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Started By
Message
Can I afford this house?
Posted on 6/22/15 at 7:43 pm
Posted on 6/22/15 at 7:43 pm
I make $19.50 an hour and currently still in school I have 2 years left. During summer/holidays I work 35-40 hours a week. During school I work ~15 hours a week. I can possibly work more if I have to. The house we are looking at is $120,000 asking price (may be able to talk them down some). It qualifies for RD loan. My fiancé will be helping with some of the bills too but wondering if this is a smart move opposed to renting for 2 more years. Thanks.
This post was edited on 6/22/15 at 7:49 pm
8
Posted on 6/22/15 at 7:52 pm to Merica
quote:
if this is a smart move
No
Focus on completing your education and settle down post graduation, marriage and established career. Good luck.
Posted on 6/22/15 at 8:03 pm to LSUwag
If neither you or your fiancee have a full time job, then I would say no.
Posted on 6/22/15 at 8:07 pm to LSU1018
Could y'all estimate a total monthly cost including mortgage, tax, insurance, electric, water, etc.. House is around 1100 sf
Posted on 6/22/15 at 8:14 pm to Merica
Note would be about $600
Posted on 6/22/15 at 8:15 pm to Merica
Mortgage
$700 including principal, pmi, and interest.
$80-100 insurance
$150 electricity
$40 water
$40 gas
You're looking at $1000 or more. Based on your current situation you're not ready.
Add food, monthly household products, cable and/or Internet, and you'll be house poor in no time, which might even be an understatement.
ETA: Since that was harsh, you've got a great opportunity to be in a MUCH better position to buy after you graduate and start your career. Save as much as you can. Get up to about $10,000-15,000 in savings and then look for an RD loan. That emergency fund will do wonders for your sanity.
$700 including principal, pmi, and interest.
$80-100 insurance
$150 electricity
$40 water
$40 gas
You're looking at $1000 or more. Based on your current situation you're not ready.
Add food, monthly household products, cable and/or Internet, and you'll be house poor in no time, which might even be an understatement.
ETA: Since that was harsh, you've got a great opportunity to be in a MUCH better position to buy after you graduate and start your career. Save as much as you can. Get up to about $10,000-15,000 in savings and then look for an RD loan. That emergency fund will do wonders for your sanity.
This post was edited on 6/22/15 at 8:22 pm
Posted on 6/22/15 at 8:25 pm to bayoubengals88
Thank you for your input! Yeah I have a scholarship for school so that's paid for. I was thinking of taking some fed student loans like 2-3,000 a semester as my emergency fund, but I guess taking debt on top of debt is dumb. My job is extremely flexible so I can work any hours of the day but I guess to afford this I would probably work so much I couldn't fully concentrate on school (engineering). My fiancé would probably be able to contribute ~$300 a month but I guess the bottom line still comes out cutting it close and probably not too comfortable.
This post was edited on 6/22/15 at 8:27 pm
Posted on 6/22/15 at 8:26 pm to Merica
quote:
Can I afford this house?
If you have to ask. . .
I think you know the answer.
Posted on 6/22/15 at 8:27 pm to Patrick_Bateman
Hah true.
Posted on 6/22/15 at 8:29 pm to bayoubengals88
Also need to account for any unexpected expenses that will be out of your pocket. I would hold off till you guys are out of school and have a stable income. 
Posted on 6/22/15 at 8:30 pm to Merica
And even if the numbers sorta-kinda work.... you still need to think of the roof, repairs, maintenance, hurricane deductible, and on and on and on......
Just keep socking away savings
Just keep socking away savings
Posted on 6/22/15 at 8:31 pm to Merica
Engineering? 
yeah, you'll be telling your money what to do in less than 5 years.
Just please don't take out a student loan for an emergency fund!! Good luck
yeah, you'll be telling your money what to do in less than 5 years. Just please don't take out a student loan for an emergency fund!! Good luck
Posted on 6/22/15 at 8:32 pm to Merica
Just curious. ... did you ask an advisor, such as a mortgage originator from a bank/lender?
Posted on 6/22/15 at 8:32 pm to Merica
quote:
I was thinking of taking some fed student loans like 2-3,000 a semester as my emergency fund, but I guess taking debt on top of debt is dumb.
Yea. Don't do that.
quote:
My job is extremely flexible so I can work any hours of the day but I guess to afford this I would probably work so much I couldn't fully concentrate on school (engineering).
Do not (I repeat: DO NOT) jeopardize your engineering education. The work you're putting in now will pay huge dividends. You don't want to flunk out and drop to construction management (or worse: business).
There is no reason to do any of what you are talking about. No rush. Get your education, save up some money, make an informed decision and then you'll be ready.
Good luck!
This post was edited on 6/22/15 at 8:36 pm
Posted on 6/22/15 at 8:40 pm to Mr.Perfect
No I did not
Posted on 6/22/15 at 8:42 pm to lnomm34
Thanks for all the advice. I guess the answer is pretty clear now.
Posted on 6/22/15 at 9:22 pm to Merica
quote:Ouch
You don't want to flunk out and drop to construction management (or worse: business).
... I know I was smart enough to be an engineer or pre-dentistry in college, but I took the easy route. Thanks for rubbing it in. 
Posted on 6/22/15 at 9:28 pm to Merica
You are going to have a very difficult if not impossible time getting approved for a mortgage with your current employment situation.
Posted on 6/22/15 at 10:13 pm to VABuckeye
Best point yet, and all that really matters...
Posted on 6/22/15 at 10:43 pm to Merica
Buying a house in your situation would be a poor decision. It would eat up your limited budget which may cause you to work more. In turn potentially stretching out your time in school. As a recent ME grad, I suggest focusing on school because it will pay off significantly. In addition, you don't know where you or your fiance will be starting your "permanent" jobs after graduation.
What discipline are you in?
What discipline are you in?
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