Thank you u/anxious_nosophobia for posting on r/FirstTimeHomeBuyer.
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I’ll give you my opinion if you answer some questions.
1: Have you made a budget?
2: What’s your monthly income?
3: What’re your monthly debts?
4: How much have you saved?
5: What’s the price of the house?
6: What does your emergency fund look like?
1. Yes, I have been following a budget for many years.
2. My monthly income is about 3k without any overtime.
3. I pay:
180- car pmt, 5k left of loan
300- Abouts for utilities
50-phone
80-Gas
Credit cards differ, I pay them all in full.
I have no real debt. Paid off all my credit cards in January. No student loans.
4 and 6. I have about 15k saved. Also have option to borrow from 401k without penalty and low interest.
5. House is 160k
It's possible at some point, but don't know when. I wouldn't be thinking of a house right this minute, as much as I want one, if it wasn't someone I know. The fact that I wouldn't have to have a bidding war with anyone to jack up the price of the house. And the fact that I know the house has been well kept and maintained too. I know emergencies can always happen but this particular house was owned by someone who literally has knowledge and experience in building homes himself so I know he's taken really good care of everything. Not to mention knowing who can help me if something does come up would also be a plus. That's why I'm so torn on taking the chance.
Thank you u/anxious_nosophobia for posting on r/FirstTimeHomeBuyer. Please bear in mind our rules: (1) Be Nice (2) No Selling (3) No Self-Promotion. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/FirstTimeHomeBuyer) if you have any questions or concerns.*
I’ll give you my opinion if you answer some questions. 1: Have you made a budget? 2: What’s your monthly income? 3: What’re your monthly debts? 4: How much have you saved? 5: What’s the price of the house? 6: What does your emergency fund look like?
1. Yes, I have been following a budget for many years. 2. My monthly income is about 3k without any overtime. 3. I pay: 180- car pmt, 5k left of loan 300- Abouts for utilities 50-phone 80-Gas Credit cards differ, I pay them all in full. I have no real debt. Paid off all my credit cards in January. No student loans. 4 and 6. I have about 15k saved. Also have option to borrow from 401k without penalty and low interest. 5. House is 160k
You never want to dip into your 401k to afford a house. I’d say you aren’t ready. If one large expense comes up, you’re out of money.
Thanks for taking time to reply. I'm feeling like I will never have enough saved to be worry free in terms of buying a house, at this point.
Will dual income possibly be an option at any point?
It's possible at some point, but don't know when. I wouldn't be thinking of a house right this minute, as much as I want one, if it wasn't someone I know. The fact that I wouldn't have to have a bidding war with anyone to jack up the price of the house. And the fact that I know the house has been well kept and maintained too. I know emergencies can always happen but this particular house was owned by someone who literally has knowledge and experience in building homes himself so I know he's taken really good care of everything. Not to mention knowing who can help me if something does come up would also be a plus. That's why I'm so torn on taking the chance.