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Home Owners - What was your financial situation like at purchase?
01-03-2024, 12:06 PM
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#31
- SLapCHop
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Originally Posted By Visel⏩
I was extremely frugal and conscious of my spending so i "knew" i could afford it but wouldnt have a ton of savings early on. i was also early in my career where I knew raises would be rather large. I wouldn't recommend to anyone unless they were extremely disciplined with $ and wouldnt do it again now for sure haha.Yeah man no offense but IDK what you were thinking with $71k income going for a $450k house, even with 15% down. Did you already "know" you were gonna significantly increase your income over the years? I'm with TheDude8734 btw, WTF @ 588sqft, is that a typo? Are you in some kind of condo, and if so, what's the HOA like? 'Mirin the 3% interest rate at least.
HOA was like $300 and covered a bunch of utilities so that helped alot. People dont realize how much additional costs a traditional house has (landscaping, gardening, garbage, utilities, maintenance) that a condo does not have . Its a small condo in a downtown trendy area of Washington. Now worth roughly 530k after the recent downturn.
01-03-2024, 12:28 PM
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#32
01-03-2024, 12:50 PM
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#33
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Originally Posted By Visel⏩
$50k is probably reasonable. We've replaced the water heater, stove, microwave, fridge, dish washer, washer/dryer (twice), and one of the two AC compressors (whole thing probably needs to be replaced soon), and the roof coming up.Lucky ducky. Is it reasonable to say total maintenance costs over the 30 years was below $50k? Trying to figure out a good ballpark number to expect if you replace AC, water heater, roof, every so often as needed.
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01-03-2024, 12:54 PM
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#34
- bsmit107
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Ill play.
Since I'm married, I'll give our combined....
Year of Purchase: 2020
Income At The Time: $160k (Me:$90k, Her $70k)
Income Now: $195k (Me:$130k, Her $65k.) She got raises, but went down to 4 days/week.
Total House Price: $219k
Interest Rate: 2.77%
Down Payment: $18k. Agent told us since rate was so low, if we weren't going to do 20% don't go crazy on the down payment.
Size: 2,700 sqft. 4 br, 2.5 bath, fenced 1 acre, 2.5 car garage, remodeled in 2019.
Roommates? (Y/N): Married....so wife and daughter.
We were approved for wayyyy more than we spent, but COL in this area is stupid low. This was one of the more expensive houses in the neighborhood at the time we bought because it was remodeled (most in the neighborhood were build in the late 80's) but now houses that have not been touched since the 80's are selling in the $270k-$290k range. One listed down the street, the original owner died and let it get gross and overgrown.....sold for $277k and in the last few weeks has gotten completely new landscaping, new roof, in the process of being remodeled right now....somebody is putting 40-50k into it.....feels good man.
Since I'm married, I'll give our combined....
Year of Purchase: 2020
Income At The Time: $160k (Me:$90k, Her $70k)
Income Now: $195k (Me:$130k, Her $65k.) She got raises, but went down to 4 days/week.
Total House Price: $219k
Interest Rate: 2.77%
Down Payment: $18k. Agent told us since rate was so low, if we weren't going to do 20% don't go crazy on the down payment.
Size: 2,700 sqft. 4 br, 2.5 bath, fenced 1 acre, 2.5 car garage, remodeled in 2019.
Roommates? (Y/N): Married....so wife and daughter.
We were approved for wayyyy more than we spent, but COL in this area is stupid low. This was one of the more expensive houses in the neighborhood at the time we bought because it was remodeled (most in the neighborhood were build in the late 80's) but now houses that have not been touched since the 80's are selling in the $270k-$290k range. One listed down the street, the original owner died and let it get gross and overgrown.....sold for $277k and in the last few weeks has gotten completely new landscaping, new roof, in the process of being remodeled right now....somebody is putting 40-50k into it.....feels good man.
01-03-2024, 01:14 PM
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#35
Year of Purchase: 2011
Income At The Time: 40-45k?
Income Now: Varies yty, but 6 figs
Total House Price: 122k
Interest Rate: 3.75%, now 2.25%
Down Payment: 10k
Size: 1600
Roommates? (Y/N): N
Income At The Time: 40-45k?
