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Friday, January 24, 2014

possibly buying my first home

possibly buying my first home

I am 25 and really wanna move out, cause I feel like a society reject if I am this old and still living at home. It turns out that my step dads cousin is selling his house and said I could have it for $75,000. It is a 3 bedroom, 1 bathroom with garage and workshop in the garage. I have 2 friends at work that said they would give me $300 a month each for rent, and then split the bills.

I am hesitant about pulling the trigger just yet though because this would be my first house I have ever owned, and I dont wanna go bankrupt. I have like $25,000 in my account right now, and I pull in on average around $1200 a month, but I just dont know how fast my money is gonna drain with the house payment is this the same as a mortgage?, insurance, the bills, and everyday cost of living food, random purchases

Will I bankrupt myself in 6 months time if I buy this house? Or do I make enough that I could keep my head above the water so to speak? Also on my taxes would I have to claim my 2 freinds rent on anything? And do they still do the first time home buyers tax refund that they were doing 2 years ago?

Any advice would be appreciated. The house will be on sale for 3 more weeks, and this is a kind of spur of the moment thing

It might be well worth it, but I certainly would have a house inspection licensed inspector to look for any longterm damage things that could bankrupt you after you purchase it. For example, a roof problem could cost you upwards of $8000 if the roof is bad, so an inspector can tell you what might need fixed in the near future.

Also, as mentioned, while friends are great to have, some times a business arrangement with them they rent off of you sometimes does not work out and can ruin friendships. Without renters, I doubt if you can make it with your present financial setup.

If in doubt, dont, but rent yourself a place first so you know what you want. Our local page gives many options for searching properties. if the owners name is unknown to you, you can search by address, or intersection. A young man purchased a house across the street and a few months later I noticed more furniture being moved in and the sudden appearance of very loud music and more cars and people. Often, the new roomie thinks that being away from the parents means permanent partytime but dont realise the added responsibility of new obligations that were once covered by the parents. Things can change unexpectedly and you need to consider all possible circumstances.

I know this thread is going on 8 months old, but I strongly recommend not buying the house just yet. Your DebtToIncome not assuming any other debt you may or may not have will be high alone just with the Mortgage payment. Many Financial Institutions will encourage you to wait. I bought my first house at 23 for slightly more than that but under 100K, and I was the sole income at around $2400 mo gross. Looking past all the costs of closing, my finances were utterly tight as far as monthly cash flow. I got a very low fixedinterest rate for my age and credit of 4.875% and my mortgage along with all other home bills add up to $1100 per monthon the low end. I was new to homebuying and received tons of mixed advice, but after doing it on my own I found out exactly what it was all about. Although tons of advantages of buying a home, you definitely need to be sure your ready. As far as figures go, most mortgage lending institutions provide decent mortgage calculators, but the very best way to know if you are able to move forward is to start the process of PreApproval. Youll have an advisor look at more than monthly payments with you as they will thoroughly review your situation to help you make this decision. Often they will counsel you if you are not quite in position to enter the market, and if you are ready then its free, no obligation, and you step away with even more insight into the process than when you began. So that I will have the ability to sleep at night, I need to emphasize that taking on such a big, longterm responsibility should not be done with planning roommates incomes into equation. If you can make it without them, then it would only help if they pitched in, but at this time it looks like it would be pretty tight just by yourself. I dont foresee you feeling that sense of freedom as far as finances if you make that move with your current monthly incomebeing honest in an attempt to help. To really know, go get PreApproved.

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