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How does anyone afford a house?
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8ternity
<3
Member since 11/08 10586 total posts
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Formally NYPD-Wife
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Re: How does anyone afford a house?
Since you just got married, I wouldn't touch the wedding money, put it in savings and every pay check contribute to it...Not sure about your finances but if you can survive on one income I would put the other pay check in savings.
Message edited 3/10/2011 6:40:04 PM.
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Posted 3/10/11 6:39 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
peanutbutter2
Carpe diem!
Member since 11/10 5287 total posts
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Re: How does anyone afford a house?
You have to be willing to go with what is in your budget. At first, I really resisted the idea of a "starter home." However, I had to realize that DH & I were 24 when we bought it, and we can plan to buy our forever home in several years.
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| Posted 3/10/11 8:33 PM |
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LAMGAJ28
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Member since 10/05 6039 total posts
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Re: How does anyone afford a house?
Posted by Century 21 Dallow - Christine Braun
The housing affordability on LI is better than ever now, with low interest rates. And rentals are kind of scarce on LI, compared to other areas, so rent for even relatively small spaces can be high.
If you can qualify for a good interest rate and have a decent downpayment, a lot of times a mortgage payment can be equal to or less than monthly rent.
I would say that you should try to save for a down payment (and closing costs, which are usually around 6% of the purchase price for a buyer), and make sure that your credit is good (if not, try to improve your credit score now). Then, when you are ready to start seriously looking, sit down with a mortgage professional to find out what you can afford and what your monthly payment would be.
A lot of people get hung up on the overall price of a house, but that is not really relevant unless you are paying all cash. If you are going to get financing, then you need to look at what the monthly payment will be (including taxes, insurance, PMI, if you need to pay it, etc.).
Don't get discouraged! If you ever have questions, feel free to contact me.
Everyone has given you great advice so far and the one I quoted above is very insightful. I'd say try to save as much as you can and try to pay off as much debt that you may have, if you have any. Good luck !
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| Posted 3/10/11 9:02 PM |
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Disneygirl
Disney cruise bound!
Member since 5/05 8126 total posts
Name:
D
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Re: How does anyone afford a house?
We did the number crunching and saw that we could make it on L.I. but just wasn't satisfied with what our money could buy is so we packed up and left NY. We bought our dream home when we had one child already. We now have two beautiful girls, I work on weekends and get to be a SAHM during the week. Financial stress is almost non-existent, my p/t job can cover our mortgage. The sadness of living far away from family has started to lift now that my brother and his family moved to my neck of the woods! It did take years of hard work and extensive research to get where we are today but I can honestly say I have no regrets.
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| Posted 3/10/11 10:37 PM |
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JohnGardner
LIF Infant
Member since 7/10 54 total posts
Name:
John
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Re: How does anyone afford a house?
The best thing you can do is to contact a non-profit agency that can teach you what you need to know without any other self motivation involved.
Greenpath Financial and the Economic Opportunity Council are 2 excellent ones that I know of.
They have seminars that teach you how to budget, teach you about mortgages, home buying and more. IT'S ALL FREE!
If you go to a "home buying seminar" at say, Continental (which is a good company by the way) remember that they are in the business of selling their product.
There's so much more you need to know! Do what you're doing. Learn, learn, learn!
Best,
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| Posted 3/11/11 9:33 AM |
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| Pages: 1 [2] |
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