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Old 08-14-2014, 09:35 PM
 
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Would a yearly income of $85,000 be sufficient to buy a new home in the Poulsbo area? I know its a loaded question... I'll sort things out as the replies come in :-)
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Old 08-14-2014, 10:59 PM
 
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I think that is sufficient. You won't be able to get a waterfront home with a view, but if you have low debt and a decent down payment, you should be able to handle mortgage in that area.
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Old 08-15-2014, 09:35 AM
 
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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Poulsbo is far more affordable than Seattle or the eastside, but when you say "new" home, do you mean new construction? Some larger custom homes could be above your budget, but the new developments with smaller tract homes are very affordable at $299-350k.
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Old 08-15-2014, 10:00 AM
 
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Thanks. I only ask because I'd take a pay cut to move there if I did. Still weighing my options. I love it up there tho !
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Old 08-17-2014, 10:29 AM
 
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Looks like the new position is actually more like just $80K a year. Im looking at the new constructions that are around the $290K - $330K range. But as far as utilities and other expenses go, I dont want to get in over my head.

As far as debt, all I'd have would be the mortgage. Cars are paid off... credit debt is paid off... just mortgage and utilities...

$80K should be ok.. right?
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Old 08-17-2014, 01:00 PM
 
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New construction homes are usually built with lots of insulation and energy efficiency, so the utilities shouldn't be so bad. The other expenses you might have some control over, like cable, internet access, cell phone, dining out, etc.
Sounds like 80k should be fine. Find a loan officer. Ask them what price home you qualify for. Then find something 50,000 dollars less. It always struck me that borrowing the maximum amount you can borrow means that you're going to subsist on beans and ramen.
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Old 08-17-2014, 04:23 PM
 
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good heads up Ira500. now I have to shop for loan officers up there too now...lol and so it begins.....
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Old 08-19-2014, 04:17 PM
 
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Quote:
Originally Posted by highbl00d View Post
Looks like the new position is actually more like just $80K a year. Im looking at the new constructions that are around the $290K - $330K range. But as far as utilities and other expenses go, I dont want to get in over my head.

As far as debt, all I'd have would be the mortgage. Cars are paid off... credit debt is paid off... just mortgage and utilities...

$80K should be ok.. right?
You should also specify your down payment amount.
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Old 08-20-2014, 12:14 AM
 
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down payment will depend on how much I get for my current house... honestly.. I was hoping for a 3.5% down. realistically, most I can do at this point is a 10%... :-/
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