 What's the smallest house you could possibly live in ?? |
Sometimes I think I would like to live in a 10 room ..... 3 bath mansion .....
Other times .... with energy costs .... taxes ..... upkeep ... etc.... I think I could just live in a small ... |
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 Do i get my whole rent deposit back? |
| My rent comes out the 1st of every month, I gave my one month leave notice on the 10th. Do i get my whole deposit back?... |
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 I have called my landlady 6 times, and sje doesnt answer! i wanna move out? |
i will move out, and i called the landlady and left a message saying that i want to give notice. but she didnt call me back!
what should i do? if i move out without contact her again, is this ... |
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 As a landlord, should you be responsible for any appliances in the house that were left? |
| I am going to rent my house out soon and I am leaving the washer, dryer, stove, fridge, microwave and dishwasher in the house. If any of those items break without no sign of abuse would I be ... |
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 What would happen if the landlord knew i had a cat? |
| I need written permission and if she does agree i think i have to pay a large deposit, also when it comes to inspections i would have to pretend i was looking after the cat which they may not believe.... |
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 For anyone who really knows whats the deal with this down turn in real estate? |
| Im a loan officer who began this career 6mths ago. It seems I started when the housing market really started to go south. my predecessors where closing 10-12 loans a month with ease where im ... |
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 When PURCHASING (not renting out) a property what should be standard regarding appliances included? |
| thanks to everyone who already answered this question. i'm not asking about renting it out, i have that covered - i'm asking about if i PURCHASE a property is it standard for the seller to ... |
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 Questions about moving out? |
| I want to move out a year from now I am planning to save up at least $5000. Is that enough to get me started with deposits for everything I need to put a deposit on. Next I want to know what bills I ... |
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 What do you use your 2nd bedroom for? |
| My bf and I were wondering if it was a good idea to get a 2 bedroom apartment and why? It's just us, but everyone keeps telling me to get 2 bedrooms because of this and that reason. If we can ... |
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 How much mortgage should my brother pay? |
| My brother and I share a mortgage on a 3 bed terraced house. I now live there on my own as he is on a work placement and has no plans to live in the house in the future. he currently pays 1/4 of the ... |
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 What are the benefits/drawbacks to owning a townhome? |
| i'm looking to buy a new home after mine sells, but, i can get a lot more bang for my buck (space, amenities) if i buy a townhome versus a single family residence. anyone who has lived or ... |
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 MY mother died when i was 14. my dad and her where seperated. I am 22 now, am intitled to the house or part? |
| My dads girlfriend of 7 years has taken my mothers name of her house and put hers on. I wanna know of i am intitled to a part of the house. Pls email if you have any more question i reallu need help ... |
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 Having difficulties keeping on top of my buy to let mortgages.rents too low payments too high.? |
| I,ve got several btl mortgages,rents are miles away from the repayments,and i cant manage to pay the shortfalls.I dont know whether to carry on paying whatever comes in,or hand back the keys.If I ... |
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 Should I just concede and pay or fight it? |
| I live in Ontario Canada, I moved out of my previous apartment but did not give the 60 days notice, I gave in my notice on the 9th of the month not the first. Anyway I moved out and now they are ... |
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 When will everyone realize that poor people with bad credit should not buy homes? |
| A large percentage of the subprime borrowers should never have even tried to buy the houses they are in and the sooner they all loose them to foreclosure the better off the economy wil be. Agreed?<... |
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kakeydec | Ok would it be stupid for me to buy a small house if im in debt about 15k? |
I want to take advantage of the the buyers market but i still have credit card debt ...I just want to buy something inexpensive would it benefit me? |
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pea_nut_26
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depends what your debt to income ratio is... can you even get a loan??? |
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Angelic Valentine
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Anyone wanting to buy something when they already have debt is out of their minds! |
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trblmkr30
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If you can get a loan, it's almost never stupid to buy a home. Yes, our market is going through a correction, but if you look at history, home values have always gone up, and will always continue to go up.