Income Now: Varies yty, but 6 figs
Total House Price: 122k
Interest Rate: 3.75%, now 2.25%
Down Payment: 10k
Size: 1600
Roommates? (Y/N): N
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01-03-2024, 10:51 PM
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#36
Originally Posted By Inger2⏩
Obviously a crazy good income that just got even crazier. I presume you "moved up in house" (sold prior house) to afford the next, either way NICE AF mang. Essentially a 1:1 income:loan ratio. Insanity. Very big SQFT too for someone who lives alone. Gotta ask, do you feel like you need all that space? I live alone currently too, and I was thinking at most I'd want a 4/2 or 4/3, with above 2k sqft, but IDK if I'd go for 2.5k+, means more to maintain, pay taxes on, clean. Or maybe you're planning for a family, or to have elder family move in? Just curious how you think/feel about it is all.Year of Purchase:2023
Income At The Time: 250,000
Income Now:300,000
Total House Price:600,000
Interest Rate: 7%
Down Payment:300,000
Size: 3000 SQFT
Roommates? (Y/N):N I live alone
Income At The Time: 250,000
Income Now:300,000
Total House Price:600,000
Interest Rate: 7%
Down Payment:300,000
Size: 3000 SQFT
Roommates? (Y/N):N I live alone
Originally Posted By bsmit107⏩
Play? More like DESTROY. So another example in this post of someone who was basically 1:1 income:loan. Crazy. You got in just before the storm! Nothing to say except I'm jelly haha. With such a high income, low CoL area, relatively cheap mortgage, are you planning on retiring at a young age?Ill play.
Since I'm married, I'll give our combined....
Year of Purchase: 2020
Income At The Time: $160k (Me:$90k, Her $70k)
Income Now: $195k (Me:$130k, Her $65k.) She got raises, but went down to 4 days/week.
Total House Price: $219k
Interest Rate: 2.77%
Down Payment: $18k. Agent told us since rate was so low, if we weren't going to do 20% don't go crazy on the down payment.
Size: 2,700 sqft. 4 br, 2.5 bath, fenced 1 acre, 2.5 car garage, remodeled in 2019.
Roommates? (Y/N): Married....so wife and daughter.
We were approved for wayyyy more than we spent, but COL in this area is stupid low. This was one of the more expensive houses in the neighborhood at the time we bought because it was remodeled (most in the neighborhood were build in the late 80's) but now houses that have not been touched since the 80's are selling in the $270k-$290k range. One listed down the street, the original owner died and let it get gross and overgrown.....sold for $277k and in the last few weeks has gotten completely new landscaping, new roof, in the process of being remodeled right now....somebody is putting 40-50k into it.....feels good man.
Since I'm married, I'll give our combined....
Year of Purchase: 2020
Income At The Time: $160k (Me:$90k, Her $70k)
Income Now: $195k (Me:$130k, Her $65k.) She got raises, but went down to 4 days/week.
Total House Price: $219k
Interest Rate: 2.77%
Down Payment: $18k. Agent told us since rate was so low, if we weren't going to do 20% don't go crazy on the down payment.
Size: 2,700 sqft. 4 br, 2.5 bath, fenced 1 acre, 2.5 car garage, remodeled in 2019.
Roommates? (Y/N): Married....so wife and daughter.
We were approved for wayyyy more than we spent, but COL in this area is stupid low. This was one of the more expensive houses in the neighborhood at the time we bought because it was remodeled (most in the neighborhood were build in the late 80's) but now houses that have not been touched since the 80's are selling in the $270k-$290k range. One listed down the street, the original owner died and let it get gross and overgrown.....sold for $277k and in the last few weeks has gotten completely new landscaping, new roof, in the process of being remodeled right now....somebody is putting 40-50k into it.....feels good man.
Originally Posted By _zman⏩
This sounds a bit more what I expected / normal. An income that is about 1/3 of house price. Nice fam. Bought it so long ago, and now you make probably more than that loan ever was. Do you think you'll ever choose to pay it off early or nah?Year of Purchase: 2011
Income At The Time: 40-45k?
Income Now: Varies yty, but 6 figs
Total House Price: 122k
Interest Rate: 3.75%, now 2.25%
Down Payment: 10k
Size: 1600
Roommates? (Y/N): N
Income At The Time: 40-45k?
