Skip to main content

How much house is safe to afford? Husband and I disagree.

My husband and I are on different pages when it comes to purchase price of a home (First time homebuyers and plan to make this our forever home). He is very conservative, he thinks about our future kids, saving for their college, etc. I 100% agree we need to take these future costs into consideration but I believe he is being TOO conservative but would like others opinions/ expertises/ experiences. 1 we can easily afford to put 20% down 2. The only debt we have is my car which is being leased right now for $450/month. I plan to buy it at the end of the lease this fall for 22k. We have no student loans or credit card debts. He will need a new car in the near future (prob in a years time)3. He’s salary and takes home( after taxes) 4k/month. I’m hourly so my paychecks vary. I average $3600/month. He also gets quarterly bonuses (not guaranteed but 99% of the time gets them) of about $1200. He also gets raises each year of about 2k. We do plan to have children in the future and I do want to go to part time so that needs to be considered as well. What do you think is a SAFE home price for us?

submitted by /u/MrsAllieCat
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/c6utbo/how_much_house_is_safe_to_afford_husband_and_i/
Labels:

Comments

Post a Comment

Popular posts from this blog

North Carolina – “One to Buy; Two to Sell”

I realize I will likely have to contact a real estate attorney but also hoping to hear insights and experiences from others! I have a house in NC that I bought by myself in 2009, and paid off, in full, in 2022. I got married in 2023. My spouse and I have not lived in the house as our "marital residence". We have maintained separate residences even after we got married. (That a separate topic!). I am now selling this house. Realtors have told us that my husband has to sign the deed at time of transfer but I am not convinced since the house has not been our marital residence. The realtors like to use the phrase "one to buy; two to sell", which seems like a broad-stroke statement which is not applicable under all circumstances. And of course, the realtors don’t realize the details of my specific circumstances: I purchased and paid for the house in full prior to marriage Only my name is on the deed And most importantly, we have never lived in the house as a marit...
Post a Comment
Read more

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...
1 comment
Read more

Co-signing as non-primary resident - effect on size of required downpayment & first time home buyer status?

Contemplating co-signing on a house with my mom and splitting the mortgage payment. I currently have a significantly higher income and much better credit than her. I'm looking at potential home costs and related downpayments but have difficulty using some of the online estimators. From my perspective, this would be somewhat of an investment purchase (I intend to stay in my current location in a different state and contribute to the mortgage), however, for my mom, this would be a primary residence. For purposes of the downpayment size and the type of mortgage arrangement, would it be an investment property or a primary residence? Many thanks for any help. submitted by /u/piercalicious [link] [comments] source https://www.reddit.com/r/RealEstate/comments/km4hvl/cosigning_as_nonprimary_resident_effect_on_size/
Post a Comment
Read more