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Tell me I'm not crazy for wanting to buy right now: My info: 24 years old engaged to be married in November (Wedding cost is conservative and covered) Salaries: Me - $47k / year Fiance - $35k / year + Overtime We both work for a fortune 500 company in Agricultural Research. We have been there for one year now. I have been promoted twice in this time, she has been promoted once and is in line for her second within the next year. I am, however, not counting on this "future money" to finance this house. I have $18k in savings and another $3k accessible in a Roth IRA. When we graduated from college 1 year ago we had combined about $80k in student loan debt which we have now gotten down to around $50k all of which is in federal loans (Staffords and Perkins). The monthly payments on these loans comes out to about 500 per month. We have been doing this by paying ALL of my Fiance's salary into our loans while I cover all other expenses. We are currently renting for $610 a month and I currently save out of my own paycheck an additional $800 a month. We have no credit card debt or car loans (We actually only own one car). The house we are looking at is a two story, four bedroom home with a two car detached garage, unfinished basement, and a pretty kicking deck in the back yard. It is listed at $169,900 and valued at $178,520 according to this years tax assessment. It has been on the market for 340 days so I think I can probably offer something in the $160-165k range. I could put down my entire current savings as a down payment and we could cover closing costs by saving that money between now and closing. I would then ammend last years taxes to receive the $8000 and use that to re-fund my emergency account. I figure the monthly payment would come out to $1300-$1400 for PITI. This is around what I spend on rent and savings now. I know utilities will be higher but that's where the untapped potential of my fiance's salary comes in. Am I getting in over my head or does it sound like we can really do this?
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Jun 11, 2009 00:11
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| # ¿ May 4, 2024 01:08 |
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swenblack posted:You two could easily afford the house, but don't let the $8k rush your decision, since prices are still dropping. You're still awfully young and your life is going to change a lot in the next 4 years. I know I'm starting to sound like a broken record in this thread, but you should have some degree of stability in your life before you buy a house. Wait until you two are married and more established in your careers. To clarify a little, I live in central Iowa. We never really had a "housing boom" in the first place, save maybe for West Des Moines so housing prices haven't really fallen much because they weren't all that high to begin with. According to Zillow we are down less than .5% on average in the last year. We both really enjoy our jobs and living where we live. All of my fiance's family lives around this area and we see ourselves here for a long time. That's not to say we won't hate each other in five years, but hey, you never know right?
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Jun 11, 2009 05:08
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