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Old 10-04-2012, 02:47 AM
 
15 posts, read 89,117 times
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Hey all, I have about 30 grand saved up and was thinking of buying a house in salt lake city. BTW, I don't make much annually. Some of the houses it seems I can afford and pay off comfortably seems to be in the 50-100 grand range. But I have no experience in buying houses, and cheap can mean a bad disaster. Can anyone steer me in the right direction?

Maybe a better idea to get a condo instead? Would west valley be a good neighborhood to live in?
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Old 10-04-2012, 06:15 AM
 
Location: Sector 001
15,946 posts, read 12,293,021 times
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I would never buy a condo or side by side unless I was nearing or at retirement. I'll never understand the interest. I'd rather rent an apartment. Cheaper unless you're going to keep the condo 10 years or more.

Buy a house, if you are going to live in it 4-5 years or more. If not, rent something.
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Old 10-04-2012, 08:51 AM
 
Location: Mostly in my head
19,855 posts, read 65,841,371 times
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Not sure I would want any area that cheap. Acceptable ones start more like $200K I think. Parts of WVC are OK, much is not.

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Old 10-04-2012, 09:29 AM
 
Location: Philippines
1,961 posts, read 4,385,931 times
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I would suggest realistically looking at your monthly budget and thinking about what you could afford realistically. (like how much to do you pay in rent now). I would not want to buy something in that range, unless I knew it was a short sale or something and had it cleared and inspected so I knew what if anything was "wrong". Likely for a house that inexpensive it would end up costing you far far more in fixing things up than you would spending a little more money on your investment.
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Old 10-04-2012, 10:04 AM
 
Location: Draper, Utah
617 posts, read 2,822,750 times
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Actually. I live in West Draper. It's a little bubble of Draper that is west of the 1-15. A foreclosed home in my neighborhood, just sold for 59,000 CASH. They were only taking cash offers though, and it must be paid in full. It is possible to find a home, in a decent area, that you could pay cash for, if you have that much saved up.

As for West Valley. No. Steer clear of that. I don't know how old you are, what your life plans are, but I would try to get a single family home, on auction, cash only. Steer clear of Magna, West Valley City, and parts of Salt Lake City.

If you really have 30,000 saved up, yes you could theoretically buy some sort of unit in full with your money, if it was a cash only, auction. But not in a decent neighborhood.

You need to get a realtor. You need to get pre-approved for a mortgage, based on the 3O K you have saved up, and would use as a down payment for a home. Based on what you qualify for with your income, and down payment amount, this will then steer you in a more clear direction of what homes in what price range are acceptable for you, and how much monthly payment you will be able to afford.

That is my advice.

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Old 10-04-2012, 04:04 PM
 
Location: Sinking in the Great Salt Lake
13,138 posts, read 22,821,936 times
Reputation: 14116
Quote:
Originally Posted by smackythefrog View Post
Hey all, I have about 30 grand saved up and was thinking of buying a house in salt lake city. BTW, I don't make much annually. Some of the houses it seems I can afford and pay off comfortably seems to be in the 50-100 grand range. But I have no experience in buying houses, and cheap can mean a bad disaster. Can anyone steer me in the right direction?

Maybe a better idea to get a condo instead? Would west valley be a good neighborhood to live in?
That would buy you a nice, falling down meth house in Glendale or a trailer in West Valley or Tooele.

The median home value around here is about 200K; that will buy you an average house in an average area. Homes aren't cheap around here and they didn't fall too much in value during the "Great Recession" compared to other places.
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Old 10-06-2012, 11:04 PM
 
Location: Perry, UT
600 posts, read 1,933,860 times
Reputation: 376
You can buy a meth house in the hood for that cheap... Seriously spend at least 150 + and in a better neighborhood 200 +
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Old 10-07-2012, 11:58 AM
mlb
 
Location: North Monterey County
4,971 posts, read 4,453,265 times
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30K makes an excellent down payment.

And with rates still low - you're monthly would be manageable... IF you have a job.
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Old 10-17-2012, 04:26 PM
 
15 posts, read 89,117 times
Reputation: 15
Thanks for the feedback guys. Well I think I might go for the 150k house instead, because I didn't realize you can just put 5% down. I'm planning on relocating to slc, I'm from provo, so no job lined up. SLC just has more things to do than down here.
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Old 10-17-2012, 06:18 PM
 
Location: Salt Lake City
28,098 posts, read 29,976,114 times
Reputation: 13123
Quote:
Originally Posted by smackythefrog View Post
Thanks for the feedback guys. Well I think I might go for the 150k house instead, because I didn't realize you can just put 5% down. I'm planning on relocating to slc, I'm from provo, so no job lined up. SLC just has more things to do than down here.
Good luck with your move. I'm sure you'll be much happier with a $150K house than with a lower priced one.
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