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Old 09-06-2012, 01:14 AM
 
2 posts, read 1,976 times
Reputation: 10

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Good evening! I just wanted to chat home ownership tonight.

For years I've wanted to purchase a home. It's myself, my partner, our son and the cats. Unfortunately, we have very(very) low income, but have about $15,000 saved for a downpayment so far. Our income is about $25,000. No car payments. I'm still in college, but when I'm out I hope to find a fulltime job instead of just part time, so that's a consideration as well. Also, hopefully he'll find a better-paying job. Basically, I'm thinking things can't go much worse for us, income-wise, than it is now, right?

Right now we're renting in the sacramento area. I love the nature here in northern ca, even though I haven't seen much, and enjoy all the diversity in the land. I hate too much heat(over 90 is too much for me), enjoy the cold and rain, and would love a decent sized lot for the house(1 acre+). Doesn't really sound like CA, right? Maybe more like Oregon. But, the boyfriend wants to stay here in northern CA so it'll have to do.

Anyway, my thought is basically this: is it feasible or completely stupid to think of buying a home with our financial situation in northern ca? I doubt we'd have that many options but I have a feeling that our house is out there somewhere, waiting.

For those who have lived here longer than me(4 years) and know the area, is this a reasonable idea? $50-90,000 house with a decent sized yard, relatively safe neighborhood and weather that isn't scorching? Should we wait a few more years and build up our savings? Maybe look at a different state?

Any guidance would be great. I'm tired of dreaming and want to know if we can do this, but if not, I'd also like to know so I can work on other things(like better employment or just staying in an apartment forever).
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Old 09-06-2012, 09:08 AM
 
25,627 posts, read 32,775,695 times
Reputation: 23167
Based on the financials presented your monthly mortgage should be no higher than 500 a month including property taxes and PMI.
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Old 09-06-2012, 05:53 PM
 
9,770 posts, read 9,456,355 times
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With 30 years experience as a real estate broker, and the prices for homes in decent and safe neighborhoods as you say you want in California, I would advise you are a few years away from being able to buy a home.
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Old 09-07-2012, 01:22 AM
 
Location: Folsom
5,108 posts, read 8,528,525 times
Reputation: 3644
Quote:
Originally Posted by sootle View Post
too much heat(over 90 is too much for me)

For those who have lived here longer than me(4 years) and know the area, is this a reasonable idea? $50-90,000 house with a decent sized yard, relatively safe neighborhood and weather that isn't scorching? Should we wait a few more years and build up our savings? Maybe look at a different state?
$50-90K in a "safe" area of Sacramento. What is your definition of safe? My definition says no. That price would put you into South Sac, South Natomas, maybe Citrus Heights....CH being the "safest" depending on the specific neighborhood.

In addition, summers in Sacramento frequently are hotter than 90, and up into the triple digits.

I'd suggest the midwest or south.
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Old 09-07-2012, 05:44 AM
 
Location: Everywhere and Nowhere
14,131 posts, read 28,489,627 times
Reputation: 6847
Quote:
Originally Posted by oldtrader View Post
With 30 years experience as a real estate broker, and the prices for homes in decent and safe neighborhoods as you say you want in California, I would advise you are a few years away from being able to buy a home.
You can thank local zoning laws for that. This person would be a perfect prospect for a tiny house on something like a 1/16 acre lot.

tiny houses – small dwellings of every shape and size
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Old 09-07-2012, 02:39 PM
 
2 posts, read 1,976 times
Reputation: 10
I realize that it doesn't look good for us. We're paying 830/mo for rent as it is - wouldn't it be cheaper to actually buy a house? (not including the downpayment) It seems like this is a good time to buy, but I have no idea if the houses are going to stay where they are or going to go up in price. Of course, ca isn't the best area to buy also.

Right now we do live in south sac - a few blocks from elk grove actually. The area a bit north of us is kind of shady so I know what you're telling me there. We're okay with living anywhere in north ca, not just the sacramento area, so I figured there might be an area that is safe and also affordable, however with a bad location(not around a city). That's not to say we can live in a total rural area but just that we don't need to be living in an urban area.

I was thinking maybe southern Oregon could offer me a good option? However, a 6-7 hr drive down to visit his relatives is not fun. But, if the options are a lot better there it could be doable. Unfortunately I can't move to the south, east, midwest etc.

Then again, I knew it was possible that we'd have to wait a few years more. Just trying to plan things out.
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Old 09-07-2012, 03:36 PM
 
Location: California
32,750 posts, read 36,266,098 times
Reputation: 28945
On the off chance you aren't just joking: Homeownership will ruin you. Even if someone gave you a FREE house you couldn't afford the maintenance, taxes and insurance required. You will always be one leaky roof or away from bankruptcy. Put your thoughts on hold until you finish school and actually have a solid career and income. Since you don't even know where that will be so how can you think of buying a house in one place if your job opportunity may be in another?
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