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Buying my first house
Posted on 1/28/18 at 10:09 am
Posted on 1/28/18 at 10:09 am
I live in the northern VA area. Looking to buy in a year or so, put 10% down, and rent out two of the bedrooms. Price point is 250k-375k. How much money after the down payment should I put aside for random maintenance or an “oh shite fund”?
4
Posted on 1/28/18 at 10:13 am to themasterpater
Aside from your downpayment also remember you will likely be liable for at least some closing costs/pre-pays. You will have to pay 15 months of insurance/taxes up front. Sometimes a seller will help with these costs, but I always make sure my buyers have enough just in case.
This post was edited on 1/28/18 at 10:44 am
Posted on 1/28/18 at 10:23 am to TJG210
Yeah I’ve been over that with my lender and we factored that into what I need to bring to the table at closing.
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.
Posted on 1/28/18 at 10:33 am to themasterpater
I mean this is tough to answer without knowing everything on the inspection report but my advice would be:
Money for your homeowners deductible
Money for a washer or dishwasher (about the same)
Few hundred bucks.
That’s probably 4K and you would have more of a house reserve than 90% of the country
Money for your homeowners deductible
Money for a washer or dishwasher (about the same)
Few hundred bucks.
That’s probably 4K and you would have more of a house reserve than 90% of the country
Posted on 1/28/18 at 10:49 am to Mr.Perfect
Yeah if I buy new I’m not so worried, but if I buy older I’d put in a new AC unit, and new appliances
Posted on 1/28/18 at 11:08 am to themasterpater
Where are you going to find a place in NoVA with more than 2 BR for under $400k?
Posted on 1/28/18 at 11:19 am to foshizzle
Manassas area. Maybe Kingstown south of Alexandria. This will be a townhome, not a an actual house
Posted on 1/28/18 at 12:36 pm to themasterpater
Check out Lake Ridge, between Woodbridge and Manasas.
Posted on 1/28/18 at 1:17 pm to themasterpater
Make sure you are allowed to rent out rooms (some HOAs don’t allow renting) and don’t count on that money to determine what you can afford they may not always be rented out.
Posted on 1/28/18 at 3:51 pm to swanny297
HOAs can frick off. If I want to have broken down cars and uncut grass in my front yard (if I had one), that’s my business.
“But we need to protect our property values!”
Uhh go live in the country then
“But we need to protect our property values!”
Uhh go live in the country then
Posted on 1/28/18 at 3:58 pm to swanny297
Didn’t know that about HOAs and not renting
Posted on 1/28/18 at 10:26 pm to themasterpater
quote:
Manassas area. Maybe Kingstown south of Alexandria. This will be a townhome, not a an actual house
Okay, you might get under the wire then. Look into Reston too. The whole Woodbridge and Lake Ridge area might be okay as well.
I live about two blocks from Courthouse Metro. Wouldn't trade my commute for the world - I walk to work, believe it or not. Sometimes I'd like a little space but then I shudder at driving from Manassas to downtown on I-66 every ... fricking ... day.
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
Posted on 1/29/18 at 9:30 am to foshizzle
Yeah I would not frick with 66 on a daily basis. I work in Lorton, so it’d be mainly backroads. The other reason for Manassas is I’m in construction and a lot of my projects are in Manassas/Reston/Ashburn area.
Posted on 1/29/18 at 3:09 pm to themasterpater
I'm not there yet, but my goal is to keep $10k per house in a cap ex account.
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