- November 20, 2023
- Posted by: legaleseblogger
- Category: Related News
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Seeking Financial Advice for Home Purchase Decision
My partner and I are reaching out to this community for some guidance and wisdom. We are currently in our mid-30s, do not have any children, and are carrying a monthly debt of $1000. Our combined annual income is $200,000, gross, and we have managed to save up $100,000 as a down payment for a house.
We are eager to purchase a nice home in our area, which typically ranges between $550,000 and $650,000. However, I am hesitant to exceed the $600,000 mark and even that amount feels overwhelming.
We are open to receiving diverse perspectives and advice on this matter. Any insights, suggestions, or experiences shared by the members of this community would be greatly appreciated as we navigate this important financial decision.
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Depending on where you live, a 600K house with 100K down would be a loan payment around 3200. Thank should be manageable, depending on how much real estate taxes and insurance will run you, your overall spending, plans for other major purchases (such as a car), etc.
600 K may or may not be insane. It comes down to where you live, and how stable the local market is, and the specifics of the house.
3x income is generally affordable. Depends on your budget
We need your area/COL. Property taxes and insurance are the other half of the picture.
I think the house would be a very reasonable purchase for you all. IÔÇÖm probably going to be in the 370-450k range making 130k. Since my rent is basically what that would run.
What is that $1000/mo in debt? Credit card minimum payment or car loan at 2.9%?
Seems reasonable. You can also deduct home mortgage interest from taxes so could lower your tax liability significantly
I recommend 3x income when rates are less than 5-6%. Try are a bit higher now.
Still fine if no debt, but you have debt.
So I think sticking with the lower end of your range and/or paying off the debt first would be OK.
If you are just starting to look and not in a time crunch, try living like you are already making the mortgage payment and use that to pay down your debt. That way you can see how it feels in your budget and lower your debt before you buy.
Think about how much maintenance & repairs you have the time, ability, and willingness to DIY versus hire out.
And also, your capacity to cover a series of big expenses. New neighbors had to replace HVAC, fridge, and fix a chimney all within their first year of ownership. If that happened to you, could you pull from savings? earn more? DIY more?