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How Much do you think is Reasonable to spend purchasing your 1st house?

 
cremefraiche
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11/24/2011 11:45 AM
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How Much do you think is Reasonable to spend purchasing your 1st house?
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
SkepticalTexan

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11/24/2011 11:46 AM

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Re: How Much do you think is Reasonable to spend purchasing your 1st house?
No more than 2.5 times you annual salary.

Just realized that you and a buddy are going to buy the house? Big mistake.

Last Edited by SkepticalTexan on 11/24/2011 11:49 AM
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11/24/2011 11:47 AM
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Re: How Much do you think is Reasonable to spend purchasing your 1st house?
what you can pay for in cash!
BTW GOOD KARMA YOUR WAY :)
🦋
Anonymous Coward
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11/24/2011 11:48 AM
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Re: How Much do you think is Reasonable to spend purchasing your 1st house?
Where do you live?

Prices for houses are all over the place depending where you reside.
Here in El Paso $ 1110,00.00 will get you a nice house while in Denver it might not get you much.
Anonymous Coward
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11/24/2011 11:50 AM
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Re: How Much do you think is Reasonable to spend purchasing your 1st house?
I think what my wife and I bought was the max someone should spend. We make about 130K, have two kids, and bought a 2000sqf repo for 205K.

That was 7 years ago. Now, we could probably find one for 150K or even less.
Anonymous Coward
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11/24/2011 11:58 AM
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Re: How Much do you think is Reasonable to spend purchasing your 1st house?
Is it legal in the state you reside to practice sodomy? If not then maybe it's a bad idea......


As far as home prices, they will continue to decline. The market may level out at times but the "bottom" (no pun intended) is still unknown, figure another 30 to 50% minimum.
IRQ_1

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11/24/2011 12:04 PM
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Re: How Much do you think is Reasonable to spend purchasing your 1st house?
Dave Ramsey would suggest.

1. Be completely out of debt, houses are money pits when you least suspect it.

2. 15 Year fixed with payments no higher then 25% of your annual income.

3. Have enough cash 10% to avoid PMI payments.

Using those numbers come up with the maximum amount of house you can safely pay off.

Happy turkey day
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hannah50

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11/24/2011 12:12 PM
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Re: How Much do you think is Reasonable to spend purchasing your 1st house?
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. Our mtg is just over $800/mo. 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!
IRQ_1

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11/24/2011 12:15 PM
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Re: How Much do you think is Reasonable to spend purchasing your 1st house?
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
 Quoting: cremefraiche


To add, if you and a friend are doing this as an investment I HIGHLY RECOMMEND you draw up a written contract. Investments with family and friends and word of mouth is a recipe for disaster.

If one of you loses your job/dies/ufo abducted/incarerated what happens to the balance that person already put in?

Once the house is payed for, do you both live in it or immediately put it up for sale, if you disagree who is the tie-breaker?

Assuming this is a friend (none of my business) and the house is being lived in while being payed off if one of you get married, how will things change with a wife or kids running around in the investment?

Unknown future questions 4-99....


Best of luck!
Happy Thanksgiving

Last Edited by IRQ_1 on 11/24/2011 12:19 PM
Jack of all trades master of none
"shall not be infringed."
BLUE RIBBON AWARNESS FOR MENS' HEALTH
Violence is the last refuge of the incompetent. --ISAAC ASIMOV
I never 'Ad hominem' I don't need to.
The Constitution means everything or nothing. You can't have both.
Anonymous Coward
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11/24/2011 12:25 PM
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Re: How Much do you think is Reasonable to spend purchasing your 1st house?
Dave Ramsey would suggest.

1. Be completely out of debt, houses are money pits when you least suspect it.

2. 15 Year fixed with payments no higher then 25% of your annual income.

3. Have enough cash 10% to avoid PMI payments.

Using those numbers come up with the maximum amount of house you can safely pay off.

Happy turkey day
 Quoting: IRQ_1






Dave Ramsey is a complete tool, one of these days he's going to be responsible for people losing trillions in the stock market......he is always telling folks to stay in for the long haul. In 2008 a lot of sheep that follow him lost billions, in the next crash it will be trillions.
Tawandaaaa

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11/24/2011 12:39 PM
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Re: How Much do you think is Reasonable to spend purchasing your 1st house?
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
 Quoting: cremefraiche


What you will pay for a house is dependent on what starter-homes go for in your area.

Do you have a downpayment? Most banks these days will require 20% down. So, even if you have the income for a $150,000 house, if you don't have the required downpayment, then you can't get one.

