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How Much do you think is Reasonable to spend purchasing your 1st house?
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[quote:cremefraiche:MV8xNzEyMDE5XzI4MzEwOTU0X0YwMEMxQkY3] yes i appreciate all your responses.. this isn't "definite" but it's a solid idea we have been talking about. just not sure when to make the move.. I know we'll need a hefty down payment and have to figure out some terms first. I live in massachusetts and plan to purchase somewhere in new england, either mass or maybe connecticut. You figure let's go above the fold and say $150k for a 2 or 3 bedroom house.. we would need about 20k upfront?? but paying more off would be a better scenario it seems. Ideally i'd like to wait for both our annual income to top 150k so we could pay off such a house in 3 or 4 years.. i'm an idealist lol [/quote]
Original Message
Me and a buddy are seriously considering buying a house going into 2012. the markets can only go down from here, meaning prices will bottom out at some point if they haven't already. right?
never had a mortgage. gotten a loan for my car which has been 90% paid off by now, and altogether I'd say the two of us can put about $4k/monthly towards bills. you think this would be enough to cover electricity, food, water, Internet, and mortgage payments? i dont know much about selling houses but avg. maybe $85k-$110k total.. that could probably get a nice 2-bedroom??
for perspective im 21 y/o my buddy is 23. neither of us have had an apartment, but we know a lot of kids in college and grad school who do. it seems like a better idea to flat out buy a house though - you own the property, plus nobody upstairs or downstairs to worry about making 'too much' noise
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