600k house reddit. Is housing more expensive than 20 years ago? Sure.

600k house reddit If I really tried analyzing your situation, I would do something with debt-to-income ratio. Buy house further out for $600k more expensive inner city house/apt for $750k . Our total mortgage debt is about 550k, with our houses gaining a ton of value each year (PNW). If I dare try to look in nicer areas, I don't even get to consider finding something for less than $600K. That can always change if your career takes off, but plan for the If you see the $600K and go "that's cheap for my area" pretend it says an outrageous number that makes sense for your area, or pretend it says "at least $600K," then think about it. That’s the difference between 1. We sold our house FSBO. How much should real estate investing landlords landlord borrowing lending mortgages foreclosure loan houses house apartment financing loans buying a house foreclosures foreclosure forbearance My house is 12 ft wide, I think, and it is tiiiiiight. you'll have to pay for a moving company and other costs. A lovely 3 bed bungalow come up for sale in our town recently (west Yorkshire) set on a slight hillside, completely private. If you don’t have a family just rent a cushy apartment. OP, crashes can happen and you're heavily exposed to the tech section indirectly via your RE holdings. We have saved around 100k+ in hysa. It is reassuring that it could be paid on one income, and we are far from being house poor. I make about 125k a year and nerd wallet says I can afford a house over 600k but that seems absurd. I also couldn't afford the maybe 200k more for a house, and didn't want the maintenance burden etc. It even has a pool! Again I'm not a landscaper, I'm not a home builder, I've just purchased enough homes over the years and got screwed over enough at this point to be fairly decent at spotting bullshit craftsmanship (it's rampant btw you're almost better off buying an old house to renno these days if you can afford to do so, i just built a 600k+ home and it is riddled with bullshit problems). Almost 20% of American households have incomes over 150k annually. A four bedroom house will easily cost you 6-7 hundred thousand dollars and I'm not an idiot. Why are so many people like this? This is basic 101 if you CHOOSE to own property within a subdivision or condo. Let alone all the people who already owned houses that appreciated and are selling to upsize or downsize or move laterally to a different location. Plus a playground and if possible a pool. House under 600k for a family in London . Some info- Income 220k gross Debt: 20k (2 car loans, should be paid off by EOY). I'm sure a lot of people don't do a 20% down payment, but I can't find any stats. They do all sorts of things to reach the sale price. 80% of the people on here seem to make well into the 6 figures and have 6 figures in cash lying around. If you go to Burgenland or rural areas of Steiermark, houses are relatively affordable and you could probably get a nice house with a decent piece of land for under €400k while out west in Tirol houses that need to be torn down and completely rebuilt are going for €600k. A. Depends on the age of the house, but you should mentally set aside $10k per year for maintenance. He's trying to swing 130k for a 600k home because it's the absolute lowest entry point. Look at Victoria's big build website for infrastructure development to identify where property is likely to increase in View community ranking In the Top 1% of largest communities on Reddit. Whether your interests are personal or for investment, all property related discussions are welcomed. Real estate always has ups and downs and when it crashes I don't want to be stuck with a negative equity house. Last week, a house 2 streets down, that is bigger and much more updated, came on the market for $600k. Someone could make $50k a year and have $1mil in cash from an inheritance. We have all the house we need, and even on a 20 year note the payment is around 18% of our take home pay. If you manage to get on it's like a step sideways at 10 degrees elevation from there. I did similar and my apartment has appreciated ~25% in 6 years whereas friends houses have almost doubled in a similar period (Brisbane). We just bought a house for 410k after looking for a while but it wasn’t our dream home. I work in healthcare so I have flexibility in moving anywhere. Do whatever you want to make your home worthwhile to you at a value that makes sense to you. I think your money is better spent on a house vs a condo due to this. Our household income is $235K, low 30s, hubs is mechanical engineer and i’m an actuary, and we live in Maryland! Very diverse area with a lot more Korean influence over the last 10-15 years. Will I be able to afford a 600k house build? I’ve always lived well below my means while saving up for a house, but now getting spooked by high interest rates and build costs. theres also closing costs. There will be no bubble pop. real estate investing landlords landlord borrowing lending mortgages foreclosure loan houses house Buy a reasonable house with a 25-30% down payment. The AVERAGE sale price for a house in Ontario is over $800k. every house that has sold on the street has sold for at least 600k. Is housing more expensive than 20 years ago? Sure. Not cookie cutter houses but nice mature trees and good parks and open space. Looking for a freehold property with garden to live in. It's plain normal located centrally in the community. We bought our 3BR town house last September for just over 600k. Have just over 60k in savings and 15 in kiwisaver. Or check it out in the app stores $600K house in a beautiful area in TN surrounded by $1M+ homes Share Sort by: The You can afford a $600K home, but you should go ahead and factor in vehicle and child expenses, and that starts to get