I'm 18 and i wanna know how much do you think i'll have to earn a year to afford a house that costs from $500,000-$600,000?
2006-07-05 08:52:56 · 5 answers · asked by Smiles_187 2 in Business & Finance ➔ Renting & Real Estate
KAZ, i meant for the future, not now. THANKS though
2006-07-05 16:15:48 · update #1
WHY? Why do you even want to have a home that costs $600,000???
LIFE LESSON HERE...LISTEN UP!!!! There is NO reason to have to own that kind of home when you are that young. Work yourself up to that point.
Find something different that you can offer consumers. Something that is not currently available, but has a high demand. Trust me when I say....there is still something that consumers need that they do not have right now.
You asked the question, so make a goal to work as hard as you need to work to secure the type of money that you need to own this type of home. Don't let anything get in the way except for INTEGRITY, HONESTY AND HARD WORK. Be truthful in ALL that you do, and start talking to people today to find out what they want. Relationships are the key to any successful business.
Most of all....there will be downfalls. There will be failures. Babe Ruth had many more failures than accomplishments, so in your "down-times", look up and KNOW that you are going to make it no matter what.
Lastly, stay with it. Many times these days; people get fed up very easily and they quit. DON'T QUIT! Keep pushing toward that goal and make sure that you see it every morning on your mirror what you need to accomplish that day.
Good luck to you!!!
2006-07-05 16:06:13 · answer #1 · answered by Kaz 3 · 0⤊ 0⤋
don't know what the laws are like in the US - but in Canada, a traditional mortgage dictates you need 25%.. so right there, you're looking at a downpayment of $125-150k cash... you'd probably need to be clearing at least $6k/mo to cover your mortgage, maintenance, utilities, property taxes.. anbd then just living life. ie car, food entertainment..
. good luck!!
2006-07-05 15:58:26 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Depending on where you live and what the property taxes are like, I would think you will need at least a six figure salary.
2006-07-05 16:37:40 · answer #3 · answered by ohnoslen 3 · 0⤊ 0⤋
with 10% down payment, i woud say at least 100,000 a year on your own, 50,000 if you have someone else paying it with you
2006-07-05 16:14:01 · answer #4 · answered by jean 4 · 0⤊ 0⤋
At least $100,000!!!!
2006-07-05 16:22:57 · answer #5 · answered by yogazen 4 · 0⤊ 0⤋