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errnmann | I gotta question about for newly weds renting vs. owning?? |
Rent is $825/month plus about $200 in extra bills. 700 sq ft and its not OURS, we cant paint it and its sorta small . A mortgage is $1400/mon plus around $200 in bills. My husband and I bring home together (not gross) $3500/month. Who thinks we can afford it, its great invest ina home and who thinks we should wait to make more money and stay renting? Please Help! |
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reallyno
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the greater the risk the more the reward |
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Homer J. Simpson
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does the $1400 include everyhting? (Prin, interest, taxes, hazard insurance, mortgage insurance, HOA dues, etc) Your $200 estimate sounds really low- even for the cheapest areas. Make sure you are including EVERYTHING! What about other recurring obligations? (car payment, student loan). After paying for everything, are you going to have enough of a cushion to cover the inevitable expenses such as unexpected repairs? Have you considered potential increases in property taxes or interest if you get an ARM? Are your jobs reasonable secure? What about the area? Are supply & demand fundamentals changing unfavorably?
If you have already thought about all of these things, you probably wouldn't need to ask your questions. Don't buy until you are absloutely 100% sure that you are ready for the responsibilities & have thought about many of the eventualities that could occur. |
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1001Questions
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take actions, buy now. you will thank yourself for doing this years later. |
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drhomeloan
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I suggest that you pay off all of our bills first, save up a downpayment, then buy a house.
This is the safest (least amount of financial risk) way to get started.
Sure, you can buy it NOW but it doesn't sound like you have a safety net (enough $avings to cover bills if something bad happens).
Besides, are you sure that you want to buy a house before you get comfortable in your new relationship?
I've seen newly weds buy a house and get "married" financially buy combining all of their bank accounts, etc. . .only to have it fall apart due to too much pressure.
Don't rush your life or your money without making a plan that you both think makes sense and can work toward making a reality. |
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roy_s_jones
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Be sure of what you are doing. It is better to wait a little bit for the right moment before you jump into real estate.
You should have a look at some house and evaluate the various financial scenario's using spreadsheets. |
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scarletred28
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You should save up at least 20% of total price for the house before buying. That way you have a good down payment and you don't have to pay PMI. (Mortgage insurance) |
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NC
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Paying $1,400 a month out of combined $3,500 montly income is going to be very difficult, especially if one of you ends up between jobs for a few months. I'd say you should relax and save up. Right now, time is working for you; house prices are beginning to decline. Be sure you save enough money for a down payment. |
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thbd1228
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It all depends?
Do you have any money saved for the down payment/closing costs? The tax advantages and the investment that a home is can be enticing but you have to think about the other incidentals as well. Do you have money saved for emergency repairs, if something breaks you not the landlord has to fix it. The $1400/month mortgage is that just principal + interest, or is it everything, principal, interest, insurance, taxes. If not your total cost can easily go to $1700 for the PITI alone, then another $200 for utility bills. Do you have any debt, credit card bills, car payments, etc... If so I'd suggest waiting until you make more, if not and you can see yourself paying the mortgage and bills, and still having some money left over for savings I say go for it!
Good luck |
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Franco
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As you live now paying rent, can you save $600per month ( the difference between rent and mortgage payments)? if yes, then go for the mortgage.There is NOTHING as good as owning the roof over your head |
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chays
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Ok, the mogage and bills you have are1600 a month...you still have to count mortgage insurance,taxes and any repairs to the home.It could be more than you think.Save some money to keep back for emergencies.Do you know for sure the mortgage payment will be 1400? does that include insurance and taxes?It seems kinda high.You are newly weds,just starting out...try not to get yourself in too much debt.A house is a very good investment,just be sure you can afford it.Try this...rent for 9 months but pretend you are paying a 1400 a month payment plus insurance and repairs,pay the rent and put the rest into a savings account.If you have been pretty comfortable with that then you can afford it plus you will have a liitle $ in the bank to help with moving costs or closing costs. |
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themeindzeye
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On average, 25% of your income is what you should set aside for housing. Any more than this and it puts some serious financial strain on the parties involved. I think this should be livable for you guys. If you figure about $1000 for necessary bills, that still leaves you $2000 for food, gas, etc. |
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P C
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You must consider many other factors, including your taxes.
Go to one of several comparative calculators on line and run a bunch of scenarios.
Good Luck.
http://www.nmhc.org/Content/BrowseContent.cfm?IssueID=10&siteArea=Topics |
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