 Should I sell my home read on ( real estate )? |
| Hi I bought my home condo near the water in NY 6 years ago. It went up like 100 percent in value. I am getting scared of everyone saying the real estate bubble is going to make homes so low soon. I... |
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 Realators didn't give us info, now we could be out thousands!!? |
| Ok, so I asked before about my parents housing situation. My parents put down a fairly large good faith deposit while were waiting for the rest of the deposit. Anyway, it was refundable for like 20 ... |
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 I'm planning to buy a small house or mobile home then rent it out and hope prop. values increase or build a |
house on a lot I already own.I'm trying to make some money in Bay County FL.I dont make much at my full time job.Which should I do? Thanks.
Additional Details
If i build a house I ... |
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 I want to sell my home. Here is an issue: We originally bought the home in good shape but we rented it out and |
| The renters did not care for the home. We lived out in Arizona, so we couldnt check on the home as much as we should have. We were out for 3 years and they were NEVER late on the rent. But many ... |
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 We have put in an offer on a house... |
| What is a reasonable amount of time for them to give us an answer? We put the offer in last weekend and they havent said yes or no.. whats going on there do you think? We did offer 17500 grand ... |
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 Realtors and/or sellers...need your advice? |
| My home has been on the market for 5 months. I've only had 4 looks. My realtor says best thing to do is move out, so the house will be empty, and show better. It's half full right now. I... |
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 Thinking of buying first home, but I have bad credit and no down payment? |
I keep going back and forth:
- I could wait a year and improve my credit and save for a down payment. I would continue paying more in rent than I would in mortgage and insurance, but I ... |
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 Credit crunch and today's interest rate drop - when to buy a house? |
| I'm a first time buyer so for me, the more house prices come down the better. But I'm also worried about missing the boat - I don't want to wait and wait and then find that suddenly ... |
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 As a homeowner, should I sell the house of rent it out? |
| I live in zip code 95132. Rents might go to $2000 for a 1790 sq.ft., 4/2 house. My property, unmodernized, built in 1965, might sell for $125,000 less than last year (now <$600,000) I have an ... |
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 What do you think? Quick question, easy 10 points for best answer!!!? |
| My lease is over this month and i want to leave, rent is gonna raise for all tenants who renew. so i applied for this other apt. showed proof of job,bank account, and current apartment verification (1... |
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 Please help!!!can not find no where to live!? |
| me and my fioncee have been looking for a place to live in apple valley ca since it is where he works at and i have been looking everywhere for listings of houses to rent. i have found some but since ... |
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 Landlord problems? |
I am really un sure what to do about this!!
I moved into my rented rent at the end of February 2008, a month later I got a letter through the door from a solicitors saying that we need to ... |
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 When first buying a house, financially speaking should one go very big or go small? |
| It seems that people these days go as big as possible (really stretching financially, some so much that they go paycheck to paycheck starting on a 0% down ARM)...is there a good reason to go this ... |
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 I chose realty fraud for my senior project...will that put people to sleep? |
| I'm a senior now and I need to choose an interesting topic. what do you think of realty fraud? where can I find good information on it? I couldn't find any. it'd help if you told me ... |
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 How can i rent an apartment without a backround check? |
| Me and husband have tried to rent an apartment but his criminal backround is not good mine is fine and they wont take us because of it what can i do?... |
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 Should I trust a tenant on housing benefit? |
| A young lady has advertised for a flat. She is pregnant and will claim housing benefit. She revealed, however, that she has a partner who works and that she is also working part-time. Will they ... |
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 In Texas, is land lord responsible for providing window units in home with no central air conditioning? |
| I am renting a house in Texas that does not have central air conditioning....is there some kind of 'tenant law' that says my land lord is supposed to provide the window units? Where can I ... |
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sam j | I am currently 19 years old, and when I am 27 I will buy my very own house. Could I afford it? Please read.? |
Hi guys, my name is Sam, and I am currently 19 years old. I am currently working on my AOS in Information Systems Technology, which is a 1 year and 10 month long program. Once i complete that I am going back to school to work on my B.S. in History with minor in English Literature, then Masters in Education, then Masters in History, and finally P.h.d. in American History. I will purchase my very own house when I am around 27 years old. I am currently in Baton Rouge, La and plan to buy a house here in BR, LA. I am striving to purchase a home between $ 300,000.00 and $ 550,000.00. Based on my career aspirations could I aford between this range. My home would also be in a gated community. How do you figure monthly payments without interest rates? For example if a home is $ 325,000.00, without anything added how would you figure its monthly payment, based on 30 years. How do some people afford homes like this? Please advise me, it will be greatly appreciated thanks! |
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Landlord
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Sam, there is no way to determine cost or even your income in 8 years. Worry about that later.
