2006-07-26 06:46:31 · 7 answers · asked by dkbiker313 1 in Home & Garden ➔ Do It Yourself (DIY)
Go to bankrate.com and run the analysis for your financial circumstance. It will tell you how much house you can realistically afford and what kind of downpayment you will need.
2006-07-26 07:04:56 · answer #1 · answered by eskie lover 7 · 0⤊ 0⤋
How much money do you have?
Don't buy more of a house than you need. If it's just you, a 2 bedroom should suffice. Of course, this day and age it seems that people want more to show off to everyone else or to try to impress others.
Don't forget that not only do you have to buy the house, you have to pay interest on the loan. So you'd better make sure you can afford the monthly payments as well as utilities.
It also depends on if you plan to stay for a long time or just a year or so. You missed the big housing boom so if you're looking to buy and flip it, you're too late.
Check with a lender and they'll tell you what you can afford. Then you'll know what you should spend on your first house.
2006-07-26 06:58:16 · answer #2 · answered by parsonsel 6 · 0⤊ 0⤋
There are some 'rules-of-thumb' to follow. In general you should not spend more than 25% of your income on a mortgage, and 33% in total expenses. Go the the web site FirstGov.gov
It has a great section on Home Buying / Buying Your First Home / Home Maintenance etc.
My daughter is shopping for her first house now too and I have been giving her some similar tips. FirstGov.gov has about everything you want to know. It is the federal governments offical web site but has links to just about everywhere.
2006-07-26 07:55:54 · answer #3 · answered by scubadiver50704 4 · 0⤊ 0⤋
it depends on how much you owe and how much you make. if you dont owe a lot of moey then i would say that the limit should be restricted to 35%of your yearly income minus taxes. you should only spend around 12 and 13 percent of you after tax income on a car. doesnt seem like much does it.
2006-07-26 07:21:58 · answer #4 · answered by rayce92 2 · 0⤊ 0⤋
Buy the worst house (cheapest) on the best street
then do it up
when you come to sell you you will be able to reach the highest profit margin
2006-07-26 09:11:14 · answer #5 · answered by Anonymous · 0⤊ 0⤋
depends on where you live
a condo in boston is just as expensive as a house in Nashua NH
and what kind of cash you have
I'd say as long as you have 50k in the bank go for the 300,000 range
2006-07-26 07:37:37 · answer #6 · answered by Red Sawx ® 6 · 0⤊ 0⤋
No more than you are able to afford.
2006-07-26 10:44:09 · answer #7 · answered by Citizen Mac 6 · 0⤊ 0⤋