2011) Discussion > Someone Explain the Math Please..

Someone Explain the Math Please..

posted 9 years ago by rochambeau-934-616003
5 replies | jump to latest

Just watched an episode where a single (separated) middle aged woman, with cancer and 2 teenage kids was purchasing a house where the price + renovation was roughly $640,000 Cdn, which is $500,000 U.S.

How in Hades do the "buyers" on this show afford these homes? Unless the producers specifically search out trust fund babies or people with rich families, there's just no way.

Where I live (Austin, TX) a $500,000 home + taxes, insurance, maintenance, utilities, etc. would be a stretch and we're DINKs.

[–] LadyMarysHat 9 years ago

Generally speaking I'd have say these folks have amassed enough savings to apply a very large down payment plus good enough credit to obtain a super low interest loan.

[–] rochambeau-934-616003 9 years ago

So basically what amounts to the the "1%" of the home buyer market, i.e. folks who read Robb Report because it's more than just a wish list fantasy thing..

[–] just_married02 9 years ago

I don't get it either. I mean $6000 for a staircase? Who in the right mind would pay that?!

[–] LoBo_77018 8 years ago

My cousins live in California and their home loan has a big balloon payment at the end of 15 years. In 15 years they refinance it. That is how middle income people afford to live in a market where the costs are out of control.

[–] liscarkat (19427) 6 years ago

I always figure they have inherited big money from rich parents. Some places are ridiculously expensive. We could sell our basic 1-story tract house in southern California and buy one of Chip and JoJo's fully renovated semi-mansions in Waco, with a lake, and have money left over.