Skip to main content

[VA]Would I be crazy to buy a $740k house on $185k salary?

Posted this in another sub, but I'm hoping to get a different perspective from this sub.

Assuming I put 3% down, I'm looking at financing the rest of the purchase ($720k). This comes down to roughly $4k/month. The more I put down... the less the monthly will be and I think I can get it below $4k/month. $4k/month is everything (principle plus interest, PMI, insurance, HOA, and taxes).

I have no debt. I have $150k in retirements and $150k in cash (planning on using $20k for the downpayment and for whatever closing costs would be).

My take home is about $10k per month ($6k in available income every month after $4k for my house), so in a year I would pay $50k towards the house and $70k is everything else (food, entertainment, and savings).

The house checks off a lot of boxes. Similar houses are going between 550k and 670k but I would need to put additional money into remodeling them (most are 20-30 years old) and fixing it to how I want them to be. This is a new construction so I can pick out the finishings exactly how I want to be. In other words, "this is just how much houses are going for around here" lol.

Thanks in advance!

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

source https://www.reddit.com/r/RealEstate/comments/kmreb2/vawould_i_be_crazy_to_buy_a_740k_house_on_185k/
Labels:

Comments

Post a Comment

Popular posts from this blog

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

How to Avoid Property Scams in Delhi?

Here’s What You Should Know! Commercial Real Estate (Non-Residential) Buying a property in Delhi can be tricky, especially with all the stories about scams and shady deals. If you're in the market, here are some tips to keep yourself safe:Double-check the documents: Always verify ownership and approvals. Don’t just take someone’s word for it—look at the actual papers. Do your homework on prices: Compare similar properties to avoid overpaying. A little research can save you from a bad deal. Work with trustworthy people: Whether it's a seller or an agent, go for someone who's transparent about pricing and the process. If they’re dodging questions, that’s a red flag. Ask for reviews or references: If someone you’re dealing with has a good track record, they won’t hesitate to share testimonials or connect you with previous clients. I’ve noticed that some property services have started focusing on things like verified listings and clear communication, which makes the whole proc...
Post a Comment
Read more