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Old 02-25-2009, 01:45 PM
 
Location: Cary, NC
355 posts, read 1,358,813 times
Reputation: 201

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My husband and i bought our first home 9 months back. Our budget was 500k but we chose to buy something under 340. We wanted to be very conservative and were not swayed into buying a house with all the bells and whistles. We bought a well-cared for 10 year old home in a great location and we are hoping to stay put for a long time...do some upgrades every few years. Best of all, our mortgage is nearly paid off and we are in our early 30s!
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Old 02-26-2009, 02:23 AM
 
Location: Escondido, CA
1,504 posts, read 5,329,471 times
Reputation: 877
I could not afford my dream home, and I don't know if I ever will. Instead, I bought the nicest house I could find for a reasonable price. I put 15% down and my PITI (principal+interest+taxes+insurance) is somewhere around 35% of my gross.
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Old 02-28-2009, 04:23 PM
 
1,312 posts, read 4,183,471 times
Reputation: 1976
When we went to buy, we figured out what we could afford, and then looked at every single house in that price range. We knew it would not be the only house we bought, so we did consider it our starter home. Since we knew we wanted kids in a couple years, we didn't even consider a condo. Poor resale value there. We ended up with a townhouse, which is basically the starter home in the Metro DC area. We did go for things that would give us a better resale value though: end unit, reserved parking, fireplace, deck, those type of things. People told us we'd be there for 3 years or so, and we thought they were nuts! We were there for 9 years.
We sold it last year, after it had tripled in value, and bought a single family home in a better family area. It's still not our dream home, but I don't think we'll ever have that...which is why it's called a dream, at least for us!
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Old 03-06-2009, 03:30 PM
 
Location: Will County
179 posts, read 412,367 times
Reputation: 72
Quote:
Originally Posted by VA DIVA View Post
Did you buy a starter home or your "dream" home? This will be our 1st home. I'm thinking something that we really like, that's affordable, nice with good schools. But, I must admit I like home that have all the upgrades! We will probably be in the home for about five years (husband is military) or longer. Please give me your opinions.
VA Diva: The best and first source of information you should obtain is from a reputable, knowledgeable mortgage professional. They can tell you what monetary/lending options you have available to you and which lending scenario fits your present situation and future goals best. Once you know and understand what options you have, then you can move ahead accordingly knowing what you can or cannot afford and what makes the best financial sense for you. Your lender can tell you the price range of home you can afford and also pre-qualify you for lending. That strengthens your offer to the seller of a home when you find the property you wish to buy. Many times a seller will not even entertain an offer from a buyer that is not pre-qualified, so this is an important first step to take. If it is your first home, it is even more important.Moderator cut: soliciting I wish you the best of luck finding your home.

Last edited by Marka; 03-06-2009 at 05:58 PM..
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Old 03-06-2009, 05:28 PM
 
Location: Cary NC
553 posts, read 2,081,437 times
Reputation: 303
Quote:
Originally Posted by profmortgagebanker View Post
VA Diva: The best and first source of information you should obtain is from a reputable, knowledgeable mortgage professional. They can tell you what monetary/lending options you have available to you and which lending scenario fits your present situation and future goals best. Once you know and understand what options you have, then you can move ahead accordingly knowing what you can or cannot afford and what makes the best financial sense for you. Your lender can tell you the price range of home you can afford and also pre-qualify you for lending. That strengthens your offer to the seller of a home when you find the property you wish to buy. Many times a seller will not even entertain an offer from a buyer that is not pre-qualified, so this is an important first step to take. If it is your first home, it is even more important. I have some information on the new tax credit available for first-time buyers on my website at www.genemundt.com. If I can be of further assistance after you view the site and information there, please contact me. I wish you the best of luck finding your home.
Careful....no advertising on these forums....
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Old 03-06-2009, 05:33 PM
 
Location: Cary NC
553 posts, read 2,081,437 times
Reputation: 303
I always ask my clients to think back to where they were 5 years ago and what they were doing in their life. Then I ask them to think back 10 years. Then I pose this question: Have your needs changed from 10 years to 5 years? How about from 5 years to today? What is the likelihood that your needs may change in the next 5? Most people, except retirees, permanently disabled or near retirement state that their lives willmost likely change within 5 years. That being said I always recommend that they buy a home that meets their needs. The dream home usually presents itself comfortably (meaning you can easily afford it) in latter years.
Do what you want but most "dreamhome buyers" that were not able to comfortably buy are now either out of the house or facing foreclosure. Getting in the house is easy, staying in it is the tough part!
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