tight. Larger houses that were poorly maintained or someone had done a full DIY reno that was done poorly. A 3br house a few streets over going for The house is just a house to a buyer, but the house is a home for you. 2k mortgage payment is no joke and has real potential to ruin your life. Highland and David Weekley also are good builders. Obviously would need to pay capital gains and taxes etc. You guys are not making enough income to make put so little down. So, Lady comes in to print some documents. I have no intention of paying $600k to live in an apartment. We just spent two months losing 600k houses (built in the 60s and early 70s) in Burien, Kent, and Renton, usually by over 200k. 6% interest. Probably the best financial decision of my life. 75 / 9. -The home is worth 630K on the market now but parents willing to sell it for 600K to us. One thing they didn't have to worry about was healthcare. What I can take away here is that the $600K+ parameters on Zillow will be further down the road. 3 million dollar house would be a reckless financial decision in our part, or should we "settle" for a smaller house in the range of 700-800k. Could I get a 600k house rn . obviously its just a normal stick built house that is really worth like 200k, but its location, location, location. Meade? MD Travel & Relocation I see Ryan Homes, Pulte, Lennar, Caruso, and Beazer in this area. 8% APR Deposit £120k Fees £10k Free cash £170k Mortgage £480k Interest per year £8,640 Ducking love this reddit. People who are buying their first house would probably buy under 600k average. To get approved for that you have to make $180k+. I’ve always been a saver This subreddit is temporarily private as part of a joint protest to Reddit's recent API changes, which breaks third-party apps and moderation tools, effectively forcing users to use the Currently in Sydney but house prices are stupid. Thinking of moving from auckland to chch sometime in the next ~2years. It's self-sustaining now. These were in the $800-900K range. " Autistic rent screeching is ridiculous. Very few people are just about to buy a house, so all others would not have house savings sitting around. The flat rate agent put them up on MLS. That’s a crazy scary amount for a $280k house. 36M surgeon + 35F living in socal w/ HHI 600k+150k but 1 kid due in 4 months. Refinanced a couple years later to get a 2. 7 square metres property dimensions: 9. Fees, legal, duty £10k. You make $600k TC and you’re asking Reddit how much house you can afford? Do you want to live in the Bay Area forever? Or just make your bag and get out? It’s way cheaper to rent here than it is to buy. Open comment sort 2. Don't get me wrong the houses are beautiful but for real I'm not spending almost a million dollars for a house. And depending on the house's insulation and windows, you may spend more than you think to heat and cool the house. Which is impossible. 3% interest, put $100k down (now you'll pay PMI because you're putting down less than 20%). I have a buddy who makes close to $200k and is looking at houses in 9 months ago an 85k/yr income could afford a 500k loan to buy a 600k property. 800k is a stretch, but we did the numbers last night and think we can manage, I'm just here mainly looking for confirmation bias That’s just not true though. Price is an issue but its central London so thats expected. A similar house $600k+ is not very much for a house, relatively speaking. No point in getting a cheaper house if I have to put 40k into fixing it up. Bought a house in 08 for 250k. My partner and I have been looking at homes for the past few months, and we just put in an offer on a detached house that was accepted! Our budget was originally 700k max, but a house came up for sale just down the road from us and we instantly loved it. Just looking at the numbers, you will qualify for 550-600K condo assuming you have a good credit and no debt. First house, first car, first wife is a real thing for me. Is it ok to purchase a 600k house at 6% interest rate? Property tax:1% PS: we If you're dead set on the 600k house, I'd come to an understanding that you're going to be a 2 income family. So yes an actual house for £600k is definitely on the cheaper end, and if they mean flats too then that is Main reason is the lack of comps; this street is mostly older homes and this is the first to have been redone to modern standards and to this level. After all this, they added 30k as sight value!! Our house doesn't have a lake view or mountain view or nothing to add any such value. No other debt. The home price itself doesn’t really matter. 600k a YEAR, you could afford a house in the millions easily. That leaves you with $1500/month to eat, pay utilities, property taxes, car, etc. If you live in Texas or Florida property taxes are high, but if your is I have 600K cash, which I planned to buy a house similar to the one I currently rent. I pay 5K/month rent and the landlord may increase it by 10% every year. The house listed for a coming soon of $590K and last night it was updated to $600K. A 5. A flood in the kitchen may have leaked into the structure. Here's a tip: research "cap rates" in your area. I cannot have my partner in the kitchen with me. In-game money only, no robux. It means this guy should pay a financial advisor to help him instead of asking for opinions on Reddit. 600k house in the Orange County area in CA (safe, good schools, lots of demand for house purchases) 200k / 33% down payment 400k mortgage 770+ credit (3. Very small, outdated houses that were maintained OK but didn't have the lot size for a larger house and that many people would want to do a full reno on to make them livable by modern standards. The problem with Cali is that homes are now a scarcity. Reddit skews toward highly paid engineers and tech workers and lower earners tend to refrain from Here is our situation. None of his clients can get the loan they Lower property tax area could do it in 150k income and high property tax area about 175k. (But still very good profit). Or check Looking to buy a 600K house in a fairly hot neighborhood. It's a percentage that hypothetically determines what your ROI will be if the building is 100% occupied with market-value leases. So the loan amount is in the $500K range. 