Also, you have to budget for maintenance and expenses. That will eventually have to come from somewhere. And, just because you don't currently have a car payment or won't have one but for a few more months means nothing. You will eventually have to replace that car. And, unless you are setting aside money each month to pay for that car, you will have another car payment in the future. You have to decide can you afford an $800/mo mortgage and then still be able to $400/mo car payment when the time comes for a new car. What happens if you get pregnant and your income drops? Eventually you may have kids and want to be a stay at home mom. Will you be able to do that with the current house payment.

There is a lot more to owning a home than just the mortgage payment, too. Taxes and insurance are subject to increase on regular intervals. How much are property taxes on the house? If property taxes double, would you have enough cushion to be able to pay them or are you stretching yourself to the max? Things like that have to be taken into consideration. My first house had a mortgage payment on it of just under $400/mo. That included insurance/tax. The payment on it now is currently $607. The increase is due to tax/property insurance increases. Granted income has gone up enough over the years that a $200/mo increase isn't really a bit deal, but it is still a 50% increase. Think of what you current payment would be and see if you will be comfortable with an increase. Will you have enough set aside to replace the air conditioner when it goes out next year? That will likely be $3500 minimum. What about a new roof in a few years if it's an older home? Appliances? Carpet? You have to take the replacement cost for all of those and figure out what life they likely have left and start setting away so much per month to cover that expense when it happens. For instance - you may have 10 years left on the roof and the roof may have a current replacement cost of $4500. You have to calculate for inflation (say 3% annually) to come up with a replacement cost in 10 years of $6050. Then take $6050 and divide by 120 months (10 years). Can you set aside $50/mo toward your new roof in addition to the house payment? Now, do the same with each appliance, the garage door opener, windows, deck, carpet, etc. If you can't, then you need to scale back on what you buy. If you are stretched too thin, then you end up having to finance those types of repairs, which, of course, costs you more in the long run and risks causing you to default on other obligations. Eventually, you can get to the point where you can't keep up the house or default on the mortgage. Too many people buy a house thinking only of the mortgage payment and not taking into consideration the true costs of owning a home. Not trying to scare you, but just open your eyes to what you are looking at doing.

Also, in your situation, you need to hash out who is responsible for what when it comes to the mortgage and utilities and tax/insurance. Who will pay for upgrades/repairs. If one wants something and the other doesn't, how do you decide what to do? What happens if you are no longer friends? Who buys whom out or do you sell?
cremefraiche  (OP)

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11/24/2011 12:57 PM
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Re: How Much do you think is Reasonable to spend purchasing your 1st house?
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
cremefraiche  (OP)

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11/24/2011 12:59 PM
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Re: How Much do you think is Reasonable to spend purchasing your 1st house?
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. Our mtg is just over $800/mo. 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!
 Quoting: hannah50


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
fleshette

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11/24/2011 01:42 PM
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Re: How Much do you think is Reasonable to spend purchasing your 1st house?


Do you have a downpayment? Most banks these days will require 20% down. So, even if you have the income for a $150,000 house, if you don't have the required downpayment, then you can't get one.

 Quoting: Tawandaaaa


Super-helpful info. Is it true that first-time buyers usually only need 10% down?

Where I live, 2 bedroom condos are minimum $250,000-$300,000.
The difference in down payment could change my plans for the foreseeable future.
cremefraiche  (OP)

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12/16/2011 06:09 AM
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Re: How Much do you think is Reasonable to spend purchasing your 1st house?
bump for interest
Anonymous Coward
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12/16/2011 06:15 AM
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Re: How Much do you think is Reasonable to spend purchasing your 1st house?
find a house to squat fuck the power
cremefraiche  (OP)

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12/16/2011 06:20 AM
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Re: How Much do you think is Reasonable to spend purchasing your 1st house?
find a house to squat fuck the power
 Quoting: Anonymous Coward 7134028


but then we cant throw parties because if the police are called we'd all be arrested.. strong idea tho let's just pickup with OWS and throw one huge house party everywhere in the world

occupy every house
Anonymous Coward
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12/16/2011 06:57 AM
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Re: How Much do you think is Reasonable to spend purchasing your 1st house?
$8million - $15milion, depending on the area.
Just make sure it has an ample lock-up garage and will fit at least 10 cars inside it, you really don't want to be known as the guy who parks his Lamborghini and 3 Ferrari's next to the Koenigsegg and Pagani with the Maserati out on the street every night.
Anonymous Coward
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12/16/2011 07:00 AM
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Re: How Much do you think is Reasonable to spend purchasing your 1st house?
Only buy what you can pay cash for. Don't get a mortgage. If all you can afford is a broken down trailer on a small piece of land, then buy that and fix it up.

