how can anyone advise someone making under $20,000 a year (with monthly expenses, including loans of some sort, totalling 950) that they are financially fit and ready for home ownership?
And......he'd like "a starter home for 150,000"???
How realistic isthat?
The numbers dont even come close to working........
I don't care how cheap housing might be in Buffalo or anywhere......this young man hasn't yet lived on his own or managed rent payments or other such expenses that come along once you move out of your parent's home.....he has no idea of how 1 unexpected repair can affect his monthly tight budget, and it wouldn't take much to fall behind should that happen.....he needs experience balancing life and income before even thinking of taking on the responsibilities of owning a home.
It's just premature and foolhardy, imo, even if it's possible.
SC, it's great to think big.....and I don't mean to throw cold water on your plans.............just speak to a financial advisor and make plans for the FUTURE when the timming will be right for you to pursue this dream of yours!!
In the meantime, why not find a few friends.......share an apartment.... and see how it feels to be out on your own!
All the best...
SC, I love home ownership, but you can't live all the lives - you cannot be both cosmopolitan and provincial, and you cannot experience the world if you're tied down to a house.
What you could do is buy a house near a college that can be rented as a "group house," where you can rent out rooms and reserve one as your "home base" as you travel.
All the best,
Cushions are a good thing in life. Rent to own in one way of entering the market also. In any case, talk with an experienced realtor. Find a realist! Too negative, or too positive, be wary.
This area is a dream for buyers. Go for it! I did and have no regrets at all.
Barknorr, Williamsville, NY
Get with a local or online lender to see what kind of loan you qualify for. Once you know you can search online or with a broker for homes in your price range.
Go for it!
I would be happy to assist you in any way that I can. Please feel free to contact me at your convenience.
Licensed Mortgage Professional
R & R Funding, Inc.
Lancaster NY 14086
You are DENIED!
So, to be blunt like she is...........No - you're not ready to own a home, but I applaud you for inquiring!!!!
. Not sure how you are working those numbers, but if you make (assuming you mean NET) 1350 a month....and loans/expenses are 950........you only have 400 left over!
Houses require upkeep and maintenance........furnaces break.,.so do hot water heaters....you need a financial cushion and a higher income before even thinking of buying a home.
And.........Please don't tell me you're planning on touching your savings of $10,000 for monthly expenses......so, unless I am missing something, the money just isn't there for you to spend!!
You're 23...........enjoy life.....keep saving, and when your income increases you can revisit the home buying idea.
Good luck..........I like your spirit!