first house

[SVT Lurch]

I would be focused more on a payment than a price. Depending on the area your tax and insurance payments could be $100 different on the "same" $130,000 house in another part of town. Also, don't let it being your first house scare you, it just depends on your budget/age. We've had clients spend $500,000 on their first house because they waited until they were 30-35 to buy them.

[sc281]

My first house that I bought in March of last year was $113k.

I'd try to get in as cheap as possible because your tastes and location/size needs WILL change within 10 years. This way you can use it as a rental property or worst case it is cheap enough to unload in a timely fashion.

Also, do not be house poor. If you cannot afford the payment AND the 20% of net income per year to put into savings/retirement, then you should look for a cheaper house.

[Ruffdaddy]

My first house that I bought in March of last year was $113k.

I'd try to get in as cheap as possible because your tastes and location/size needs WILL change within 10 years. This way you can use it as a rental property or worst case it is cheap enough to unload in a timely fashion.

Also, do not be house poor. If you cannot afford the payment AND the 20% of net income per year to put into savings/retirement, then you should look for a cheaper house.

WTF?!? 20% for retirement?! Damn you must be wanting to go early or not getting much back from your employer.

EDIT: I just saw the Net income part...that makes a little difference.

[sc281]

WTF?!? 20% for retirement?! Damn you must be wanting to go early or not getting much back from your employer.

Split between savings and retirement.

I try to to save +/- 35% of my net income, but I am lucky enough to have a well paying job and being only 24, I am, and hoping to never be, unencumbered by Children or expenses related to that.

I would say 20% is reasonable,split between 10% Retirement, 5%savings, and 5%charity.


And yes. I want to retire by the time I'm 48. I hate working, but it's a necessary evil for the next 24 years.

[Ruffdaddy]

Split between savings and retirement.

I try to to save +/- 35% of my net income, but I am lucky enough to have a well paying job and being only 24, I am, and hoping to never be, unencumbered by Children or expenses related to that.

I would say 20% is reasonable,split between 10% Retirement, 5%savings, and 5%charity.

Same age here...I only put about 3% of my own in retirement which is matched, then the company also puts another 4 in. I plan to up the percentage with each annual raise until at the max untaxable. Savings is too variable. Me and my g/f dint have and never will have kids. Not gonna give to most charities...unless it's a damn good and well proven one. Fuck that 5% shit.

[slow99]

It's kinda silly to just pick a number out of the air without knowing more details. As sc281 said, think about your other income/spending/retirement needs and buy something that leaves you a lot of wiggle room for other commitments.

[YALE]

I want an old dumpy warehouse in a shitty area bad. I would just build in a bathroom and a kitchenette, and have endless room for projects.

[347Mike]

I paid 130,000 for mine. All I can say is educate yourself before you get to house greedy. The monthly payment you see on the link you posted is just your mortgage. If you have an escrow tied in with your monthly payments you will be paying closer to 1,000 - also dependant on your interest rate.

Depening on the area and if you take pride in what you own you have a lot more responsiblity with a house. You have to take care of your own lawn, repairs that may happen with the house. You can't just budget what you need to move in. It adds up quick. You move in, you need a lawn mower, you will probably need a ladder, you are going to want to buy things for the house etc etc.

I am coming up on 1 year in my home and I don't think I could ever go back to apartment living. I am the same age as a few of the guys that posted in here too (just turned 24 in December).

All I am saying is educate yourself and be honest to yourself. If you can't afford it wait another year. I thought I was ready at 22 but after the things I added up earlier in my post realized I needed a lot more "cushion" to bounce on in the event the "what-ifs" started pouring in.

Goodluck.

[bonnie&clyde]

yeah thanks guys, as of right now its just a thought. we currently live in her moms house that her and her mom lived in before her mom got engaged again and moved out, i know some of yall might just tell me to stay there and be happy but i want my own place, the house we are in now needs a lot of work to be decent. i would like to make decisions about the house on our own and not have to let her mom have the final say on what we can and cant do.. after this baby comes in 5 months hopefully i will be credit card free and that will help us have a lot of extra money to save. Although this is a nice house im not just going to jump into anything like i have in past years

[01-GATOR]

My first house was 117k back in 99

[bonnie&clyde]

$150,525 would buy you something nice in just about any city that's part of the metroplex.

~Nater

u wanna be our Realtor?

[Roscoe]

I would be focused more on a payment than a price.

Yup.. after factoring in insurance, HOA dues, everything for escrow, etc - I found that in only 3mo time my budget went up by 30k due to a 1% drop in interest rates...

Whatever you feel comfortable for a payment should dictate what you spend.

[hunt4m3x]

Bought mine last year. 2400sqft for 155k in rockwall. Love it here. So white and clean.

Nate was my Realtor as well. Worked with him for about 7 months before I found this.

[Roscoe]

Nate was supposed to be my realtor, till he got fresh with my wife.

If your wife is mid-late 30's, possibly up to mid 40's, guard your shit. Twice.

[eastsidetorino]

dont forget...if you're buying a condo, look at Maintenance fees, HOA dues (if you're buying anything) electricity etc.. I pay $1600 a month for my mortgage, but pay another $500 in dues, maintenance etc...