no you cant.
unless you want to live in a shit neighborhood with no “fun stuff” and have very little to contribute to savings after paying monthly bills. but then again that doesnt sound like living comfortably to me.
this area sucks. theres lots to do but you pay out the ass to live here. people here are grumpy as fuck compared to other areas too.
Betcha a ton of people off Hertel and elmwood make 30s and probably can’t complain. I’m not talking trips to the Caribbean every month, but also not eat ramen noodles every night either.
I know a lot of people who live in Tonawanda/Kenmore/North Buffalo and live fine. None of them make over 39k a year. Having a good job is one thing but its also about how to manage your money. Some people put money into vacations and take a way from the house and car expenses, some people choose to live in a smaller house and drive an older car to have the money to go out more.
Are you one of these grumpy people you speak of? Geesh, you seem like you do well and you’re still grumpy. I would hate to see you make 30k…
I have to agree with 95dime here…unless we’re talking a dual-income houshold where both contributers are making 30k…
I sold off a few of my toys to come up with $6k to buy my house. I bought a not-updated-since-built-in-1957 house for $65k in cheektowaga making $25k a year. I was pinching pennies to get by with a used car payment that was about $175/mo, insurance, utilities, etc…and luckily I got my foot in the door with where I am working now because at the close of the first year of ownership they sent me a notice that my escrow was mis-judged (even though I had a feeling that could happen and provided them with the tax assesment values for my property without any exemptions and asked they figure my escrow on that), and my property was re-assessed…so my mortgage went from $600/mo to $900/mo…had I not gotten a better paying job when I did…I’d 110% with certainty have been foreclosed on and had to file bankruptcy.
$30k is NOT enough to live on unless you piss your money away on a shitty little apartment and drive a prius.
Nick, that same thing happened to me. I had to come up with $1,500 to offset my payment from going up. To top if all off, I just got a check back for $1,700 because they “miscalculated my taxes” and I called and complained. I told them that they took my money for almost a year and it was unacceptable to me. Needless to say, I lost the fight and this bank won’t get anymore of my business.
it happens on EVERY mortgage the first year. I tried to warn my sister and told her to save up some money to offset the escrow when it comes back as “wrong”, she assured me they calculated correctly. her 1yr was about 45 days ago…guess who was right? lol. she freaked and asked two friends if they wanted to move in so she could charge them rent and get out of the hole.
If you “need to come up with” $1,500 then you shouldn’t even be looking to buy a house.
Also, a 65k house at 25k a year? Seems a little over priced for your salary. I have been looking at houses that are priced AT my yearly salary, not almost 3x bigger than it and also not planning on buying until I can put 10% down and have at least 10k sitting in an account as disposable income.
^^^yeah, i should have been more clear on my previous post. 30k for a single income is not enough to live comfortably (owning a home)
If you are directing this towards my comment, I don’t think you understand how much money is actually involved in buying a house. Most people just think you put your down payment and close and you are done. Most of the money spending doesn’t even start until you get moved in and find things aren’t working (thanks to a shotty inspector), need furniture, tools, supplies, etc…)
$1,500 is a lot after you spend close to $10k between closing and moving in.
I knew I had enough assets that I could easily liquidate to make the down payment and closing costs. I sold everything and started house shopping while letting that money sit in a savings account. I actually purchased at a price less than what I was “qualified” for from the bank, becuase I KNEW they’d allow me to buy something I couldn’t ACTUALLY afford. The first year was OK, I just couldn’t spend money on anything that wasn’t 100% necessary…which is why the car and bikes took a back-seat for about a year. I could’ve waited an extra year and done one of those first home club savings programs but I have never been the type of person to plan that far ahead, nor the type of person to wait to get something I want if I can have it now. I got an FHA mortgage and here I am. I don’t regret the purchase, just wish I would’ve maybe had a room mate or something…all is well now though, money’s not tight by any means anymore.
Everything happens for a reason.
I know exactly how much money is involved in buying a house which is why I think this is poor planning on both parts and by a lot of people who drain their accounts with the down payment, costs, taxes, and then when they move in, can’t even afford basic things. That or they but it on credit and then turn their investment into a hole of debt.
