70k salary, what kind of house can we afford?

[olecapt]

Good advice on HOA fees. Be particularly careful in new developments. It is reasonably common for the builder to subsidize the HOA while he is in control. Builder sells the last unit and the next year HOA goes up 50 or 100%.

There is also another sort of SID that the kid referred to. That is an assessment to the neighborhood when an improvement occurs. They are often not long term but are paid right away.

The standard RE contract has a clause that requires the seller to payoff all SIDs and LIDs. It is not commonly done in places like Summerlin but you can dicker over it.

[olecapt]

Originally Posted by Rachael84

My boyfriend and I plan on moving to Las Vegas in about 4 years or so. We both teach in NYC (Well, I will be next year). Combined, we'll be making about 100k together. We are willing to save as much as we can before going out there, but I can't tell you how much we'll have saved by then. How much do you think we can afford for a house? I'm really liking the Mountain's Edge area, and even though the houses are new, some are decently priced; just as much as the other houses in other areas. Anyway, I want to get a nice house, but at the same time, not spending everything we make towards the house. What areas do you think we can afford to live in, what type of house, etc? Anything would be helpful, thanks.

Back on the main thread there is also a thing called the Nevada Bond Program that is available to teachers. It provides very nice low interest financing for teachers. Mildly complex but a pretty good program. Get a teacher into a home up to $319K with little down and low interest rates.

[Rachael84]

That's really nice to know. That will be very helpful with a move.

Does that count towards new houses, somewhere like Mountain's Edge?

[olecapt]

Let me see if I can find a reference to the program. Should be one around. The program is not specific to teachers though they generally qualify for it.