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I am a father of 2 kids with a wife and I am the sole provider. Recently I landed a job with a starting salary of $80,000 (. It happens to be about an hour commute from a housing community with reasonably priced homes in the low 300k's. My wife would be looking after kids and maybe working part-time in couple of years.
I run the math in my head, and it seems to work out....but I never tested this in reality, since we live with my in-laws and don't have many bills at the moment. I know owning a house can be expensive, but I need to make this happen.....we have been saving for a down-payment for last 5 years and I'm getting tired of living with my in-laws.
I was hoping to get other peoples general opinions. I appreciate it, thank you.
I suggest that you talk with a bank/lender to see what they think about what you will qualify for in a loan. That will help determine how much you can borrow. That will provide you with a starting point to start shopping for a home. Don't forget that you might start with a smaller home at first but may upgrade to a larger home later. I wish you the best success.
If you're choosing a larger house with a 1-hour commute vs something smaller that's closer to your work, I would recommend going with the shorter commute if you can find a safe/good-enough area. Time spent in the car is time you won't have with the family or time you'll want to spend enjoying and maintaining your home (all of them need maintenance). Also, gas $ and wear & tear on your vehicle do add up.
OTOH, if work from home is an option, then the opposite would be true (you'll want/need the extra space).
If you're choosing a larger house with a 1-hour commute vs something smaller that's closer to your work, I would recommend going with the shorter commute if you can find a safe/good-enough area. Time spent in the car is time you won't have with the family or time you'll want to spend enjoying and maintaining your home (all of them need maintenance). Also, gas $ and wear & tear on your vehicle do add up.
OTOH, if work from home is an option, then the opposite would be true (you'll want/need the extra space).
It truly is a tough decision. The community I'm looking into is safe, has decent schools and neighbors look out for each other. Also, has a lake within walking distance, is surrounded by nature, and seems like a good place for kids to grow up. I can't afford anything of such scale near my new job. The sacrifice I would have to make is adding an hour to my commute each day. That extra driving seems worth it to live in such a place.
I run the math in my head, and it seems to work out....
Then you have the advantage over us and have provided nothing on which to render an opinion. We don't know where you are, what your credit score is, what your bills are, how much of a down payment you have, etc, etc.
However, this is certainly the time to buy. Interest rates are low.
I'll concur with the other responses. Talk to a lender, get a sample loan application so you can see all your financials on paper and see how it goes.
I think the bank will have to consider how long you’ve been at your job. That may be a hitch. Also, you would have to be confident that you have some security with your new employer.
Regarding the distance to work, I used to commute over an hour. It’s doable.
I think the bank will have to consider how long you’ve been at your job. That may be a hitch. Also, you would have to be confident that you have some security with your new employer.
Regarding the distance to work, I used to commute over an hour. It’s doable.
Yes, I definitely do need to talk to a bank. Thank you for the input.
Homes in the exhurbs will suffer the most in a downturn, but good public schools are worth their weight in gold. A TH closer in will be a better investment, but a lot of it depends on "demographics."
California being a HUGE State, it's hard to tell if your home loan payback, can be done on $80K gross.
It all depends on where in the State you're looking. I would think that having 2 kids already, you might prioritize school quality.
I found a nice 5bd3ba in 2390', in Thermal, for $250K.
2341 Savoy St.
$1158/month isn't bad at all. (Well, ok, the schools stink.)
Bring yer dune buggy...
Yes, it's out-in-the-middle of no where. Some like this, some don't.
California being a HUGE State, it's hard to tell if your home loan payback, can be done on $80K gross.
It all depends on where in the State you're looking. I would think that having 2 kids already, you might prioritize school quality.
I found a nice 5bd3ba in 2390', in Thermal, for $250K.
2341 Savoy St.
$1158/month isn't bad at all. (Well, ok, the schools stink.)
Bring yer dune buggy...
Yes, it's out-in-the-middle of no where. Some like this, some don't.
I'm looking about 2 hours away north of the SF Bay Area. The houses I'm looking at hover around 320k. There is some that have sold for 280-300k. My 80k salary might be a little on the tight side though. I would be putting down a 10% down-payment.....looking at mortgage payments of around $1800 a month, including taxes and insurance. That should eat up a about a third of my income each month.
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