I am not buying a house until I can enough liquid cash to put 20% down, have cash available for closing costs, taxes, and other fees, and then have at least $10k sitting around assuming it was a house that was pretty much move in ready. If was outdated, I couldn’t imagine moving in without having 15-20k laying around to spend.
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Def is a life change I personally am not ready for. I am too impulsive with buying shit.
That plan is good, but you better hope the rates don’t sky rocket back up and then your plan is flawed. I bought when I did because of dirt cheap rates. I have the $$$ to afford everything and I did afford everything. You wouldn’t be happy finding out that you had shelled out $1,500 on something just to have it given back to you a year later without any sort of compensation.
Let this be a lesson to anyone in the house market. IF you qualify for ANY type of rebate or program…PLEASE PLEASE PLEASE do it. First Time Home Buyers club was $7500 I didn’t have to come up with, I had money stashed away in savings for those “what if” problems. If you qualify for HEAP or STAR…Sign up immediately or WIC if you have kids. Why pay more money than needed?
We’ve had a couple rough months going on 1 year June 1st. You find what you really need and what you don’t. You get a little more conscious about shutting off electronics, and turning the heat down/off. There were plenty of times I declined going out for a couple drinks of buying guitar equipment or even just grabbing a slice of pizza because we needed the money. Ask Drew. I do live with my wife who is finally making progress after changing Salon’s…thanks to Drew lol. I’m also looking at a potential new job and promotion at my current job, I have no shame in telling people what I make (it’s not much)
I was a home owner, and no more, haven’t been for going on 2 years now and couldn’t be happier to NOT own. In fact the entire AC system just went out in the house we’re renting, $2700 repair job, and I don’t have to even think about it other than being home to let the guys into the house.
For what I pay in rent, I could have a nice house, but the “extra” gotchas are what get you. I nearly lost my house in Buffalo multiple times, and learned my lesson. Plus now, we’re not tied down which is a HUGE plus in this economy/job market. I know I’m not staying in UT for more than another year or so, and who knows where we’ll go then. A house isn’t in the works for probably another 3 years for myself/family just due to not knowing where we’re going to go/end up once I’m done with school; and at that point, we’ll be perfectly set with a plan like Boxxa’s.
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Rates are not going anywhere for at least 5 years, they’ll go up some, but they’re not going to rocket up; the economy of the world won’t support it, everything would collapse. It’s going to take another 5-10 years just to get stable and a solid footing going again economy wise.
well said. I think it’s totally dumb not to do a first home club…my sister did it and same thing, $7500 she didn’t have to come up with. I’m just too impulsive of a person to wait a year once I decided I wanted to buy a house…I was NOT going to be able to wait a year. I had a rough couple years towards the end of college with a terrible female that was really holding my back, and moved back home to get on my feet, and this was my out. If that situation had gone better then I could’ve been planning better/sooner…lesson learned I guess. (that lesson is don’t trust females and don’t live with a girlfriend unless she’s wearing your engagement ring lol)
Really depends on the area…You won’t be taking a loss in the Buffalo area on homes and the housing market here is steady.
And banks recalculating escrow is funny after the first year of home ownership I got a check back for $800ish only for them to tell me 9 months I was going to be short and they needed to increase the amount.
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Seems logical but I would imagine most people don’t wait that long in their career to purchase a home.
I think the most useful tip would be get a career and live at home for a few years and bank money :lol:
Or buy below your means go short term and pay off as fast as possible. Nothing over rated about having a paid for house. Even if it’s in Cheektovegas.
Sunday’s paper:
http://www.buffalonews.com/Article/20130518/CITYANDREGION/130519072
The other thing with a house is the tax credit writing off the intrest having an apartment I never got money back on taxes now I get back just about the difference between my rent and mortgage.
But you’re also “locked” to buffalo in a way. I’m free and clear of UT when I’m ready to leave. In this job market, where I’m at in my career, flexibility is a HUGE asset.