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Old 03-08-2017, 04:32 PM
 
3,808 posts, read 3,107,666 times
Reputation: 3332

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Quote:
Originally Posted by MrLinderman View Post
My wife and I have almost the exact same income as you, and from your posts and interactions with you I think you're a bit more conservative than I am. That being said, I agree with you 100%. I can't quite justify that amount of debt either.
Eh, it's likely just a differing set of priorities versus degree of "conservativeness". I prefer low overhead on the necessary items (e.g., home, primary transport) so I can blow money on personal interests. My theory is that if/when a financial hardship is incurred, it's much easier to scale back or sell off my hobbies versus my primary shelter and transport.

OPs debt-to-income frightens me as there's no ability to scale down ... no flexibility.
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Old 03-08-2017, 04:47 PM
 
57 posts, read 42,689 times
Reputation: 67
Given how the OP was supposedly able to save 100K for a downpayment, it's likely they didn't have a very lavish lifestyle to begin with. The important thing is that there are no big things to repair when they do the inspection. Supposedly Milton is a hot spot anyway. Worst case scenario they could sell the house and basically break even, assuming Milton in the next 5 years appreciates at the last 20 year average.

By the way, I looked up Milton's zoning laws. It's the same as Boston as I can tell. No more than 3 unrelated people.
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Old 03-08-2017, 04:51 PM
 
344 posts, read 333,780 times
Reputation: 537
A house in Milton at that price is likely going to need a decent chunk of work.
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Old 03-08-2017, 05:02 PM
 
57 posts, read 42,689 times
Reputation: 67
Yeah, you're definitely right.

If OP by chance got this one:
https://www.trulia.com/property/3122...ilton-MA-02186

They got a steal. They should just be house poor and keep it.

EDIT: Only joking... (kind of. Milton is kinda nice)
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Old 03-08-2017, 05:27 PM
 
37 posts, read 32,639 times
Reputation: 23
Quote:
Originally Posted by bitesize View Post
Yeah, you're definitely right.

If OP by chance got this one:
https://www.trulia.com/property/3122...ilton-MA-02186

They got a steal. They should just be house poor and keep it.

EDIT: Only joking... (kind of. Milton is kinda nice)
I don't think it is. OP mentioned 5 bedrooms. Regardless, yikes, I would not want to share a house with 3 roommates and that small kitchen. Make that breakfast area bigger or an island (can't tell truly how big the kitchen as angles of some of the pictures make it look bigger but I can tell it just doesn't have a lot of counter space and small fridge). Sorry, I'm coming from the midwest, and maybe my expectations for a half-million dollar house is way out of proportion.
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Old 03-08-2017, 09:31 PM
 
3,268 posts, read 3,303,482 times
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I think you're stretching too thin also.

you can't find anything under 540k? I know quite a few people who make more than 120k and bought a house for less than 540k.
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Old 03-09-2017, 05:14 AM
 
837 posts, read 1,218,673 times
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Quote:
Originally Posted by Whatsnext75 View Post
I think you're stretching too thin also.

you can't find anything under 540k? I know quite a few people who make more than 120k and bought a house for less than 540k.
Could be that they really wanted to get into Milton :shrug: And actually, if that's the case, that 540K is the median price for a house there, IIRC. But yeah, personally I'd never stretch myself that thin either.
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Old 03-09-2017, 11:47 AM
 
34 posts, read 32,517 times
Reputation: 10
supposedly the median home value is $623K. that being said that's kind of irrelevant since we wouldn't be selling for a few decades.

i think the main thing will be the inspection that happens sunday. with 20% down we would only have like 30k in savings. i saw some stuff about mass housing and how it'll give you 6 months of mortgage up to 2K a month in the case of an emergency, so that looks promising.

any advice on what to look out for during an inspection?
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Old 03-09-2017, 01:22 PM
 
652 posts, read 743,894 times
Reputation: 848
You need to take a first time homebuyer class.

Don't forget about your homeowner's insurance and municipal taxes which will increase your monthly payment.

Don't make yourself house-poor.
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Old 03-09-2017, 01:32 PM
 
344 posts, read 333,780 times
Reputation: 537
Quote:
Originally Posted by blueniteflower View Post
I don't think it is. OP mentioned 5 bedrooms. Regardless, yikes, I would not want to share a house with 3 roommates and that small kitchen. Make that breakfast area bigger or an island (can't tell truly how big the kitchen as angles of some of the pictures make it look bigger but I can tell it just doesn't have a lot of counter space and small fridge). Sorry, I'm coming from the midwest, and maybe my expectations for a half-million dollar house is way out of proportion.
This beauty in Newton is only 619!

https://www.redfin.com/MA/Newton/48-.../home/11432812
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