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Old 09-19-2011, 05:19 PM
 
3,513 posts, read 1,358,492 times
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im looking for my own place, but am kind of worried because 1. im not settled career wise(open to relocation, etc), if i get it and want to move, could have problems getting rid of it.

thoughts, opinions.

currently make 3k net a month. 26.
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Old 09-19-2011, 06:13 PM
 
Location: Aiken, South Carolina, US of A
1,356 posts, read 1,354,738 times
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tropolis,
what kind of a house can you buy for only 50K.
Are you serious? I can't imagine a house with a roof for only 50K.
If you don't have to put 200K into it to make it livable,
why would you NOT buy a livable house for 50K?

At 4% interest for only 50K with 200 month taxes, your payment
would probably be around 400 a month, including taxes. Throw in insurance,
450.00 a month.
If you want to move, rent it out. Let it pay for itself.
I still can't believe you can buy a house that you can actually live in for only 50K.
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Old 09-19-2011, 06:23 PM
 
1,011 posts, read 2,475,850 times
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Quote:
Originally Posted by tropolis View Post
if i get it and want to move, could have problems getting rid of it.
Answered your own query . . trust your intuition.
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Old 09-19-2011, 06:23 PM
 
2,913 posts, read 2,116,357 times
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You are not ready to buy. Owning a home is a commitment and requires stability. There is nothing wrong with renting until you are ready to settle down.
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Old 09-19-2011, 06:24 PM
 
3,039 posts, read 2,139,434 times
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Where I am a house for that price is a most likely a tiny 1 or 2 bedroom fixer that is pretty old. It depends. I don't know the market where you are. If it buys the same thing where you are, you have to consider how much you would have to put into it to make it livable. Fixers are not always worth buying.
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Old 09-19-2011, 06:55 PM
 
7,043 posts, read 3,767,502 times
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Quote:
Originally Posted by tropolis View Post
im looking for my own place, but am kind of worried because 1. im not settled career wise(open to relocation, etc), if i get it and want to move, could have problems getting rid of it.

thoughts, opinions.

currently make 3k net a month. 26.

Typically, you should plan on 1/3 of your income going towards a house payment (which would include taxes and insurance). Depending on what part of the country you live in, you could absolutely afford that. Not sure you could purchase a house with 0% down, as in the past, though. That's what got a lot of people into trouble with their mortgages before the real estate crash. A respectable down payment would be 10% and even better, 20% (to avoid mortgage insurance).

If you aren't planning on staying in the home for very long, it might not be to your advantage, unless you plan on letting the house become an investment and rent it out when you decide to move on. I have a couple of friends who own two or three properties besides their primary residence. Purely for investment, though.

Again, not knowing where you live, I couldn't tell you the condition of homes that are in that price range. But, I do know they exist. Might be a foreclosure or short sale (and those can get sticky). If you are serious about it, I urge you to go to a couple of real estate websites in your area and do a search of homes in the price range you are seeking. They usually have a mortgage calculator on site where you can put in the down payment, years of loan and loan rate. It will calculate a payment for you (or at least a very close estimate). This is a starting point, if you are serious about doing this.

Good luck with your search.
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Old 09-19-2011, 06:58 PM
 
3,513 posts, read 1,358,492 times
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minnesota. my co-worker with a wife and kid bought a foreclosure in columbia heights for 60,000
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Old 09-19-2011, 07:32 PM
 
7,043 posts, read 3,767,502 times
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Quote:
Originally Posted by tropolis View Post
minnesota. my co-worker with a wife and kid bought a foreclosure in columbia heights for 60,000

Take a look at the following: Columbia Heights MN Homes for Sale: Columbia Heights Real Estate

On the black banner, go to "buyers" and scroll down to "mortgage calculator" ... put in a hypothetical number and a percentage rate that is current. It will calculate some numbers for you. Hope that helps a little.
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Old 09-20-2011, 12:01 PM
 
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A house @ 50k? I wish I lived in an area like that. You can't even get a closet for that price in DC
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Old 09-20-2011, 12:51 PM
 
Location: BOY-see
4,339 posts, read 6,867,957 times
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I would compare your rent to the likely amount of a house payment, bearing in mind that home buying comes with a bunch more expenses than actually paying the mortgage. For example, in my area a person who thought he or she was staying five years would be idiotic to rent considering there are $90K little houses around here and the rental market favors landlords. In Seattle, however, where the same house goes for $400K, different story.
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