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How Much do you think is Reasonable to spend purchasing your 1st house?
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[quote:cremefraiche:MV8xNzEyMDE5XzI4MzEwOTcxX0IyNTA4REZB] [quote:hannah50:MV8xNzEyMDE5XzI4MzEwNDQ2X0ZDMUQ4Qzk=] Yeah, it depends on where you live and I was going to ask that also. My partner and I just bought our first home at the ripe old ages of 57/61. We're in southern Maine and bought a 2 BR 1961 ranch in a great neighborhood. Foreclosure, and had been empty for two years, needs some TLC but not a shambles by any means. The house was originally listed at 119K, we offered 116K and the bank accepted. The rate at that time was 4.5% and we locked in. But, due to the red tape of an unrecorded foreclosure deed and an outstanding mtg against the house we lost that rate. The bank compensated by coming down to 109K. Our house is 825sf, HUGE yard (just under an acre), basement with the same sf as above, so can be built out. If you find something similar it would be quite workable with your mtg and other bills. [b]Our mtg is just over $800/mo[/b]. You can't touch a run down apt for that here, plus we make our own rules and as you said, no one above or below to piss you off. Start looking at the MLS website for your area, and Realtor.com. Find a good agent (ours was referred) and let them find you a good broker/title company. Just start looking, and as you look you'll discover along the way what you can afford, what you're willing to compromise on and what you're not willing to compromise on. It's a good exercise just to start looking even if you're not ready to buy just now. Get your feet wet, and good luck! Home ownership ROCKS! [/quote] wow thats actually incredible congrats. me and my buddy arent gay btw.. we just wanna run a sick party house and i couldnt want to buy such a place with my gf or future spouse. I also think Maine has cheaper property than down towards NY, CN, MA, VT etc... but I appreciate the input it gives me hope for a decent mtg [/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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