If all you can afford is just the piece of land, then buy that and then save up your money again and build a small cabin over time.
Comrad Crisco

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12/16/2011 07:04 AM
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Re: How Much do you think is Reasonable to spend purchasing your 1st house?
75% of 1 bimonthly pay check.
Anonymous Coward
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12/16/2011 07:05 AM
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Re: How Much do you think is Reasonable to spend purchasing your 1st house?
i would not buy a house. in your position.

try to think of a lot of land. you can place a good trailer on for the both of you. Work towards independent living. with solar panels, solar boiler etc. That way you reduce the cost of living.

In your situation building capital and investing it in divident paying stocks who will live forever, like coca cola corp or comodoties will make you financially strong for ever. Buying a house at young age, in a possible a decade of uncertain financial situation might tie you down too mutch to remain flexible.
cremefraiche  (OP)

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12/17/2011 09:12 AM
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Re: How Much do you think is Reasonable to spend purchasing your 1st house?
i would not buy a house. in your position.

try to think of a lot of land. you can place a good trailer on for the both of you. Work towards independent living. with solar panels, solar boiler etc. That way you reduce the cost of living.

In your situation building capital and investing it in divident paying stocks who will live forever, like coca cola corp or comodoties will make you financially strong for ever. Buying a house at young age, in a possible a decade of uncertain financial situation might tie you down too mutch to remain flexible.
 Quoting: Anonymous Coward 7213233


at what age or income level do you deem fit to begin paying on a house?

let's say I was earning 15k/month avg.. some months a bit more, some less. that would equate to almost 200k/yr (180k total) which seems like a lot, right?

Let's say I set myself a goal to increase my income up to 10k-15k a month. If I was earning 200k a year and purchase a 550k house I could theoretically pay it off in full within a decade no-problem! This would be the case even if I was earning only $100k/year (or about $9k/mo)

I feel that you are right in suggesting a more affordable situation.. (camper, trailer, apt) but I value my privacy and right to purchase land. and I'm not much of a carpenter, and I have very high standards so I'd rather pitch in with 2 or 3 kids for a mansion-style house. maybe not literally a $1MM mansion, but a decent 2/3 story maybe furnished basement..

is that really too much to ask at age 21??

Last Edited by cremefraiche on 12/17/2011 09:12 AM
Anonymous Coward
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12/17/2011 09:21 AM
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Re: How Much do you think is Reasonable to spend purchasing your 1st house?
How much CASH do you have?
Anonymous Coward
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12/17/2011 09:38 AM
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Re: How Much do you think is Reasonable to spend purchasing your 1st house?
This! Or even build a small "shack" or bungalow. Live simply. Simple can be very nice! It is what you make of it. Anyone can learn to build and it is very rewarding because you did it!!


i would not buy a house. in your position.

try to think of a lot of land. you can place a good trailer on for the both of you. Work towards independent living. with solar panels, solar boiler etc. That way you reduce the cost of living.

In your situation building capital and investing it in divident paying stocks who will live forever, like coca cola corp or comodoties will make you financially strong for ever. Buying a house at young age, in a possible a decade of uncertain financial situation might tie you down too mutch to remain flexible.
 Quoting: Anonymous Coward 7213233
Anonymous Coward
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12/17/2011 10:06 AM
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Re: How Much do you think is Reasonable to spend purchasing your 1st house?
Do now, if you're going to do it. Mortgage rates are at record lows, housing prices are low, and that means you can buy a lot of house for a low monthly payment.

If you have $4K per month, that's enough to buy a great house. If you're interested in an investment, and want a party house, buy one with a couple extra bathrooms and bedrooms, maybe something with an apartment over the garage, and take in a couple of roommates or rent out part of the house.

In the DC area, a lot of young professionals have been known do that, btw. They buy a nice big house together, rent out part of it to roommates, and let the rental income help pay off the mortgages.

It's probably best to not max out at $4K per month. To be really safe in your investment, you'll want to have at least 6 months or so mortgage payments and bills set aside as a buffer. It's better to have expenses of $2.5K per month save $1500 per month of that $4K, rather than max out at $4K and not have a saving plan.

Also, if you can afford a lot more than the mortgage would cost, consider getting a 15 year mortgage instead of a 30 year. You can get a lot lower interest rate, and that slices hundreds of thousands of dollars off the cost of the mortgage. You basically end up paying much less interest to the bank to get your house.