Also, there are no interest free loans, so do not even bother calculating one. The interest rate might be 5% then or 15%, I have seen both in my lifetime.
BTW, if you are going to have your PHD you will be able to afford much more then 550k in todays market. You are seriously underestimating your income. |
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Gernot
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It is too far in the future to call. But good luck with your plans. All you can do is work hard, save what you can, and see what life brings you. Good luck. |
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?
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Sam, for so much education - you still have a lot of learning to do.
first of all when do you plan to purchase said house? today? tomorrow, 8 years from now? if it is 8 years from now - how do you know what the price will be in 8 years? It won't be the current price range.
second, goto bankrate.com they have a ton of financial calculators you can use to run different scenerios through. even 0% rates. |
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YA! 4ever
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Sounds like you have your education in order and are on the right track as far as career wise. Are you planning to work while in school?
Also 8 years from now housing prices could go up or down, nobody knows. |
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Giorgio B
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Well it depends on some variables.
1. cost of the house
Let assume it will cost 300000 (if more, figures are proportional)
2. lenght of the mortgage
30 years (or less?)
3. fixed or variable rate
A 30 years mortgage for an investment is usually based on a fixed rate. You will consider a variable rate on a shorter time or if your personal incoming will increase a lot. Based on my country (I write from Italy), nowadays rates are around 5% and 6%. Assume 6% to be sure you'll find a lower rate.
4.your personal wage
A well known rule (but in many cases forgotten ...) says: you can't afford a mortgage whose rate is higher than 33% - 35% of your net wage. You not only buy an house, but you also eat, travel, make sons (?), live ...
Let's do some calculations: 300000 at 6% fixed rate makes a monthly repayment of:
years monthly
10 years 3330
15 years 2529
20 years 2148
30 years 1800
So if you plan to get 30 years, and if 1800 is 33% of your monthly net wage, you must earn 1800 / 33% X 100% = 5454 per month (net). It is 5454 X 12 = 65454 per year (you must maintain this for a period of 30 years).
Is it realistic for you? I can speak about the Italian reality, here it is not realistic. In Italy wages are not so high, so young people can afford buying houses only if their families participate to the investment, giving them money. This is what happens in Italy, but I think is almost the same everywhere. |
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Fancy That
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Dude (or Dudette),
You are totally overanalyzing this. If this is your dream, just start saving and make it happen. |
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glenn
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I think you would be well advised to buy a smaller cheaper house first. You would be able to do it sooner, you would learn first hand about homes and what you like to keep up and what you don't. If you plan to rent for the eight years until you are twenty seven---think about all the equity you could be earning in the meantime that would help toward buying that home you are currently dreaming about. |
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src50
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Your goal is laudable, but what you seem to lack is a financial plan to make it happen. How do you plan to buy this house - where will the money come from? |
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redwine
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when are you going to start making money with all those college tuitions to pay? A $325K mortgage is $2,000 per month. Add $500-$1000 for utilities and insurance, etc. THe mortgage goes down with the amount of downpayment, assume $63 per month lower for evern $10k you put down. 10% is a good safe number, 20% down is better. Sounds like you'll have $1 million in student loans, so it may be tough. |
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