House purchasing after college | TigerDroppings.com

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GenesChin
Ole Miss Fan
The Promise Land
Member since Feb 2012
11561 posts

House purchasing after college



My fiance and I will be looking to buy a house about a year after college. We have offers that put our combined income at about 115,000$ and my field willsee quick raises. She also has some family money and will put down approximately 40-50k$ on a home.

We both have our cars fully paid, zero student loans, credit debt or other debt obligations.

What price range for houses should we look for with these conditions?







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LSUtoOmaha
LSU Fan
Nashville
Member since Apr 2004
21221 posts
 Online 

re: House purchasing after college


250





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Ric Flair
LSU Fan
Charlotte
Member since Oct 2005
7354 posts

re: House purchasing after college


175-200k. You could go higher (I'd max out at 250k), but being that young with no kids, you are going to want to use money for travel/fun things while it's easy to do these things. Just don't purchase anything until you get married.





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GenesChin
Ole Miss Fan
The Promise Land
Member since Feb 2012
11561 posts

re: House purchasing after college


My career field if I progress on average wuth employees from the past should bump me up to 150-175 after 4-5 years.

Assuming no other debt whag would I be looking at?






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davidengle
LSU Fan
Baton Rouge, LA
Member since Feb 2013
20 posts

re: House purchasing after college


(no message)


This post was edited on 3/28 at 6:29 pm


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GenesChin
Ole Miss Fan
The Promise Land
Member since Feb 2012
11561 posts

re: House purchasing after college


quote:

I always encourage my clients not to buy more than they have to. Moving up is always easier than moving down. I encourage 20% down on financing, so you're looking at 200-250K depending on down payment.



Well I think the family would put about 80-100k$ down on a home if we needed and I am being conservative with the 40-50k$ because I know that much is for sure.

My big thing is that my educational background, research done with professors and so on would suggest that interest rates are not going to stay in the 3-4.5% rate forever. If they go up and inflation also goes above that range, from an investment standpoint, that is money in the bank.

My fiance and I are fairly simple. Not big travelers and our families have family vacations for everyone that they pay for, we do not drink and what we enjoy socially is fairly inexpensive. I guess from a housing market in a low, interest rates artificially low and my expectations of those market conditions changing, I don't want to not take advantage. Especially since my fiance is very domestic and her home is the only thing she wants to spend money on.



This post was edited on 3/2 at 1:24 pm


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BigBoyTiger
LSU Fan
Chicago
Member since Aug 2005
8751 posts

re: House purchasing after college


Just get married first...then buy.





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lsu711
LSU Fan
Member since Sep 2003
5692 posts

re: House purchasing after college


quote:

My career field if I progress on average wuth employees from the past should bump me up to 150-175 after 4-5 years.


I wouldn't buy a house based on that expectation.






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Ric Flair
LSU Fan
Charlotte
Member since Oct 2005
7354 posts

re: House purchasing after college


Where do you plan to live after college? Do you plan to stay there your whole life? In 5-6 years, when you're making 150k, is your wife going to want to have kids and quit working for 10 years? How much would a house be at your location that you could see yourself staying for 20 years and raising a family? If you can find a home that you would be happy to live in for twenty years with enough room for future kids, I'd probably stretch my home budget as much as possible in your situation (250k-350k).





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RandySavage
Member since May 2012
8438 posts

re: House purchasing after college


With these interest rates and that down payment 250-300k and you could still live comfortably even at the high end. If you put 50k down on 250ish you could avoid PMI.





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cwill
New Orleans Saints Fan
Member since Jan 2005
25117 posts

re: House purchasing after college


You shouldn't buy a house....just rent until you decide to have a family....put that $50k to work for you and not tie it up in a house you'll live in for 5-7 yrs.

Why do people feel the need to follow this antiquated script?






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RandySavage
Member since May 2012
8438 posts

re: House purchasing after college


Because a home is generally a great investment, especially in this market.





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HailToTheChiz
Auburn Fan
Behold, SKYWHALE!
Member since Aug 2010
8210 posts

re: House purchasing after college


quote:

You shouldn't buy a house....just rent until you decide to have a family....put that $50k to work for you and not tie it up in a house you'll live in for 5-7 yrs.

Why do people feel the need to follow this antiquated script?


just get an apartment then go buy a house






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barry
Cincinnati Fan
Location, Location, Location
Member since Aug 2006
38401 posts
 Online 

re: House purchasing after college


quote:

My career field if I progress on average wuth employees from the past should bump me up to 150-175 after 4-5 years.


Oh i love undergrads






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RandySavage
Member since May 2012
8438 posts

re: House purchasing after college


quote:

just get an apartment then go buy a house


Why would someone making 120k a year who already has a more than adequate down payment want to waste time living in an apartment?






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dustinm27
LSU Fan
Member since Oct 2008
2696 posts

re: House purchasing after college


quote:

just get an apartment then go buy a house


horrible advice






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stonerolledaway
UNO Fan
baton rouge
Member since Jul 2011
841 posts

re: House purchasing after college


The cheapest house that has the best location, lowest maintenance, shortest commute, best schools, well thought out floor plan, nicest neighbors, and resale value in 20 years.


This post was edited on 3/4 at 12:50 pm


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yellowfin
Illinois Fan
Coastal Bar
Member since May 2006
71268 posts

re: House purchasing after college


quote:

My career field if I progress on average wuth employees from the past should bump me up to 150-175 after 4-5 years.



Thanks Dr GenesChin






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GenesChin
Ole Miss Fan
The Promise Land
Member since Feb 2012
11561 posts

re: House purchasing after college


Not a dpctor and meant to sah combined family income between wofes profession and my professio should be 150-175. I am hoping 90-100k in 5 years which is reasonavle for my field





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