First time home buyer any advice? (New York, York: real estate, apartment, rental)
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We both have good jobs making $18 an hour 40 hours a week. We both usually accept extra hours so we usually get around 10 hours of overtime pay. Thats $27 an hour. The max overtime hours is 20. On top of that we both have part time jobs. We will be saving any money we get as a gift for our wedding for the future house too (not expecting but will be grateful)
We dont expect to start looking until Mid March 2020 - April 2020. We both have good credit always pay the bills on time.
Any tips for first time home buyers? Thanks in advance
Why are you stuck on a house? Do you have any savings in case something breaks or you find some "surprise" once the house is purchased?
I think that's something you should think about. You're responsible for EVERYTHING. Boiler breaks? On you to replace it... I could go on but you get my drift. Have you been approved for $450,000 max? What is the combined salary that the two of you can count on, not including OT and what sort of mortgage payment can the two of you afford a month?
Opinion:
Read my previous posts on this topic.
You have a long road ahead of you and hoping you come up with at least 50% down on your current income.
It better be an income producing home ( rental ) for $450,000 bucks based on your income.
If you can not find an income producing home for that price
Shop for a cheaper home ( bungalows ) in the $200,000 along the waters edges in the 5 boroughs.
Advice:
If you want a comfortable living in New York you better own your home outright and grossing $100,000 a year.
Best wishes............
Find out what your credit scores are - that is one of the first steps to buying a home while using a lender. If one or both of your credit scores are below 700, then it might not be worth the effort to proceed.
Think of the future as well - if you want kids, then find a home in a safe neighborhood with decent schools. $450k max budget is going to be tough.
You should calculate in your expenses, furniture, utilities usage, insurance, property taxes, maintenance for repairs, etc
Lots of advice. First one is to get preapproved from a bank, that will let you know your real budget.
Get a young and hungry real estate agent thats willing to take their time to close a deal, I had a veteran agent, she was already successful and didnt care to be genuine as much, only stuck with her because she showed me 10 homes and the last one was hers to sell exclusively, which I went with, otherwise I was ready to find another agent.
Find a real estate lawyer that handles contracts within that neighborhood or county, they’ll know what to look for.
My last piece of advice is to wait for the upcoming recession, the prices will take a good dip and you’ll get more for the money. Im waiting on it to buy a second property as an investment, and it can’t come soon enough.
Lots of advice. First one is to get preapproved from a bank, that will let you know your real budget.
Get a young and hungry real estate agent thats willing to take their time to close a deal, I had a veteran agent, she was already successful and didnt care to be genuine as much, only stuck with her because she showed me 10 homes and the last one was hers to sell exclusively, which I went with, otherwise I was ready to find another agent.
Find a real estate lawyer that handles contracts within that neighborhood or county, they’ll know what to look for.
My last piece of advice is to wait for the upcoming recession, the prices will take a good dip and you’ll get more for the money. Im waiting on it to buy a second property as an investment, and it can’t come soon enough.
There will be a dip in prices, but I don't know if it will be 2009 types of prices. As long as the consumer is sound and has buying power, I don't expect a crazy dip in prices.
I am not judging you, but if I was in your shoes, I would try to make sure I get a higher paying job before committing to buying a house.
First, you have to figure out how much your monthly expenses are without including your current rent. Second, how much can you and afford to pay your monthly mortgage. Lastly, check out what houses are available out there and see if any of them are any interest to you.
If you have all the money ready and mortgage ready, but without finding the house, is pretty much pointless. Same goes the other way around, if you found the house, but if you cannot be 99% sure you can pay your monthly expenses, then you are simply not ready.
Why are you getting married? Nothing for a man to gain in this day and age by getting married. The two of you are broke. You both have crappy jobs. Finance is the number one reason for divorce.
$450,000 max. I believe you need a reality check. You might want to reconsider your max. Maybe aim 250K or less. Also, maybe a condo or coop.
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