Income Now: Varies yty, but 6 figs
Total House Price: 122k
Interest Rate: 3.75%, now 2.25%
Down Payment: 10k
Size: 1600
Roommates? (Y/N): N
01-03-2024, 11:28 PM
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#37
- IrishMarc
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Year of Purchase: 2017
Income At The Time: 45k
Income Now: 91k
Total House Price: 160-170k not sure on conversion to yankaroos
Interest Rate: 4%
Down Payment: 10%
Size: 500 sqft
Roommates? (Y/N): N bought w GF
Income At The Time: 45k
Income Now: 91k
Total House Price: 160-170k not sure on conversion to yankaroos
Interest Rate: 4%
Down Payment: 10%
Size: 500 sqft
Roommates? (Y/N): N bought w GF
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01-03-2024, 11:29 PM
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#38
- metroins
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Year of Purchase: 2007
Income At The Time: 60kish self employed
Income Now: 800k+ self employed
Total House Price: 150k
Interest Rate: 7%
Down Payment: 10kish
Size: 1400ish
Roommates? (Y/N): N
You want my first home, not current home info or other recent homes/sold rentals/condos.
Income At The Time: 60kish self employed
Income Now: 800k+ self employed
Total House Price: 150k
Interest Rate: 7%
Down Payment: 10kish
Size: 1400ish
Roommates? (Y/N): N
You want my first home, not current home info or other recent homes/sold rentals/condos.
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01-04-2024, 12:11 AM
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#39
- IrishMarc
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Originally Posted By metroins⏩
Mirin income glow upYear of Purchase: 2007
Income At The Time: 60kish self employed
Income Now: 800k+ self employed
Total House Price: 150k
Interest Rate: 7%
Down Payment: 10kish
Size: 1400ish
Roommates? (Y/N): N
You want my first home, not current home info or other recent homes/sold rentals/condos.
Income At The Time: 60kish self employed
Income Now: 800k+ self employed
Total House Price: 150k
Interest Rate: 7%
Down Payment: 10kish
Size: 1400ish
Roommates? (Y/N): N
You want my first home, not current home info or other recent homes/sold rentals/condos.
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01-04-2024, 12:17 AM
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#40
- DustinTheHuss
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Year of Purchase: 1997
Income At The Time: Combined probably $120K
Income Now: $350-400K combined
Total House Price: $429,000, worth $2.2 million now
Interest Rate: Don't remember as it's been refinanced several times.
Down Payment: $90,000
Size: 2,000 square feet
Roommates? (Y/N): Family
It was scary in the beginning as we both had contracting jobs with no stability. We weren't sure we would make it. It was obviously a great investment. At least in this area (CA) over time the housing prices go up.
Income At The Time: Combined probably $120K
Income Now: $350-400K combined
Total House Price: $429,000, worth $2.2 million now
Interest Rate: Don't remember as it's been refinanced several times.
Down Payment: $90,000
Size: 2,000 square feet
Roommates? (Y/N): Family
It was scary in the beginning as we both had contracting jobs with no stability. We weren't sure we would make it. It was obviously a great investment. At least in this area (CA) over time the housing prices go up.
01-04-2024, 01:04 AM
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#41
- LargePeter
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Last one:
Year of Purchase: 2020
Income At The Time: You wouldn't believe me
Income Now: You still wouldn't believe me
Total House Price: $800k
Interest Rate: 2.7%
Down Payment: $300k
Size: 4 Bedroom
Roommates? (Y/N): Fuk no, right now me and my dog
Year of Purchase: 2020
Income At The Time: You wouldn't believe me
Income Now: You still wouldn't believe me
Total House Price: $800k
Interest Rate: 2.7%
Down Payment: $300k
Size: 4 Bedroom
Roommates? (Y/N): Fuk no, right now me and my dog
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01-04-2024, 08:43 AM
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#42
- bsmit107
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Originally Posted By Visel⏩
lol, Thanks. No, no plans to retire early.....this income is relatively new to me...only been above 45k for like 4/5 years (and I'm 38), had a good bit of student loan debt that I paid off, have had to supplement my parents income for the last 3 years (long story), have paid cash for a couple vehicles in recent years, saving heavily for my daughters education and such......I won't retire early.....might get to a point where I only work part time though.Play? More like DESTROY. So another example in this post of someone who was basically 1:1 income:loan. Crazy. You got in just before the storm! Nothing to say except I'm jelly haha. With such a high income, low CoL area, relatively cheap mortgage, are you planning on retiring at a young age?
