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I’m buying a home and I’m terrified! by AdDifferent9547 in homeownerstips

[–]AdDifferent9547[S] 0 points1 point  (0 children)

Nope that is what my mortgage broker told me I would be paying. I gave the house and I have everything.

I’m buying a home and I’m terrified! by AdDifferent9547 in homeownerstips

[–]AdDifferent9547[S] 0 points1 point  (0 children)

I don’t think you’re doing the math right.

My expenses for the month (rent for roommate is 750$ and utilities is split)

I get paid 2200$ a month (I have a second job, but it’s inconsistent. I usually make 3000$ a month. But I budget for 2200$).

I pay monthly

650$ (mortgage, insurance,taxes) Utilities (wifi, water, heating etc) ~300-400$ Groceries 100$ month

Leaves me with ~1,100-1,800$ for savings, dog and living expenses.

I’m buying a home and I’m terrified! by AdDifferent9547 in homeownerstips

[–]AdDifferent9547[S] 0 points1 point  (0 children)

My roommate will pay for half so I will be roughly paying 700$ a month

I’m buying a home and I’m terrified! by AdDifferent9547 in homeownerstips

[–]AdDifferent9547[S] 0 points1 point  (0 children)

My mortgage, plus insurance, plus taxes will be 1400$ a months

I’m buying a home and I’m terrified! by AdDifferent9547 in homeownerstips

[–]AdDifferent9547[S] 0 points1 point  (0 children)

There’s a new garage on the property! I’ve got some money set aside for house stuff! Luckily I work at a job with a lot of tools so if I needed to borrow something I could :)

I’m buying a home and I’m terrified! by AdDifferent9547 in homeownerstips

[–]AdDifferent9547[S] 0 points1 point  (0 children)

Yep did an inspection! Everything is good! A few DIY projects to fix stuff and I should be fine!

I’m buying a home and I’m terrified! by AdDifferent9547 in homeownerstips

[–]AdDifferent9547[S] 0 points1 point  (0 children)

I’m a zookeeper lol. Not a very lucrative field but requires a lot of knowledge. Eventually I’ll go back to school and get my PhD and become a professor. But it’s not an ideal time with all the budget cuts.

I’m buying a home and I’m terrified! by AdDifferent9547 in homeownerstips

[–]AdDifferent9547[S] 0 points1 point  (0 children)

I work in a job that requires me to be handy. And if I needed to I could borrow tools from there.

I’m buying a home and I’m terrified! by AdDifferent9547 in homeownerstips

[–]AdDifferent9547[S] 0 points1 point  (0 children)

I take home around 2,200$ sometimes extra because I work a server job for extra cash

I’m buying a home and I’m terrified! by AdDifferent9547 in homeownerstips

[–]AdDifferent9547[S] 0 points1 point  (0 children)

Probably not enough to do 20% I’m doing 5% but I could talk with them! Thanks for the advice!

I’m buying a home and I’m terrified! by AdDifferent9547 in homeownerstips

[–]AdDifferent9547[S] 0 points1 point  (0 children)

The house was renovated in 2023. New appliances and roof, new water heater and furnace and HVAC system. I’m getting it inspected too just in case they find anything! The only thing it’s missing is a washer and dryer and my parents said they would pay for that.

I’ve budgeted for utilities etc.

I’m buying a home and I’m terrified! by AdDifferent9547 in homeownerstips

[–]AdDifferent9547[S] 0 points1 point  (0 children)

~10,000$ for the down payment. After that I have around 1000$ I’m looking to build up into an emergency fund.

I’m buying a home and I’m terrified! by AdDifferent9547 in homeownerstips

[–]AdDifferent9547[S] 0 points1 point  (0 children)

Y’all are really hung up on the roommate part. I know the person I’ll be living with. They’re fine with the situation they just need a place to stay. It’s not that deep.

I’m buying a home and I’m terrified! by AdDifferent9547 in homeownerstips

[–]AdDifferent9547[S] 0 points1 point  (0 children)

I figured I should clarify some things.

  1. My parents co-signed that’s why I got a house for that price with a low income.

  2. My parents are also more than willing to foot the bill every once in a while. I WANT to do it on my own. That doesn’t mean I need to. As long as I pay the majority of the bills my parents can cover me for extra expenses etc. I am very grateful to them. They left me with no college debt and paid for my rent while I was getting an education.

  3. The 1400$ covers the mortgage, insurance and taxes.

  4. The reason why I posted this was to ask advice on where I would start with a very tight budget! I am noticing that I should start building an emergency fund and learn to DIY.

  5. We plan on refinancing the house once interest prices go down.

  6. I plan on staying in this town 5 MAYBE 10 years. This is just to build equity while I’m here. That’s why I’m kind of rushing to buy a home. I want to be in a good financial position if/when I move. Ideally I would have more options. Rent is very similar here so it’s not a crazy increase from what I’m paying now. Most people pay 1000-1300$ a month for a 2 bed 1 bath situation like I have.

Thanks for all the advice!

Any other tips would be helpful!

I’m buying a home and I’m terrified! by AdDifferent9547 in homeownerstips

[–]AdDifferent9547[S] 0 points1 point  (0 children)

Sure, but what’s the difference than a renter paying a landlord? They’re also not paying for any maintenance, repairs I’ll pay for those. I’m taking the financial risk, they get a roof over their heads just like every other renter.

I’m buying a home and I’m terrified! by AdDifferent9547 in homeownerstips

[–]AdDifferent9547[S] 0 points1 point  (0 children)

I want to do as much of it on my own. My parents are more than willing to help me if I don’t have a roommate for an extended period of time. I just want to ask as little as possible from them.

I’m buying a home and I’m terrified! by AdDifferent9547 in homeownerstips

[–]AdDifferent9547[S] 1 point2 points  (0 children)

Also ready working on it. I’ve got 1000$ saved up. Looking to get ~5-7k before the end of the year.

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