You could buy the state of RI for the price of some of the homes down here!!!

 

I hear ya Shovelhead, 300K aint much around here. Im only 22 and have also just recently done the mortgage thing myself. Its not fun, and will definately make things tight, but Im glad to finally put renting behind me.

Goodluck man, HUGE commitment, hope it works out for the best.

Jeff

 

You guys are missing the most important issue: Will his 04 4x4 fit in that garage?

 

What I do. Manufacturing Associat at Amgen

Amgen = Worlds largest BioTech Pharmecutical Manufacturing plant in the world.

What we make = Drugs for a lot of very very hard dieseases, RA, JRA, psoriosis, cancer, Yah good stuff

I do plan on marring this girl, in fact 2007 will be the year, were not sure if it's going to be in the spring or fall. But yeah we have a great life, love each other to death. House, title and loan are all in my name, she dosen't have enough credit so everything is on me.

I know the area of Maine, would love to be up there but like the wood industry and all that is going down (what her parents do and that's why they didn't want us to be up there.)

300 is a lot but yeah out in NC, CA you can't buy a shed for that. I dunno why but it's pricy up here. They had that station night club fire that killed like 400 people now you have to pay a fire tax each year 500 dollars, that's stupid. There are some dumb rules.

On the side note, the owners accepted an offer before I could put mine in. So of coruse once I saw them and knew what the others offered them, i said they must have beat 300 cause that's what I was gonna offer, they had a good look in there eye, so maybe I'll end up getting it after all (think the others offered 290)

Thanks guys

Tom

 

The thing that blew me away looking at that was the TAXES!!!!!! Good lordy them suckers are steep...............I thought Colorado was bad on housing prices....yipes I think I'll stay my butt right where I'm at


But good luck man, it's a huge step getting your first house. I bought my first one when I was 20........$200,000 for a pretty decent sized house...2600 sq.ft finished. Now I'm just about to turn 24 and ready to sell her and move on to something bigger and better.


Good luck man, I wish you the best!!!


~Nick

 

300K will get you over 100 acres plus house and barn, all in good shpe around these parts....
We just paid 120K for 22 acres, house barn, spring-fed stocked pond on blacktop less than 30 minutes from downtown Topeka.
Only thing no-one has mentioned is to have a good attorney reveiw all documnets and get at least two seperate appraisals done before making an offer.... you will be suprised at what the difference can be between what a real estate agent puts down for a market apprasial and what a actual home appraiser will value a property at....

 

Gregory needs a haircut!!

 

You should have at the very minimum 10% down. We have had always at least 20% down. PMI will add more costs. I would not buy property at those prices. You will do what you want, but way to many people are buying homes that they can't afford now days, counting on them going up in value. When this housing bubble breaks it will take down many people. I'm not trying to bring you down, but remember that a large part of marriages fail over money problems. Way to many people get in debt way over their head when they are just starting out. You need to really be sure you can afford this house. If you have a sick feeling or sleepless nights then you probably can't. Just my .03, Formally .02 but adjusted for inflation.

 

I'm in the same boat. Just told my manager I'm transfering back to PHX yeasterday. I have two months to get a place, or rent another apartment until I can find one. No spec homes around here. They draw names for the lots that are avalible and say better next time in two weeks when they open up more lots to those that miss out.

So we are looking in the 200K range. I was amazed what they "PRE-APPROVED" us for. And said they could go higher if needed. Basically don't take a loan because they offer it. Also there are usually programs for first time buyers. State/city/county Grants and the like. Even if you can afford it without don't be affraid to use them. If they give you 5K that is over two months payment.

Randy

 

I'd kill to pay that property tax. In Texas, a $300K house will cost you $9K-10K in property taxes. A $200K house will cost you approx $6000. Its rediculous what we pay down here. The gov't has to make up for not having a state income tax.

Oh, and you'd need to make alot more than $70K at year to be able to afford a $300K house (you should be making about $120K - $150K a year). The rule is that your mortgage payment should not exceed 28% of you monthly gross income, and ALL of you revolving debt (ie mortgage payment, credit cards, student loads, etc) should be less than 36% of you montly income.

General rule of thumb down here is to take what you earn per year x 2 and that is the house you will be able to afford.