That's my advice, but it's hard to go wrong in this housing market. The last "worst" year to buy a home is now. By the end of 2012 the second wave of ARM resets will have passed, and the rate at which people default on mortgages will start to go down. Here's a chart of mortgage ARM resets, in it you can see we're halfway through the second wave.

[link to www.swifteconomics.com]

Your post didn't mention if you have a down payment saved up. You have to start saving now if you want to buy a house in 2012.
BRIEF

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12/17/2011 10:11 AM

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Re: How Much do you think is Reasonable to spend purchasing your 1st house?
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
 Quoting: cremefraiche


So you're getting married...congratulations, I guess...
I never forgive and I never forget

I am a licensed firearm holder. I will, under protection of law, use lethal force if attacked.

Briefcut4892
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12/17/2011 10:11 AM
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Re: How Much do you think is Reasonable to spend purchasing your 1st house?
Why bother to buy a house if you have to depend on other people, it means you can't afford it, someone mentioned roommates above, who the heck wants to come home to people you barely know in a place you bought? You have to be out of your mind.
Seccci

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12/17/2011 10:21 AM
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Re: How Much do you think is Reasonable to spend purchasing your 1st house?
Build it yourself, like i did with my father. yeah, it will take 2 or more years to complete and you will have to take time off work, your family or hobbies for several days, but you won´t have to take any loan/mortgage and be in debt for 10+years... just don´t rush it, be patient, one step, then next...
for example, in my country, if you donate blood, you have a guaranteed paid leave for that day and in some companies for another day as well. so you go donate in thursday and have 4 days before you go to work to work on your project, while you still get paid for 2 days. i´m sure there are things you can expoit in your country as well,to have time for work and building your house as well.

you have to have some savings, so its best to plan it few years in advance, so you save enough to have money for year 1 and for construction materials to build groundwork, basement, walls,roof, and then to equip it with windows, doors so the winter( don´t know your location) won´t damage it while the building is still work in progress...

you can even make a multiple-story structure, so you won´t have to make it large and use too much resources, but still have enough of space for more people( kids, family etc.)

if you do it yourself, you save a lot of money on multiple levels- you don´t have to pay somebody else to do it, or premium to somebody who sells it and wants to make a buck on it. you can haggle for prices on materials, or for help with the construction if you don´t know how to do something etc. really- the time you spend on working on that is time well spend- for me it was time where i would get drunk anyway, or sit behind PC and do nothing productive.

i don´t think people have 2 left hands or something, that they would be unable to do it. it just takes time and effort but its worth it.

then of course you will be proud of yourself, that you did something/ built something with added bonus- your family can live in there

+ added you can plan it and shape it according to your wish and need- water, electricity, heating, etc can be custom made/ usually cheaper as well.
for example while doing this, i have drilled a well there with pump that works on electricity, but with a device that can provide me water if i work it manually as well, so i´m not in panic when electricity goes down- same with heating/ have a stove/ chimney but the heat is spread through all rooms before it goes out through chimney.
house is not connected to sewer system, but have my own cess-pool( sink-hole or whatever its called in english).

and no, i´m not some 40+ years rich old dude and the house is not some hollywood mansion either/ i´m in mid 20´s and that was the best decision i could have made.

don´t be at mercy of a loan/mortgage from bank or somebody else... do it yourself.
rant

EDIT: as lisa pointed out, don´t do anything outside of oyur means, use just enough to be confortable but not more so you won´t have to take on loan or mortgage, that can hurt you several years down the line. good luck

Last Edited by Seccci on 12/17/2011 10:28 AM
Anonymous Coward
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12/17/2011 10:26 AM
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Re: How Much do you think is Reasonable to spend purchasing your 1st house?
OP, I did not want to come off as offensive, but if you ot the other fellow wanted to start a family, it could become problematic, and with the four g's you have combined, it sounds like you can buy a lot of house, you can get something less expensive on your own and have privacy when you need it.
Anonymous Coward
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12/17/2011 10:30 AM
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Re: How Much do you think is Reasonable to spend purchasing your 1st house?
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??


 Quoting: cremefraiche


A 3 bedroom 2 bath is most important for resale value. Don't buy less than that. That would be pretty necessary for two people living together too I would think.
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12/17/2011 10:55 AM
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Re: How Much do you think is Reasonable to spend purchasing your 1st house?
buy the house yourself , then rent rooms , so when your slug co owner can't pay you ain't screwed too.

asides when you discover how easy it is to not pay , you can collect rent and keep the mortgage money too





GLP