Would you buy a 155k home with a 40k job. (condo, prices)

[SOON2BNSURPRISE]

Originally Posted by GarofaloS

Sorry for the late reply guys, been working.
I have about 7,500 in loans (I jumbled everything I owed on credit cards for my one low interest rate).

We have 2 cars, both paid off.
135 Phone
100 Insurance
150 Motorcycle (about to put it on the market)
250 Big 7500 loan. (I only pay 250 because as of now I have seldom bills and can throw extra at it. It actually only needs 120 a month).

What do you think your utility bills are going to cost you in your future home? Where I live those cost are low. We do not have AC or hardly use the heater. My electric bill hovers around $35 a month. Also have you figured the cost of water, trash, sewer? What about cable?

Owning a home has lots of cost not associated with renting a home. Also if something brakes you get to fix it.

[ashpelham]

I would not. Even with a free and clear debt situation, there is a lot more than just the mortgage to deal with.

[shanv3]

Originally Posted by GarofaloS

I've made about 4 of these now, and now 5 (just did another). Beforehand, I will say that for the 'loans' I'm paying over $250 extra a month than the minimum (if it ever came to it, I can stop paying extra for a month or so to jump my funds and then get back on it). I also raise the price of most things initially just because it gives me wiggle room when it comes down to the real thing.

Income monthly is $2800 (This is a bit more most months)

Expense-
-Motorcycle and Insurance $220 (Should be sold soon)
-Phones $135
-Loans $370
-Xbox/Video Streaming APPS $45
-Gas $200

Rough Estimate On Bills
-Internet $80
-Electric $180
-Water $70

Now where it gets tricky is the estimated mortgage, so this price I inflated myself at
$952 Monthly. Property Tax, PMI, Insurance.

Total = $2,252 Leftover = $550

That's how it's looking in the absolute worst case scenario from jumping prices of most stuff.

Think the other way...Can you first save this 550 for the next 2 years and then see where you stand?? Usually that wont happen taht easily..


In my experience left overs also get spent..

[riaelise]

I like ownership, personally. I've been a homeowner since I was several years removed from high school and not making an F-ton of money. Had no debt and like you, had one of those first time buyer assistance programs (SONYMA). Put down 13%. I think you should first buy a condo or townhome so that you don't have to worry about so many of the SFH maintenance gotchas. Then, as your finances/situation allow(s), you move on to a SFH. That's what I did...lived in a condo for 7 years, sold condo (at a nice profit - bought low, sold high), married, used part of the proceeds as a downpayment for a nice sized SFH, sold said SFH (again bought low, sold high), for a SFH in a better neighborhood

[ControlJohnsons]

he didn't budget for food. he's in for a rude awakening.

[historyfan]

I don't like your numbers. That house will be an albatross around your neck financially.
You will either need a second job or look at potential houses that have some rental income from basement apartment, etc.

[hitman619]

Rent out one of the rooms

[IslandCityGirl]

Originally Posted by GarofaloS

...hous is 3 BR 2.5 bath with 2400 Sq ft. However, it's about 20 minutes away from Biloxi, so you get the benefit of all the tourists attractions but don't have to deal with the crowd and traffic that it comes with on a daily.

I know that it's not ideal, esp. when you're at the point where you're excited to share a home with your fiancé, but are you open to taking a roommate into one of those extra bedrooms for a while? If the house is in an area where you might be able to find a suitable roommate, I'd really recommend that as a way to afford this house that you love, without being enslaved to it. You may even come out ahead, financially, with the extra rental income... Then, perhaps, when your fiancé gets through school and is able to bring in more money, you can have the place to yourselves. I bought my first place at age 21, and really pushed it to my financial limits because it was a great opportunity (and we're more cavalier when we're 21, for better or worse!). I took roommates for several years and it turned out to be a fantastic investment, as well as a place I loved to live, without sacrificing at all in terms of the "fun" (dinners out, vacations...) that I also really wanted to enjoy in my early twenties. If you can do something like that to buffer the expenses (and make sure you guys aren't eating ramen everyday), then go for it. Good luck!

[Skydive Outlaw]

No.


I would buy a decent (but small) used RV trailer and live in an RV park (about $450/ month around here) and start saving every month.


Then save enough to pay cash for a similar house that needs work or foreclosure for $125k.

[castaway365]

Originally Posted by timberline742

There are places in this country you can rent an entire house for $400/month.

...and live to see your first visit to the grocery store?? Or corner shop maybe...