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Would you buy a house if you were me?

Billy Cunningham - 2010-02-09 13:25:57 - Renting Real Estate

I'm 30 and i could buy a house cash for around 150,000 or a little more. However my income realy sucks right now, Like i only make around 330 every two weeks take home. Right now i live with my parents, It's okay, well you know, just okay.

Best Answer:

No, It is okay for you to stay with your parents, there is no stigma to that as far as I am concerned. Just Help your parents out as much as you can. You will be rewarded later. Save your money and keep your FAITH in GOD!! :-)

Answers:

No you are not in a financial position to buy a home. What you should be doing with that cash is learn a marketable skill. Your income is pitiful.

Yeah, you should be making that money work for you by earning interest rather than putting it into a house that won't appreciate in value. How will you afford the property taxes? Half of your income will go to the taxes alone. Get a real job and then you'll be in good shape.

I wouldn't recommend it--the housing market is not very stable right now and I doubt your income is sufficient to cover utilities and maintenance. Your house wil devalue if you can't maintain it properly. Start working on improving your income, either by finding a better job or getting additional training/education. When you're making enough money to cover expenses, then start shopping for a home.

If you pay cash for a home, all you would owe is property tax, homeowner's insurance and utilities. Rent out a room or even two for $400 apiece and a) you're making a profit and b) you're not living at home any more. I will say that even though Age of Reason has no tact, he is right that you could easily be making more money.

If it is OK then you might sock away a huge part of that $660 every month and stay at home with the folks. A house bought for cash still has a number of expenses. Property taxes, hazard insurance, electricity, gas, water, maintenance, repairs. I would wait to buy a home until I have a larger income, or I might buy a rental house and collect rent that will cover all those costs.

No, It is okay for you to stay with your parents, there is no stigma to that as far as I am concerned. Just Help your parents out as much as you can. You will be rewarded later. Save your money and keep your FAITH in GOD!! :-)

Even if you pay in cash, you will not be able to afford the taxes, insurance, electric, trash, water...etc. Keep saving and work on getting a better job.