The good thing is other than mortgage, we have no debt so that's cool.
01-04-2024, 08:54 AM
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#43
- friesbruh
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Originally Posted By Visel⏩
at the time i could easily for afford rent even if it had been $1000/mo (was $700/mo at the time) but even that mortgage was $1920/mo. not half bad considering.Huge house WTF. Also nice interest rate, jealous. Over 5x your income with minimum down payment seems risky though. I wonder what that house is worth now in 2024. I hope that higher paying job goes as planned mang, rooting for you.
was 31% of my take home then and if the new job starts as planned, it'll be 27% of take home w/bump in pay even w/tax, hoa & insurance going up $197/mo in 2-3yrs.
that mortgage payment on that kind of house which was also a new-build (with 2020 5.5in outer wall requirement here) was impossible to pass up. lots of neighbors have similar houses but theyre legit all from 2016-2019 & have 2x4 walls not 2x6 walls like mine.
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01-04-2024, 08:58 AM
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#44
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Year of Purchase: 2015 (Cali)
Income At The Time: $150,000 (combined)
Income Now: $300,000 (combined)
Total House Price: $312,000
Interest Rate: 4.49% (refi to 2.5% in 2021)
Down Payment: $0
Size: 2,450
Roommates? (Y/N): N
Income At The Time: $150,000 (combined)
Income Now: $300,000 (combined)
Total House Price: $312,000
Interest Rate: 4.49% (refi to 2.5% in 2021)
Down Payment: $0
Size: 2,450
Roommates? (Y/N): N
01-04-2024, 09:20 AM
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#45
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European brah checking in. Started budgeting and seriously saving for down payment in 2018/2019.
Year of Purchase: 2021
Income At The Time: approx 65k
Income Now: approx approx 90k
Total House Price: 260k
Interest Rate: around 4% or some chit, dont remember
Down Payment: 15%
Size: 1500 ft
Roommates? Nah
Year of Purchase: 2021
Income At The Time: approx 65k
Income Now: approx approx 90k
Total House Price: 260k
Interest Rate: around 4% or some chit, dont remember
Down Payment: 15%
Size: 1500 ft
Roommates? Nah
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01-04-2024, 09:22 AM
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#46
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Year of Purchase:2022
Income At The Time: 100k
Income Now: 300k
Total House Price:222k
Interest Rate:4.0
Down Payment:15k
Size: 1500sq ft
Roommates? (Y/N): wife and kids
Renovated basement into a 1br apartment
Income At The Time: 100k
Income Now: 300k
Total House Price:222k
Interest Rate:4.0
Down Payment:15k
Size: 1500sq ft
Roommates? (Y/N): wife and kids
Renovated basement into a 1br apartment
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01-04-2024, 02:55 PM
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#47
Originally Posted By Visel⏩
1/3 is the rule IIRC.This sounds a bit more what I expected / normal. An income that is about 1/3 of house price. Nice fam. Bought it so long ago, and now you make probably more than that loan ever was. Do you think you'll ever choose to pay it off early or nah?
Yes, I typically make more annually than what I paid for the home. I never imagined in my wildest dreams that I would be able to pay the loan off early, let alone right now. If I sold a few assets, I could pay it off in a year or two IIRC.
But, the amount I pay in interest is so incredibly low, that it makes more sense to invest the money. I'm nearly earning as much interest monthly in my checking account as I am paying on the loan, so it makes no sense to pay it off. I can't predict a stock market downturn, but my gut says there might be one, so they money sits in checking earning interest. I'll either buy stocks at a discount or upgrade to a slightly larger home and use the money as the down payment in the next couple of years. I had a substantial bonus come in last year that I wasn't expecting and extra cash flow since then, so I wasn't expecting this, just weighing my options. #blessed
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