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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.
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..
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
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.
Location: St Thomas, USVI - Seattle, WA - Gulf Coast, TX
811 posts, read 1,146,950 times
Reputation: 2322
Quote:
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.
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...
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