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re: How much home can I afford?
Posted on 1/11/22 at 11:47 am to Chucktown_Badger
Posted on 1/11/22 at 11:47 am to Chucktown_Badger
quote:
Obviously no one can predict the future, but I wouldn't be chomping at the bit to buy right now with real estate prices really inflated. I'd wait a bit for supply to catch up to the demand and prices to come back to earth a bit.
What is the general consensus on when/if this will even happen?
I plan to buy 1H2023, and I'm afraid it'll never really slow down, at best flatline briefly.
1
Posted on 1/11/22 at 11:57 am to danilo
With that down payment you could feasibly go up to 500k considering you have no other debt as long as you don’t plan to add any debt.
Keep in mind you’re in your 30s and a mortgage will be long term so you need to factor in possible future expenses such as eventually starting a family, need for new car, etc. also increase in salary.
I would suggest moving out of city and find a family sized home for under 400k so you’re set if you end up meeting someone to marry.
Keep in mind you’re in your 30s and a mortgage will be long term so you need to factor in possible future expenses such as eventually starting a family, need for new car, etc. also increase in salary.
I would suggest moving out of city and find a family sized home for under 400k so you’re set if you end up meeting someone to marry.
Posted on 1/11/22 at 12:19 pm to Dale Gribble
quote:
Props on finding somewhere to live in Nola for $800/month
Its either shitty or hes splitting a place thats 1600 month.
Posted on 1/11/22 at 12:21 pm to dgnx6
quote:
Its either shitty or hes splitting a place thats 1600 month
Tiny. Less than 350 sq feet. Potential for flooding, AC kinda sucks, and drafty too. Still feel very lucky.
This post was edited on 1/11/22 at 12:29 pm
Posted on 1/11/22 at 1:15 pm to thegreatboudini
quote:
I plan to buy 1H2023, and I'm afraid it'll never really slow down, at best flatline briefly.
Idk, but I'm in the same boat. My plan is to purchase a decent 2br condo within the next 6 months so that I'll have some skin in the game. Then I'll be looking at buying a family-sized 3 or 4 br house by 2025 to start a family in and will rent out the condo. If prices crash, great--my 3 or 4 br will be cheap. If prices go up, at least I didn't continue sitting on the sidelines and my equity in the condo should increase.
This post was edited on 1/11/22 at 1:21 pm
Posted on 1/11/22 at 1:43 pm to thegreatboudini
quote:He takes that salary to the bank with no debt and they will give him an approval letter for probably $750,000. That is why I put quotations. What the bank says you can afford and what you should buy are completely different.
What?
Posted on 1/11/22 at 1:47 pm to tigersfan1989
quote:You obviously have poor reading comprehension. That is why afford is in quotes. For you specifically, a $700k home would be less than 50% of your take home pay monthly. With no debt, the bank will say you can afford that easily. Is that a smart move financially? Hell no.
What? I make 150k / year and don’t think I’d be able to swing 600-700k house even with that down payment. Please don’t take this advice you’ll be house poor
This post was edited on 1/11/22 at 1:48 pm
Posted on 1/11/22 at 4:10 pm to TigerTatorTots
Can you legally sublease your current place to get an extra steady income stream?
Is that still a thing?
Is that still a thing?
Posted on 1/12/22 at 6:54 am to Chucktown_Badger
quote:
I'd wait a bit for supply to catch up to the demand and prices to come back to earth a bit.
With inflation all across the economy, what makes this likely to occur? Even if supply catches up, do you expect a deflationary environment? If so, won’t that likely impact us all in very negative way?
Posted on 1/12/22 at 7:04 am to danilo
How much home do you want? Good discussion in this thread regarding the ceiling, but if I were you I couldn’t imagine needing, wanting, or caring for a home over $375K as a single dude.
Posted on 1/12/22 at 7:17 am to danilo
Put 5% down and keep the cash in your bank
Anyone who puts 20% doen noe is crazy imo
Anyone who puts 20% doen noe is crazy imo
Posted on 1/12/22 at 7:37 am to SDVTiger
quote:sir do you realize cash is being devalued by 7% annually right now? Why TF would anyone keep extra cash in the bank
keep the cash in your bank
Posted on 1/12/22 at 8:16 am to TigerTatorTots
Sorry toss it in bitcoin
Better than sitting in th walls of your home earning you nothing
Better than sitting in th walls of your home earning you nothing
Posted on 1/12/22 at 8:18 am to danilo
quote:
I am also aware landlord could totally jack up the price if he wanted to.
Some landlords understand the value in a good, reliable tenant who always pays on time.
Posted on 1/12/22 at 8:25 am to SDVTiger
quote:
Put 5% down and keep the cash in your bank
Anyone who puts 20% doen noe is crazy imo
Avoiding PMI if you can isnt crazy at all. Having PMI is basically like an extra chunk of interest you pay each month because that money doesnt add anything for you. It doesnt go to your home insurance or taxes. It just pays for an insurance policy for your lender, so it's really just an extra interest payment to you that you can get out of eventually.
If you can avoid it, I always would.
Posted on 1/12/22 at 8:31 am to thunderbird1100
500k purchase
100k down not in your bank vs 15k down 85k in bank (or bitcoin for this board)
MI costs you 100 more a month
1200 a year
Since you will only stay in the loan for 7yrs max thats an extra 8400 in payments to keep 85k and have 2 bitcoin
I never understand the fear of MI
Must be a boomer mentality
100k down not in your bank vs 15k down 85k in bank (or bitcoin for this board)
MI costs you 100 more a month
1200 a year
Since you will only stay in the loan for 7yrs max thats an extra 8400 in payments to keep 85k and have 2 bitcoin
I never understand the fear of MI
Must be a boomer mentality
Posted on 1/12/22 at 8:39 am to SDVTiger
quote:
500k purchase
He's not looking to buy a half million dollar place here, he's a single guy living in a box right now basically
quote:
MI costs you 100 more a month
PMI on a $500k house would likely be way more than $100 a month, closer to $175-$200/mo.
Our PMI for our house which had a $261k mortgage after 5% down with excellent credit was $81/mo and that was considered a very low PMI rate. If you only put 5% down on a $500k place, you're talking $150/mo minimum PMI and easily go up to $200 even with good credit.
PMI is literally a total waste of money for you as a the buyer so why pay it if you can afford not to. IF the guy didnt have 100+ grand here it's a different story. Not only that, but he could very well be buying at the housing peak around now any by putting so little down could find himself in a bad equity situation if the housing market corrects some which is also another issue.
also, I'm definitely not a boomer
This post was edited on 1/12/22 at 8:40 am
Posted on 1/12/22 at 8:42 am to thunderbird1100
Friend just redid his at a 300k loan after down payment. 12 percent down. His PMI was 35 a month.
Posted on 1/12/22 at 8:43 am to danilo
I think I would wait another year and see what the housing market is going to do.
Posted on 1/12/22 at 8:44 am to MrJimBeam
quote:
His PMI was 35 a month.
quote:
12 percent down
Thats why. Can make a big difference in PMI in the amount you put down, he's not even that far off from getting rid of it.
5% down on a $500k house though, it's going to be well over $100/mo on PMI
This post was edited on 1/12/22 at 8:45 am
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