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Me | To buy a home or not? |
We are newlyweds and make about $64,000 together a year. We rent an apartment currently. Should we buy a house and could we afford it? Pluses and minuses?
Additional Details
We live in North Texas |
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urbancoyote
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Yes, if you can get a single family detached home for 2.5 times your annual gross or less.
Yes, if you are planning on living within commuting distance of that home continuously for the next five years or longer.
Yes, if you can ALSO afford to put money into a ROTH or other IRA for yourselves.
No, if the two of you plan to leave north Texas.
No, if the two of you are heavily in debt right now.
No, if the two of you are supporting sickly relatives.
No, if the two of you are unhappy together and may divorce soon. |
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Big B
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Yes, it is a worthwhile investment that will make you money in the long run. |
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PinkHighHeels
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Yes its worth buying a house! If you buy the house your ivesting your money into something you will eventually own. My husband and I make about what you two make. We have a house! Its hard sometimes but life will get better! |
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humanresourcesman
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I think this is a great time to buy a home; however it should not be in an area that has recently had a big run up in value. If the area values are reasonable you should be able to get a good buy now. However, do not expect wild appreciation, expect to just make a little each year on the average. You can fix up your home the way you like it too knowing it is youors. |
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LeeLynn
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Why wouldn't you? Ur wasten that money paying on an apartment when you could have ur own home! |
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Turd Ferguson
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buying a house is one of the best investments, you could flip a house and make a killing.
look at it this way. Apartment=money going to rent and where does it go?
buying a house=money is invested into that house |
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nondescript
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A household income of $64k would limit your home-purchasing options in most areas in the U.S.
Despite what others say, I'd say you and your spouse should start saving, let your careers grow for now, and wait until you reach a comfortable financial range (where you can make a 20% down payment and your monthly cost won't be beyond 20% of your take-home income).
Rushing into purchasing now (especially with the housing market on its way down) will cause you to settle for a less house than what you might be able to afford next year. |
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becca9892003
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well the first question you need to ask yourself is "are you planning n staying in your current location and if so for how long"?...if the answer is yes then buying is a much better option then renting....buying a home is like putting money in the bank instaed of someone elses bank...you will build credit history,bank relationships and also equity in your house that is like cash in the bank at a later date if you need to borrow against it or if you sell it....it gives you the independance of being able to do what you want with your own house but it does come with some concerns you dont have when you are renting..if the water tank breaks..you fix it..can't just make a phone call.....the best way to figure out what you can afford is to get pre-approved with a bank or broker who will tell you based on your current salery and current debts how much house you can get..at that time you can see what price range of house will fit into your budget..i know being a first time home buyer can be scary and there is alot involved with it so look for a banker or broker that you feel comfertable doing business with..if you have any questions feel free to email me at becca9892003@yahoo.com..good luck! |
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whore of the old testiment
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think of the resale value for when you get divorced |
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Blue Blue Blue
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It's always better to pay monthly for something that is going to be yours one day. For now, you are sending money to somebody else and that's it! It's better to pay a mortgage rather that rent... At least you sacrifice for yourself not for others. That's what we did when I got married. |
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Kirstin L
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you should buy a house but keep it a low price. and if both of you make 64,000 then you could afford it. it all bout the size of the house and the lot. |
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Yen
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Just make sure you have about 20 percent of the cost of the home and it should be fine. Also, have some emergency money to cover you for at least three months. Owning a house is a very good investement. |
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dudewtf?
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aw thats so sweet |
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Price is what you pay for value.
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I heard Texas real estates is doing fine, so not sure if following applies to you.
Rent vs. Buy as Housing Market Continues to Slump
As housing market slump, it is easier to calculate "Rent vs. Buy" scenario. Because "appreciation" is no longer a factor.
Mortgage payment consists of two parts: interests and principal. Interests are like rent, which doesn't add to the equity to your house. It simply disappear as your pay it.
If interests portion of the mortgage payment is roughly equal to rent of equivalent property, then it is a decent buy.
For example, let's buy a $500,000 condo with 0% down and apply interests only loan (just like renting a place). Mortgage payment would be $3250/month. It is a bad buy, because you can enjoy same property for $2000/month.
