 Question for people renting a home? |
| Can a landlord enter your home at anytime if it is a rent house and it is technically his property?... |
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 Our real estate agent said we need 5 grand to "hold" a property that we are interested in, What is this? |
| He said we would get it back at closing. We arranged for 100%+ financing with our lender, so what would this 5 grand really be for?... |
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 Looking to buy a home, should we pay off debt or use it for a down payment? |
| Me and my soon to be fiance (within 2 weeks, I just bought the ring), have been thinking about going house hunting. What I would like to know is that between both of us we have about $10,000 in ... |
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 Can I get this dead-beat Tenant to EVER leave??? |
| I know everyone is going to think I am crazy, but in our first attempt at renting out an apartment we seem to have gotten the tenant from Hell. We agreed to let her move in with 1 dog and 2 cats. S... |
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| When selling your home, can you legally say "no agents" or "no agency fees will be paid"? |
| I'm selling my house, and I have no desire to pay 3-6% of my home's value to a real estate agent. What rights do I have in this capacity?... |
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 I need a loan for 30,000. I have terrible credit. I have plenty of equity in 3 homes, can anyone help? |
| I have 2 properties on the market now, but buy the time I may be able to sell and settle on them will be a little to late.... |
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 Uhh....moving outta teh house at 15? |
| me and two friends are planning on moving out of teh house at 15 [[one of us will be 16]] and we want to go to california...wat wuld be teh price range of apartments or condos in teh LA area? thx ... |
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 Do Real Estate Agents get paid a lot? |
| Do they get paid enough to buy a very big house?... |
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 Is a real estate agent entitled to a fee even though the house did not close? |
| I was buying a house when I got transferred. The builder agreed to keep my deposit of $21,000. In addition, I got a bill from my real estate agent for $12,000. She says, even though the house did ... |
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 What should I counter-offer on my house? |
My house was on the market for $330K, and I recently reduced the price to $320K.... I have received an offer of $290K.
That's pretty low, but how would you Play out the negotiations? W... |
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 I have been renting a property and recently recieved a letter from bailiffs warning me to vacate in 7 days? |
Having phoned they've said its due to the landlord having not paid his mortgage. The landlord had said to ignore the letter and is demanding his rent. I've no money and no where to go.
... |
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 What actions can I take against my formal apartment manager for calling me a whore? |
| When my formal managers tried to kick me out I fought the case on the grounds of discriminatory eviction. We settled and I moved out. When I went to get the last of my belongings and to clean the ... |
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 Isn't it my right as a renter to have until the 5th of every month to pay rent without receiving a late fee? |
| I am in Ohio and I thought that it was a state law that renters have until the fifth of every month to pay rent without getting a late fee. But my idiot landlord just sent out a letter that said any ... |
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 Can landlord have people viewing our home, after we have given our 1 months notice in? |
| Considering that we are obviously packing and want to clean the general mess, it seems like it might be him just wanting to see how the state is, he is an awkward landlord, one of the reasons why we ... |
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 Mortgages..is it always this stressful and long drawn out experience? |
| I would like to know other peoples stories. We had our first offer fall through before we even heard if our mortgage application was accepted. We had been accepted in principle but seems that means ... |
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 Where do you live?Do you own the house/flat? |
| I live in the house of my mom( it is inherited by her parents), we sold our apartment after my dad's death, but we also have one more apartment in the same building and a country house, which we ... |
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 Ex-landlord withholding deposit? |
| I moved to another state, I was assured that my security deposit would be mailed to me, now I can't even get her to return phone calls. The apartment was left in better shape than when I moved ... |
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tomnehek | Am I in a good position to buy a home? |
I'm 23 years old and I have about $50,000 secured to use as a down payment on a home. I've been renting an apartment for 2 years and I feel like I'm throwing my money away. I finally have a good job that I plan on sticking with for the long haul so I'll be staying in the same area. Right now I'm making about 32k a year and I have good credit. My salary will most likely increase to about 42k within 2 years.
