We are looking into buying a house for about $98,000 in a great neighborhood, in a great town near Rochester,
NY, me and my fiance make a combined total of about $50,000 a year. We have about $5000 in furniture/other stuff that needs to be paid, plus we're planning a wedding for next summer. The house has a large yard, and a pool, it was built in 1941 and probably needs close to $6000 in repairs/upgrades, etc. We have a total of about 25k saved up between the two of us. Can we do this? Are we going to go broke?
Jon,
I think the best thing to do would be to lay all the numbers down on paper and review them against your goals for the financing of your new home. Most importantly, you have to be comfortable with your payment and reserves for emergency. Please call me with questions if you would like to meet and look at a possible pre-qualification.
Darryl Nunes
HSBC Mortgage- Retail Loan Consultant
585-899-9445
Jon, whether you are going to go broke probably should be answered by a financial planner. If you already are buying the home; will the repairs increase or keep the value the same and are they items that must be done. If you are looking than an offer could be made to take these items into account.
Thanks for the question, Ray
that's just a random number we've gotten from a contractor we had look at the house. He noticed a lot of stuff the inspector did not, or just didn't want to tell us about.
Jon,
Well no one can say whether you're going to go broke or not - but buying a house that needs work can be stressful and fun at the same time. Whatever your budget is for repairs - just double it. How did you come up with the $6000 figure for the repairs?
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