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Old 05-16-2010, 08:05 AM
 
Location: The brown house on the cul de sac
2,081 posts, read 4,122,972 times
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Quote:
Originally Posted by Rich Lee View Post
All things being equal, a purchase today should be 2 to 2 1/2 times one's yearly salary. If the salary is $50,000, then the purchase price should be $100,000 to $125,000. Otherwise, it's going to be difficult/impossible.
Plus down payment amount saved.
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Old 05-16-2010, 08:22 AM
 
Location: Cheshire, Conn.
2,102 posts, read 6,809,284 times
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Quote:
Originally Posted by renovating View Post
Plus down payment amount saved.
Correct; I should've said "financed" amount.
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Old 05-16-2010, 04:00 PM
 
6 posts, read 8,071 times
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No matter how much someone makes, the decision to buy a house or even a condo isn't an easy decision.
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Old 05-17-2010, 05:57 AM
 
Location: Montreal -> CT -> MA -> Montreal -> Ottawa
16,223 posts, read 25,437,758 times
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Quote:
Originally Posted by JackJohns View Post
In a few weeks, I may have my first home. Im starting to get a bit worried. It seems like a big step to take and perhaps, a step I shouldnt take.

I am going to putting up half a months income to live in this home (including home insurance/taxes). So right there maybe I shouldnt do this. I know some would say no way, others would say give it a shot the housing market will never be better for the buyer.

Im sure its normal to get the gitters when purchasing your first home but besides my mother telling me not to (she says I can find a home for a quarter of my income and that I should not take this risk) I have my g/f telling me its up to me but shell support me either way.

I cant help but think ill have regrets either way. To back out of this while I still can, or go ahead with it. Just to get more opinions, am I really making the right move here?

Im getting a home in Hamden for $230k. Down side is its just under 1200 square foot, but its got a fireplace and nice size front yard, and a basement that could provide extra room should I decide to finish finishing it. The rear yard is smaller but behind it is state owned forest area. Inspection went mostly well. There was a problem with the damper and chimney flashing but that is getting taken care of by sellers. 5000 level or radon in well but that isnt excessively high and measurements were taken at the bottom of the well.

Is it worth it? I only pull in roughly 3500 a month, should I spend half of that on a home? Im just sick of renting, and in my area there just isnt a whole lot out there in terms of clean, safe, nice places to live. I on the border of Fairfield country right now and God knows I wont get anything Id want to live in near there that I could afford. But perhaps I should just stick with renting, Im afterall, not entitled to own a home.
Hi there.

Have you made a decision yet? I know it's a difficult one and it's all the more difficult when you feel under the gun.

If you have any doubts -- either way -- my suggestion would be to opt for the route that's easiest to undo or change. Then, if you decide that you made the wrong choice, it's easier to change paths rather than feeling "stuck" in having made the wrong decision.

Keep in mind that if you don't feel ready for homeownership right now, there's always next month. Or next year. Or the year after that. Once you buy a house, it's harder to throw up your hands and say "oops!" because you have commitments to that house, financial and otherwise.

Please let us know what you decide in the end. And, either way, don't feel like you did the wrong thing -- just do what feels right for you so that you can breathe easily and sleep soundly. Know what I mean? All the best to you...
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