Should I buy a house/condo or what? What do you think? |
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Sam
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You answered your own question in a way. If you are in it for the long haul go for it. If you are just looking to cash in on something with in 3-4 years I would really look for something short term like a small condo. If you are certain about your future income why not look for something that would be a small family home whether or not you have one. If your future plans change then you will be prepared, if not you can have some nice house party's.
Check out my website, it can help you calculate how much your payments will be based on the information you put. |
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Landlord
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I would skip a condo and look for a cheap house. Your income is not very high and you will not be able to buy in some parts of the country, but if you can buy you are wise to do it. |
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bucksfanob
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Yeah, I'd say go for it, but wait about a year because housing prices are projected to fall throughout the year. You have $50,000 for a down payment so you should be set. It's best to put something like 10-20% down of the asking price, because you then qualify for the lower interest loans. Credit is also an issue but it sounds like you're on track there. Good luck! |
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DAVE
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First I would find out what can you afford. This will be determind by exactly how much debt you have compared to your income. |
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Frank Junior
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my first purchase was a co-op. but that sucked so then i bought a house. You cant lose with owning a home. There will be equity if you play your cards right. I would go with a house. Renting sucks. its like throwing your money away. Good luck ! |
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Jeff
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By "secured" do you mean you have cash sitting in the bank, or do you have a loan from someone else to make the payment? If it's a loan, it doesn't count.
1) Make sure you have all your other debts paid off.
2) Make sure you have an emergency fund with about 6 month's expenses sitting in the bank.
3) If you have cash in the bank for the down payment (in addition to the emergency fund), then look for a house in a reasonable price range.
With a salary of $32K, that's $2666/month before-tax income.
At most, your mortgage should be about 1/4 of that, or $675/month, or if you want to stretch, about 30%, or $800/month.
For a 15 year fixed mortgage at 5%, $800/month is a $100,000 mortgage. Add in 20% ($25K) down, and you're looking at a $125,000 house.
If you want a bigger house, you need to either get a bigger down payment, or you need to wait for your pay raise. |
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Roy
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Excellent position ,you're choice on which one you buy |
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craigd2599
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where do you live? |
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Matt
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you should be fine with a house between 115000 to 150000. I'm in the same situation right now. after a few years paying the mortgage your house should be worth more than what is left on your mortgage. Then you can get a nicer house when your salary is increased.
that's what the mortgage lenders and people i have talked to have said.
and go with a house. with no ssa or saa or association fees. |
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Carl S
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The magic number is 2.5x your anual salary for a 30 year mortgage. So you can afford a house up to 32x2.5 = 80 + 50 = 130k. I say go for it. And use a 20% downpayment which is roughly 26k.
Best of luck. I'd go with a house. Condos have hidden condo-fees and you have little property. |
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DannoREA
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Sounds like you have a strong background and sufficient cash on deposit for a down payment. A good rule of thumb is to triple your annual income and look at houses equal to or less than that amount.
Your first step should be contacting a mortgage lender for a preapproval (not a simple prequalification - there's a big difference!). Remember that you will only want to mortgage about 80% of the house you can afford. To mortgage more will expose you to either PMI (private mortgage insurance) or a pricey second mortgage.
Second step is to determine who will represent you during the transaction. I'm guessing this will be your first home, so you should definitely have someone protecting your interests throughout the transaction. In my market, the seller usually pays all commissions, so a realtor shouldn't cost you a thing.
Where were you looking to buy?
I'm a PA realtor with a global corporation, so I can assist you in finding a realtor just about anywhere in the world!
Feel free to email me through the Answers network, and we can discuss your options. |
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knowitall
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Yes, buy now. |
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daeve930
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I would purchase now if you can qualify for a loan.
Condo or house...depends on where you live. You need to investigate the condo market, because it can be very slow in some areas. If you live in NYC, it's a great choice. And look at both houses and condos in your price range.
I have a townhouse, and I like it a lot. I have space and privacy and no yard work or outside maintenance. The market here has improved significantly in the last 10 years, and they are selling well now, at more than twice what I paid about 12 years ago. When I bought it, the amount I could afford would only buy a dump of a house that I couldn't tolerate in the area where I wanted to live. |
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KeLLy!
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yes, go for it!
as long as your credit history is fairly strong, you should have no problem being approved.
good luck! :) |
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