 Renting a house? |
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chopstix | 23 yrs old- too early to think about buying a house? |
So I'm 23 and still live with my parents. I want to get my own place but I don't want to rent. I want to buy a home but I don't know if I can afford it. I recently bought a new car and only have about $10k left in my savings. I'm 23 and only make 43k a year. Is it too early for me to buy a house? Where I live, the houses are pretty expensive and the lowest decent house I was able to find was around 200k. I don't know if I can afford that with a 43k job and 10k savings.
My credit scores are EQUIFAX 780 EXPERIAN 778. I don't have any bills.
Is it too early for me to buy a house? Should I wait a few more years? Maybe I should just get a condo, they're a lot cheaper.
Additional Details
sounds like I'll only be able to afford a condo...i shouldn't have bought the new car or even pay it in full. parents are saying they'll give me 10k when I move out. i'll probably use that for down payment and save my 10k in the bank.
looks like i have 2 options, stay with my parents for a few more years or get a cheaper place, like a condo. sigh...i don't want to be 25-26 and still living with my parents. |
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walding714
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Is never too early to start, there is a saying that says "Time is Money", please don't wait too long before learning this by personal experience, I bought my first property at 19 and I started slow with a condo, sold it and bought a bigger place (House), now I owned 4 properties and I am only 28. Good luck and please let me know if I can help you. I lend in all states. |
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Beyounce
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Hell yeah!!!
I bought my first one at 22yrs, when homes were $16,000!
You have fico scores where you can get 100% financing and a low interest rate!
Very little if any funds from your pocket!
They will count the car(it's a bill)......most of buyers blow their deal by going out and buying a stupid car.
Don't go out and give your social to everybody so that they can run your credit. It'll knock it down. But get prequalified.
If you are in California go to:
(oh you said $200,000)......well there's still some deals in the central valley??
http://www.americanlending.com/
1 916 924-Lend
Rodney is good. |
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Tone Malone
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I'm 34y.o. and from Australia, so take what I say with that in mind. But you're young and buying without a partner is hard work - and you don't want to get stuck with a mortgage of more than you can afford. Maybe you could make home ownership it a longer term goal, and invest a proportion of your income carefully so you do have the home deposit you need later on (I wish I had taken my own advice ten years ago!) Anyway, good luck! |
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j b
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TRY A COOP. THAT WAY YOU STILL HAVE OWNERSHIP, YOU PAY THE MORTGAGE AND MAINTENANCE FEES....
YOU HAVE MORE THAN ENOUGH TO PUT DOWN........ |
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taylar2013
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im only twelve but i think you should lease an apartment and get a lone remember if you need any help you will still have your parents to help you
Toodles
Taylar2013 |
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DAGIM
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If you don't plan to get married yet,stay with your parents another 2 years. Pay them a small amount towards rent and expenses,if they agree. THen save up enough to put a down payment on a house and look for low-priced,small property. Talk to your friends in the neighborhood and look in cheaper areas first. You could rent a small place first while you look around. You need more income to get something decent.Perhaps share a small apartment while you look.It's not too early,but you need that down payment,and real estate prices may be going down in a year or two. |
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tia_dre3
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Are you kidding?! I bought my first house a year and a half ago when I had barely turned 21. Dont think about age. If you have good financial standing, and it looks like you do, buy a house and let it work for you.
If you were to wait, by the time you move out of ma and pa's, your home could have made you $10,000. Besides, do you really wnat to live with your parents until youre 25?
Your credit score is awesome for someone your age and you have no bills. What makes you think you cant afford a house? You'll probably be approved for more than just $200,000 with that credit score. Just dont buy a condo, they dont have great resale value.
Tomorow morning, begin interviewing at least three real estate agents. Choose the one who you think will most likely look out for your best interests, not just their commission check. You'll know which one to choose by the type of questions they ask. An good agent will ask personal questions about your financial situation and most importantly, your goals. They should take care of you to the fullest, feed you knowlege and give you guidance and advice to better make a decision for yourself, NOT to make decisions for you. Once you find a real estate agent, they should be able to help you with the rest... lenders, appraisers, inspectors, etc. and not to mention- a house. haha. I'll be happy to answer any questions for you aswell :) Good Luck! |
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Sophiesmama
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try to buy a reasonably new duplex and live in one half and rent the other half out. That way the renters pay a large portion of the mortgage, ins and taxes for you. Although owning a rental property can be a hassle if things go wrong with the place and you have to hire someone to fix them or if you have to do a lot of remodeling. |
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Jonathan
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Talk to a mortgage banker to find out what your payments would be. Then you will know what price range you can afford. Take a look around and see what the houses are like in that price range. You could also look for pre-foreclosures to get a better deal. You have great credit so thats going for you as well. |
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ctal
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hey there.. no its never to early to buy a house.. try http://www.terabitz .com
u may find what you'r looking for... its easy and affordable..
take care... |
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randy_underwood
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it's never too early to buy a house if you can afford it - real estate is a great investment - if you can afford it go for it ! |
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kumau
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depend on your income |
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datrue@sbcglobal.net
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This is a great time to buy a home, buyers can get some great deals with sellers trying to bail out of the real estate market. Real estate property taxes and mortgage interest are great tax deductibles. But there are still a lot that has to be taken in to consideration before buying.
Number 1 would you be able to afford making monthly payments including mortgage, insurance, taxes, utilities and other expenses you might have (not including buying furnishing for your new place). In the mortgage industry we call this a payment shock, especially if you are living at home. Also if you were to lose your job would you be able to continue making payments.
First I would contact a Realtor AND mortgage specialist in your area. Find out where you can get the most out of your money. I would suggest saving your 20k and get 100% financing. Save the 20k for rainy days, I would call it the "just in case something happens funds" With your fico you can get a payment of $2000 or less for a 300k home. Look for something that has at least 2 bedrooms, so you can rent out the other room and that would be able to lower your monthly payments. So Ideally get the most rooms for the price you can afford and rent them out, hopefully be able to have positive rental income. Sit on the home for a couple of years, sell it and take your proceeds and buy something nicer.
Remember even though you are in contract to buy a home, you still have period of time to cancel without losing your deposit.
Datrue@sbcglobal.net
Mortgage Consultant |
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Bucket
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I bought my first house at 23 and it was the best thing i ever did.... sold it a couple years later, bought bigger n better, now I am selling again and trying to keep moving up... Buy now, and keep that credit score up. You will be just fine. |
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Real Estate Investor
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Not at all! I bought my first home at 19. I am 34 now and own 7 properties. Good luck! |
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c h
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In general, most mortgage companies use 2.5 as the multiplier to determine what price of house a person can afford. So at $43k it would be ~$107k. Many stretch is now to as much as 4x, so $172k. Not having other bills is a boost, but you will have bills once you buy a place. Utilities, the trips to Home Depot, furniture, etc. will add up. I bought my house 6 years ago at 23 and had no idea how the money could add up so fast.
I'm not trying to discourage you, I think the idea in general is very good. Maybe you should make a goal of saving enough for 10% or even 20% of something you want to buy. By then, your income may have also gone up enough to make it easier.
Those are very good credit scores, but income is a big factor in getting a loan. Condos are an option, but they lag single family homes. When the housing market is on an upward trend, they increase in value at a slower pace, but the same applies for a downward trend. The added benefit of a condo or townhome would also be less maintenance to deal with.
Whatever you buy, be thinking about how well it would sell in the future, because eventually you will get rid of it. Don't save $5k to get a place in a worse area, for instance.
Good luck! |
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