Home Buying in Beavercreek>Question Details

Fai, Home Buyer in Englewood, CO

I love HGTV, there're shows filming about home buyer go to house hunting and such.

Asked by Fai, Englewood, CO Tue Jul 15, 2008

Sometimes, they are even give the viewer their "ball park" salary. okay fair enough. Just like the episode I watched the other night, I don't see how a couple with a middle school teacher salary and graduate school student stipend can afford a 600k mortgage on their own. That's probably why our foreclosure rate is sky rocking... (or they are just paid actors, who knows?)

I guess my ultimate question is how to budget what you can afford. What elements/factors do home buyers need to consider or calculate the overall budget?

Let's do an example, if a couple ( no kids yet) are making combined salary of 80-100K and desire to stay in Beavercreek or Centerville area. The couple have excellent credit score with no expensive hobby. What's their budget would be as a real estate perspective.

If there're any good online personal finance too, please provide. I need it! Thank you for reading. I ask because I don't know. Thank you for your help.

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Answers

6
I usually end up feeling sorry for the Realtors in those shows. The buyers have ridiculously unrealistic expectations based on their budget: "My budget is this $5 I got from the toothfairy and I want granite countertops, stainless appliances, 6000 sq ft, all hardwood/tile, and the fanciest neighborhood in town."
2 votes Thank Flag Link Wed Jul 16, 2008
Hi Fai!

Are you asking because you're buying a home in the near future? I'd love to speak with you because everyone's situation is entirely unique. You mentioned Beavercreek and Centerville, both great areas that I actually specialize in with great school districts. Along with those positive factors is the high taxes. When you are determining your home budget you have to consider mortgage, taxes, and insurance. With the limited criteria you gave, I would say that a couple in that situation could afford a $150,000 home in those areas. The monthly mortgage, taxes, and insurance would be approximately $1500/month. Please contact me so I can give you a more exact answer though!

Christina Asad Edwards, REALTOR
2006 & 2007 Sales Masters Top Agent
Christina.Asad@RealLiving.com
http://www.teamedwards.info
mobile or text 937-205-4741
office 937-573-0082
fax 937-433-3561
Real Living Realty - #1 in OHIO!
Realty, Mortgage, Title, Relocation
2 votes Thank Flag Link Tue Jul 15, 2008
You probably like "flip this house". A rough calculation of how much house you can afford is 3 x your income. For example if you have income of 100K per year, maximum price is 300K. I would wait to buy, wait until prices stop falling.
1 vote Thank Flag Link Fri Aug 8, 2008
The first thing you need to do is talk with a good loan officer who can get you pre-approved for a loan that is within your budget and comfort level. I've attached the website of an excellent home mortgage consultant that I have worked with and have had tremendous results. She is with Legacy Mortgage an affiliate of Wells Fargo. Wells Fargo was recently named as one of the ten safest banks in the world and the only one in the U.S. If you have any questions or concerns you may contact me at jobeth.bryant@coldwellbanker.com
Web Reference: http://www.CindiPegg.com
0 votes Thank Flag Link Fri Apr 17, 2009
Fai,

How is the house hunting going?

Go tohttp:// http://www.mcohio.org if it is within Montgomery County, look at the property tax records. It lists the owner's name.

Christina Asad Edwards, REALTOR
2006 & 2007 Sales Masters Top Agent
Christina.AsadEdwards@RealLiving.com
http://www.teamedwards.info
mobile or text 937-205-4741
office 937-573-0082
fax 937-433-3561
Real Living Realty - #1 in OHIO!
Realty, Mortgage, Title, Relocation
0 votes Thank Flag Link Fri Aug 8, 2008
Fai,

I would be happy to answer any questions that you may have about investing. I was the forman of a residential construction company before become a Realto. I got into the business to flip and rent homes but now all I do is represent investors as well as regular buyers and sellers. I am very good at seeing what it would take to fix up a home and what you can re-sell it for and your profit margin. I have never had an investor loose money. Shoot me an e-mail with any questions to buywithjon@buywithjon.com
Thanks,
Jon Murray
Web Reference: http://www.buywithjon.com
0 votes Thank Flag Link Fri Aug 8, 2008
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