Hi everyone. Me and my wife, together, earn approximately 130000 a year. currently we own a bungalow in a chicago valued at around 370,000 dollars. last year (november) we purchased a broken down home in the best neighborhood for 389000 and decided to renovate. the total renovation is finished and cost us 350,000. all together we spent 760,000 dollars. when we sell our old home (in the next 2 monthes) and move in to our new home, will it be challenging to finance our home.
NOTE: were not gonna have any other expenses besides the home.
2006-08-13 10:05:35 · 5 answers · asked by legendaryfrog 3 in Pregnancy & Parenting ➔ Adolescent
Wow, a broken down home was worth $389,000.00. If you already purchased the new home, what financing has to be done? When you sell your old home you should make about $370,000 give or take some $10,000. Then you have to pay Realtor fees and it matters how much you owe on that home's mortgage. So it's $370,000 - what you still owe on that home. Then you have to pay taxes on your profit which is pretty bad (30%) I think. Then minus Realtor fees.
If you got a loan to renovate the other house, you're looking at some hefty monthly payments. On the other hand, renovating that house probably made it worth a lot more. I guess it all comes down to the interest rate you're given.
How do you not have any other expenses. Is the $130000 you and your wife make before or after taxes? Do you like to eat? Do you buy clothes, presents for friends and family, go on vacation, have some medical bills, have Internet, cell phones, cable or satellite TV, pets, kids, or belong to gym? Bills add up fast.
2006-08-13 10:27:56 · answer #1 · answered by Jp83 6 · 0⤊ 0⤋
Don't kid yourself, there are always other expenses. Are you going to drive the same car for the next thirty years?
2006-08-13 17:17:03 · answer #2 · answered by brenda c 2 · 0⤊ 0⤋
I heard that Weiner's really live in a trailer park and you have to many zeros in your income and house estimations.
But, I do hope you enjoy your new trailer park.
2006-08-13 17:19:10 · answer #3 · answered by festus_porkchop 6 · 0⤊ 0⤋
I don't want more math!! I'm not good at it, I just got out of summer school!!!!!! umm and why is this in the pregnancy teen/preteen section?
2006-08-13 17:10:17 · answer #4 · answered by K 3 · 1⤊ 0⤋
you should have put this in the home or real estate section or whatever. teens don't know anything about real estate.
re post your question over there and good luck.
2006-08-13 17:17:43 · answer #5 · answered by Anonymous · 1⤊ 0⤋