Look at it this way. You will have to pay to live somewhere, whether it's a mortgage or rent. If it's rent, that's money out the window. If it's a mortgage, you can write off the interest expense each year, and this saves you taxes on your income. If you apply this additional amount to pay off your credit cards, it definitely has you coming out ahead. You may even be able to pay off your credit cards in 2 years or less.
Best of luck to you! |
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ayup me ole china
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This needs to ultimately be a question you answer for yourself. It is important you take in the follow points when deciding:
- How much do you pay off of the load each month/ when do you expect to be financially clear of debt?
- What priced housing market are you wanting to go in to? Even if say £70,000 - Do you even have enough for a deposit? Probably not if you are in debt. Bare minimum you should deposit £15,000 for a building costing this much - Which means your repayments is still going to run in to mid to high £hundreds depending of course how long you are borrowing for.
I have no idea if you are in the UK or not, but if you DID actually have capital to deposit, I would say there are many bargains to pick up due to the amount of people going bankcrupt and houses sadly being reclaimed and sold on cheap.
However, as a country, the UK is only just hitting the up ramp struggle.
If I was in your current position, I would not even consider buying a house - not until I had at least £15k spare.
Save up, get in to the black and see what state the country is in then. Now is really not a good time to borrow even more.
Best of luck and don't rush in to anything, because it isn't as quick to get out of when all signed, sealed and delivered!
Cheers
John
Edit: There are some beyond belief answers here! Mortage/Loan companies give away money way too easily - it doesn't matter how reputable they are!!!!!!! - that is WHY LIverpool for example is one of the worst places in the UK currently for houses being lost due to not being able to keep up repayments. 08 onwards is going to get tougher, pleaseeee remember this. |
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Real Estate Guy
 |
No one can answer this question until we know your income (gross before taxes) and what the 15k debt is (credit card, car, student loan, etc).
How much cash do you have to buy the house? |
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TX-REInvestor
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CONGRATULATIONS! You are normal!
Having debt is totally normal and expected.
This should not be a huge problem to get around if you are interested in purchasing a home.
There is alot of real estate information to cover but I assume you are looking for a quick answer.
Your mortgage payment should be very close to your rent payments by no more than $200.00.
So, if your rent is $500.00 then it would be safe to get a mortgage that has payment of $700.00 or less.
Just make sure that taxes and insurance are included in the mortgage and make sure its a STANDARD 30 year fixed mortgage.
This is NOT a good way to evaluate property but I know how it feels when you simply want to own your first home without having to overthink the real estate market. This doesnt mean you will get a good deal either... just means you can afford it.
If you want investment properties then I strongly recommend that you plug into a local support group that specializes in real estate investing. That's how i got my start.
Good L.U.C.K.! (Learning Under Correct Knowledge) |
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olelefthander
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Booney is way off. If that 15K is mostly debt for a car, you're probably fine.
As someone else pointed out, it's all about the ratio of income to debt.
A home can actually be a fantastic investment, especially if you are able to make improvements and resell it later.
Either way, I assume you're paying rent now, so buying a house is not much different if you can come up with any decent kind of down payment. |
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~Big Benz~
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no because then you have the house to pay plus the 15k you still owe |
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booney_tunes
 |
According to government standards, people should have their car paid off, no school loans, 1 kid, and 10k in savings at the age of 30.
By the age of 40, people are suppose to have 3 kids, their house loan paid off, 30k in savings, their car paid off and school loans paid off.
I think that's a good standard to have. |
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MissV
 |
If a mortgage company approves you for a loan, go for it. You'll write off the taxes and interest annually, which means you're practically living for free, because the first 5-7 years are primarily interest.
Many people own homes and have a $15,000 car payment. Sadly your debt is in credit cards, however, just trying paying a little more off each month to get that balance down. |
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nh broker
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Sit down with a reputable mortgage broker and find out your income to debt ratio - if you qualify - AND you feel you can afford the payment - then yeah go for it - you will be making an investment not increasing your debt - in the big scheme of things... |
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sunshine
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in my opinion i would say if you have money to buy a house small as it may be then you should pay off your debts theres no point in digging yourself a deeper hole clear your feet and then start from the bottom and work your way back up theres no point in trying to build your property portfolio with a bad credit rating xxxxx |
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