Please note that I assume the tax benefits from home cancel out fees from home association and property tax. For more accurate calculation, consult with your CPA or accountant. But NOT your realtor, whom will say anything to get the deal to go through.
And again, if you like a particular property, then paying more may be reasonable. You are the only person who can decide how much more premium you are willing to pay.
http://biz.yahoo.com/brn/060909/19463.html
http://money.cnn.com/2006/09/08/real_estate/caught_in_the_bubble/index.htm?postversion=2006090814
http://money.cnn.com/2006/09/05/real_estate/Ofheo_home_prices/index.htm?postversion=2006090514 |
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nighttimewkr
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If you invest in a home you can use the interest to possibly get extra taxes back and also a home gains in equity (the home price goes up every year- we gave $28,000 for ours several years ago and now it is worth $110,000) over the years. The interest rate is low now and a loan would be lower in payments now. Renting is just wasting money. First time home buyers also get better loans if you look into this program. No minuses. Owning is a lot better than renting. |
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henry_tee
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That is not a high enough salary to buy and afford the house. Stick with the appartment for now because I'm assuming you dont have any kids and the space is just fine. Once your family grows, decide on whether to get the house or not. Cheers. |
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kikime
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you are dumping money into a place that you will never own. you set your own rules have the music as loud as you want. dog, cats, kids cars no limit except what you set. i just feel you live under someones rules if you rent. if you own you can paint, knock down, build and do what you want to your property!
but if something breaks you have to fix it:) |
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bluealt
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Purchase a home. Buy whatever you can afford. Fix it up if necessary, live in a while and then upgrade to larger quarters. You can never go wrong buying real estate. |
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themysterious
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yes, you can buy a house with that income, just not a big house, rather just a small house, a condo, or a mobile home. Start from there, save up again and buy new house. If you keep renting apartment, you can also save money but you won't have a house of your own. Instead of making payments on the rent, you would be applied that toward the payments on mortgage for a house, plus it's yours rather than just paying to somebody to have something that's not yours. |
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Carlos
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Think of a house to fullfill your needs to a 10 year period. |
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leelee
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Personally, I will suggest you buy a house because it will be more practical than renting. Try to look for sale houses with a near comparison of the current rent you are paying. Through this, you are still paying in a monthly basis but eventually it's going to be yours in the long run. It will be an investment for you and your husband so when yu have kids already, you are assured that you have your own place and when you get older, you need not to worry about renting a house, you have your own. Minuses can be on your current financial status but over-all, it's a gain. Choose whatever can fit your budget together. |
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chicki3030
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If you spend all your $64,000 and no cash left at the end of the month, you can't afford a home, unless you cut some expenses.
Houses come with tons of hidden expenses. You have to factor in homeowners insurance, maintenance and property taxes, which can be a fortune in some states.
If you have extra cash at the end of the month and good credit, go for it. Save up at least 20% for a down payment or you'll get slammed with private mortgage insurance.
I can't say if you make enough 64,000 a year can't buy a great house in the Northeast but it buys more in Midwest. |
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loving father
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Buying a house is a terrific investment! With the deductions you can take on your taxes, with resale values, with the appreciation. The downside of owning a home is that you have greater responsibilities. Taking care of the furnace, water heater, yard, roof, etc... Another thing on the plus side, is that you'll have a yard for your future children, or pets (without having to pay an additional pet deposit). In your home - it's YOUR laundry room, not one that is shared.
An apartment is nice from the standpoint that even when you're gone, you don't really have to worry about mowing the lawn, shoveling snow, fixing the furnace, water heater, etc... On the down side, often times pets are not allowed. There's no yard for your kids. Renters credit amounts to little when compared to the tax advantage of home ownership. Renting offers you the flexibility of relocating to another location easily enough, without worry about selling your home. Down side of living in an apartment, your rent goes up from year to year, or at least periodically, whereas your mortgage remains unchanged.
My recommendation is to buy a home! And the sooner the better! With a combined income of $64,000, depending on the area you are at, I imagine you could indeed afford it! |
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