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Message
re: Buying my first house
Posted on 1/28/18 at 10:29 am to themasterpater
Posted on 1/28/18 at 10:29 am to themasterpater
I put 2% of my homes purchase price into an account for maintenance and incedentals annually. I just look at it as a part of my mortgage payment.
It’s also a good way to save for home improvements. Anything over 10k in that account is fair game to use to remodel or make our home more enjoyable.
Also depends heavily on the age and condition of your home.
If you are buying new construction, you might be able to get away with less. But if your house is 30 years old with an old roof and AC you may want to go slightly higher.
It’s also a good way to save for home improvements. Anything over 10k in that account is fair game to use to remodel or make our home more enjoyable.
Also depends heavily on the age and condition of your home.
If you are buying new construction, you might be able to get away with less. But if your house is 30 years old with an old roof and AC you may want to go slightly higher.
1
Posted on 1/29/18 at 7:21 am to AugustaTiger
Good advice all around 
I believe the 10k mark should be the minimum to keep in an account for anything involved in a house account as well. Older home maybe a little more.
As someone who did this to himself for a while, don't go house broke and put too much down. You want to get rid of the PMI sooner than later, but not at the cost of having no flexibility.
Getting a roommate or two, especially early on in this process is a great idea. Can build your account up a little and put extra towards your principal to cut the lifetime cost of the house down. Good luck
I believe the 10k mark should be the minimum to keep in an account for anything involved in a house account as well. Older home maybe a little more.
As someone who did this to himself for a while, don't go house broke and put too much down. You want to get rid of the PMI sooner than later, but not at the cost of having no flexibility.
Getting a roommate or two, especially early on in this process is a great idea. Can build your account up a little and put extra towards your principal to cut the lifetime cost of the house down. Good luck
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