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Old 04-23-2010, 10:31 AM
 
4,476 posts, read 5,996,022 times
Reputation: 3637

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Quote:
Originally Posted by Mike from back east View Post
As we often suggest to newcomers, it may be best to rent for 6-12 months to get a feel for which of the many areas is best for them.
I think this is a great idea. If you don't have kids you are trying to settle into a school, I'd rent first to get a feel for the area.

One thing I am so glad we didn't do when we were transferred here 11 years ago - buy at the level we were pre-approved for. We wouldn't have been able to do anything else if we had.

There is so much more to home ownership than just the monthly payment.

I also would think that your overall cost of living is going to be higher here than what you are used to coming from Louisiana.
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Old 04-23-2010, 12:45 PM
 
Location: here
16,998 posts, read 14,256,668 times
Reputation: 13896
Quote:
Originally Posted by CuriousLindsey View Post
My husband and I are thinking of relocating to Denver and I've been looking on Realtor.com to see what's available. Based on their mortgage calculator (using the average settings) it seems reasonable to look at houses up to about $300,000. Their calculator estimates the monthly payments to be about $1500 a month for this price.

We will be making about $50,000 a year (just over $4000 a month) plus about $20,000ish for a down payment. I was just wondering if $300,000 was reasonable like the website says. If anyone makes around that much and knows whats do-able on that salary or if any real estate agents could help me out on this one, I would appreciate it. I just want to make sure I'm looking in the right price range. Thanks.
to me, yes. 3 years ago we spent $300K on a house with $100K+ down and DH making about $70K. We haven't had a car payment since before that. Our payment including taxes and insurance is about $1370.
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Old 04-23-2010, 01:07 PM
 
Location: Denver, CO
1,206 posts, read 2,708,179 times
Reputation: 584
I suggest renting a house. You'd be surprised the type of deal you can get. Save as much as you can.
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Old 04-23-2010, 01:14 PM
 
133 posts, read 104,927 times
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if you both make 50k combined, i would say no. if you both "each" make 50k (100k combined), then yes. i was making 60k and i still didn't like the idea of buying a place worth more than 200k. like one of the posters said, being housepoor is no fun. make start out with something smaller and work your way up to something bigger in the future. no sense in taking an unnecessary risk, but that's just my 2 cents.
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Old 04-23-2010, 01:14 PM
 
Location: Wherever women are
19,023 posts, read 14,177,740 times
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You can do it if you are not a spendthrift like me LOL

But be careful, and watch out on the planning and stuff. That kind of amount is somewhat big
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Old 04-23-2010, 02:01 PM
 
4,267 posts, read 3,028,251 times
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With that salary and down payment I think you'd be a lot more comfortable looking at houses in the $175K-$200K range. Anything more then that will be difficult even with a thrifty lifestyle and no other debt. Also depends on whether or not you are talking about $50K net or gross. That price range will limit your options in Denver so you may want to consider looking into some of Denver's older inner ring suburbs, many of which have more of an urban feel then a suburban one.
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Old 04-23-2010, 02:34 PM
 
Location: Aurora, Colorado
2,212 posts, read 3,117,633 times
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Quote:
Originally Posted by rkb0305 View Post
to me, yes. 3 years ago we spent $300K on a house with $100K+ down and DH making about $70K. We haven't had a car payment since before that. Our payment including taxes and insurance is about $1370.
Your mortgage is $1370 because you put $100K down which means you are only paying for $200K of your $300K house.

The OP said they are looking at $300K for a house with $20K down which means not only will her mortgage be way more than yours ($280K), but he/she will also be paying PMI because they didn't put 20% down.

The OP needs to put more money aside for a large downpayment so he/she can enjoy a more expensive house (like yours) for a lot less money. Your husband's salary of $70K can afford a $200K mortgage payment...that's why those of us have advised the OP that making $50K is not an opportunity to get a mortgage for $280K.
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Old 04-23-2010, 02:36 PM
 
Location: Denver area
17,039 posts, read 12,212,215 times
Reputation: 19271
Quote:
Originally Posted by the3Ds View Post
Your mortgage is $1370 because you put $100K down which means you are only paying for $200K of your $300K house.

The OP said they are looking at $300K for a house with $20K down which means not only will her mortgage be way more than yours ($280K), but he/she will also be paying PMI because they didn't put 20% down.

The OP needs to put more money aside for a large downpayment so he/she can enjoy a more expensive house (like yours) for a lot less money. Your husband's salary of $70K can afford a $200K mortgage payment...that's why those of us have advised the OP that making $50K is not an opportunity to get a mortgage for $280K.

I think that is why she said "yes" - meaning 300K is too expensive..
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Old 04-23-2010, 03:06 PM
 
Location: here
16,998 posts, read 14,256,668 times
Reputation: 13896
Quote:
Originally Posted by the3Ds View Post
Your mortgage is $1370 because you put $100K down which means you are only paying for $200K of your $300K house.

The OP said they are looking at $300K for a house with $20K down which means not only will her mortgage be way more than yours ($280K), but he/she will also be paying PMI because they didn't put 20% down.

The OP needs to put more money aside for a large downpayment so he/she can enjoy a more expensive house (like yours) for a lot less money. Your husband's salary of $70K can afford a $200K mortgage payment...that's why those of us have advised the OP that making $50K is not an opportunity to get a mortgage for $280K.
that was my point. "Is $300K too expensive?" was the question. My answer was "yes."
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Old 04-23-2010, 03:09 PM
 
Location: Aurora, Colorado
2,212 posts, read 3,117,633 times
Reputation: 2318
Quote:
Originally Posted by maciesmom View Post
I think that is why she said "yes" - meaning 300K is too expensive..
Oh!

When I read the post, I thought they were responding to the last part of the OP's thread asking if they are looking in the right price range...not answering "yes" to her question which is the title of the thread. My bad. First step to getting help is admitting you have a problem!
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