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Hello. I am almost 38.Work in healthcare. Make $20 an hr and live in Seattle. I have over 8k in IRA and 15k in savings. I am single and have no debt. I was thinking about using my VA home loan benefit to purchase a condo. I was approved for $200,000. Houses are too expensive and too much space for me. The problem is this area is expensive and you can hardly find anything for $200,000 in this area. I have no choice but to look North(Everett and further) or South (Tacoma) to find anything for even under 200K. I don't want to spend over 30% of my income on housing. And I would have to quit my job and find another one to find anything in Tacoma. I am priced out of King County. Does anyone have any insight?
If you want to live in the city, there's nothing wrong with a condo... just make sure you include any monthly condo HOA fees in with your monthly budgeting because some of them can add up!
$200K is going to be a tough limit - not impossible, but tough. If you can't find anything on the mainland side, consider whether you want to have a ferry commute, there are condos in Bremerton for well under $200K. You may be able to find work there if you don't want the commute.
And check with local lenders your realtor recommends, but your VA loan will probably have the best terms for you. I would absolutely use that if you can.
I previously backed out of buying before . I was told by the agent that my monthly payment plus HOA would be nearly $1600 ! I was floored. That is $600 more than what I am paying in rent now. That would be stretching my budget. I wouldn't have much left after paying mortgage/Hoa. And thats not including utilities, trash,water,light, etc.
I hate condos because of HOAs. I bought one condo in my lifetime and was happy to sell it just a few years later because of the HOA. You have to crunch all of the numbers and see if it makes sense. But, when I bought my condo after just the first year the HOA fees went up 30% and the rules kept changing.
YOu'll have HOA fees and maybe private mortgage insurance and your payments and taxes and home insurance and water/sewer/garbage....add all of those up, knowing the HOA fees can go up and see if it's still worth it.
Condos are also harder to sell. Banks usually require a larger downpayment and they don't appreciate in value as well as single family homes.
I just have never found or heard of any that were a good investment, in my opinion.
Any owner can get on the HOA and have weird agendas. God, the one I had even complained about really nice planters that I put out - but only because I put tomatoes in them instead of some other plant they thought would look nicer - you just get weird control freaks on the board...
Hello. I am almost 38.Work in healthcare.
Make $20 an hr and live in Seattle. I have over 8k in IRA and 15k in savings.
I am single and have no debt.
That income doesn't go very far in that part of the country.
Quote:
I am priced out of King County. Does anyone have any insight?
Get more income. Or go somewhere that ~$40,000 of income can work better.
Quote:
I was thinking about using my VA home loan benefit to purchase...
I don't want to spend over 30% of my income on housing.
Sure. Somewhere OTHER THAN western WA state though.
And that 30%? Even at NET (of tax and savings) is still too much bite.
Quote:
I wouldn't have much left after paying mortgage/Hoa. And thats not including utilities, trash,water,light, etc.
"Housing Costs" = everything we're obliged to pay in order to live at location X; that includes utilities too..
Whatever our home choices might add up to... that MONTHLY total really shouldn't exceed our WEEKLY net income.
Last edited by MrRational; 01-15-2020 at 05:35 AM..
I know next to nothing about condos except that - to me - they look like nothing more than an owned apartments. Big difference? You are stuck with them when time comes to get out. Also, you are responsible for much more than an apartment dweller is. Furnace quits - replace it. Need a new AC - buy one. Water pipe breaks - ????
I don't know. As I said I know nothing but no one has yet convinced me that they are a good investment. But, if you really want to do it and are looking for cheaper living than the coast, try the Midwest. Much cheaper living in Missouri, I assure you. Oh, you can live high on the hog if you want to but you don't have to. And you can live good. The Pacific coast is beautiful but it is expensive.
Sorry I am a wet blanket. Maybe someone can refute my opinion. I'll listen.
Hello. I am almost 38.Work in healthcare. Make $20 an hr and live in Seattle. I have over 8k in IRA and 15k in savings. I am single and have no debt. I was thinking about using my VA home loan benefit to purchase a condo. I was approved for $200,000. Houses are too expensive and too much space for me. The problem is this area is expensive and you can hardly find anything for $200,000 in this area. I have no choice but to look North(Everett and further) or South (Tacoma) to find anything for even under 200K. I don't want to spend over 30% of my income on housing. And I would have to quit my job and find another one to find anything in Tacoma. I am priced out of King County. Does anyone have any insight?
$20 an hour is good in Ohio where you can buy an old house for $75K. $20 an hour in Seattle is broke, you will be lucky if you can keep a roof over your head. Find a way to move and find a job somewhere that you like where you can afford a condo. Tacoma is only about 30 miles from Seattle so if you can find something there that would be great. You can even move 2 hours away where it's cheaper and still drive into the city when you want.
Keep this in mind: Buying a Condo With a VA Loan. Borrowers can use their VA home loan benefits to purchase a condominium. But there are some additional requirements that differ from purchasing a single-family residence or a multiunit property. A condo complex must be approved by the VA in order for a borrower to purchase a unit.https://www.veteransunited.com/educa...a-condo-loans/
So don't get too excited, you may be better off looking for a small home instead. Sometimes 2 bedroom homes are easier to buy since families tend to want bigger homes.
With HOA fees taking out a cut of your buying power you may be even able to buy a $225K small home instead.
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