2m so now £600k equity. I'm not a first home buyer and can't afford one. you just have to be willing to put in the work for it and do what others arent doing. 1m is more than 1% of 600k. com Open. so is everything else. Houses in the Northern suburbs start at $250k so its easily possible for single salary people to buy a home if they have the $30k deposit. Sell all 8 houses, making roughly £150-£200k per property. We are here for anyone interested in Real Estate, Property Finance, or Property Markets around Australia. Interested in moving into a new house in the near future. Deceased estate, so needed a major refresh (easily convertable to a 4/5 bed due to layout, unnecessary double garage and dorma option), came with private road access, a horse paddock and stables, small woodland, 2 acre field and private mooring rights A 600k house with 10% down and a 3. Land is more valuable. The paint on the walls is only one coat and it’s starting to wear away in places meaning I will need to repaint in the next couple of Get the Reddit app Scan this QR code to download the app now. Our dream home we found and it was 500k but for the price difference we felt the 400k one was good enough for our needs and it let us do things faster that we wanted- like a fence, and a hot tub, etc. We feel it's worth what we are paying, knowing that no livable house has been available at this price in 2 years, but the appraiser has to stick with what comps show. Don't get hung up on a mostly irrelevant detail. Gaming. Subreddit for the house renovation game titled House Flipper I think it's slightly less than that now. Hi, Apologies for the throw-away account, but I'm a long time lurker that hasn't posted much. I'm going to use part of the 300k we saved on a couple video cameras and a shotgun, and call it a win. We negotiated down from $610k to $600k, but my worry is that by the time we come to settle in 2024, the unit will be worth far less due to rising interest rates and falling house/unit prices. 75% for 30-yr fixed or 3. We bought our house at $642,500 in Dec 2018, but we refinanced our mortgage last year to a new mortgage loan amount of $548,250. Valheim Ottawa real estate investor found guilty on 27 counts of fraud after bilking lenders of $600K in failed house-flipping scheme News ottawacitizen. Reddit iOS Reddit Android Reddit Premium About Reddit Advertise Blog Careers Press. We had few interests from neighbors/friends. Property agents are there to help you look for property that you want to buy. The town house I'm in now has maintenance fees, about 400$ a month ( not worth it in my opinion for what is provided) and a lot of restrictions on what I can do with the house( front and back yard for example) the house is built in the 70's as well, kind of old. I see Ryan Homes, Pulte, Lennar Reputable Builders for $500-600k home near Ft. 100k was a lot to stomach over a few home differences, although I do still think of my dream home Posted by u/1Steel_Hands1 - 250 votes and 146 comments Like I said. This will likely be an okay at best house in a not great/okay area or go for a really nice 2 bed flat in a nice area for £100-150k cheaper and scale up in the future. I was printing her documents to purchase the house. There is no real thing as the property ladder atm, not for single incomes. If you want to own a house, they are there. Look for a shitty house that hasn’t had any updates in 30+ years that’s in a good neighborhood. Close to Griffith Uni, QE2 Hospital and Sunnybank. Sister was approved for a 400k home on 75k salary. Whether you should buy a $600k home is a more nuanced question without a universally correct answer. Mine were 1/3 that for a $320k house I didn’t need pmi and property taxes and insurance considerably less. I want to buy a lot lot for $450k and build a new construction home with a budget of $550k. I rent a 3br 3. For better or worse, we’re stuck in According to Right move last year the average price of flats sold was £562k, and terraced houses were sold for am average of £833k. My current house is worth $600k, current mortgage balance is $260k. So 200k cash (being conservative), 150k income, and 600k for a house. We just took out a $418k loan (single applicant on just my income) on a household income of 63k ( tax-exempt fringe benefits brings the total income up to the same level as if we were bringing in 74k). They shop by location and features, which determine the price. or Felt like we were doing ok, until it came to house hunting. Di pa nga niya binanggit anong subdivision baka meron dito taga same subdivision who actually read their HOA by laws and board resolutions. Utlitly companies sometimes want $500 up front. You’re right, the mortgage keeps increasing, but so does the house value. A £600k house could easily mean 'decent sized house in the country' or 'shitty shoebox in central'. ” Is this suspicious“as is?” Just had a look on Domain at houses under $650k using map view. I'd say Bathurst is more in the $600-700k range for decent/'modern' (last 20 years) homes. No kids yet but would love to in a couple of years. A house just round the corner, 4br on a 450m block passed in for $560k. Thank you. Tamad magbasa ang OP ng sarili niyang subdivision by laws, kaya pinapasagot nalang sa Reddit. Hamilton hill is a great suburb. (it’s also a $600k house in this market). Make sure to use a well established title insurance company. Terms & Policies If you have a SO, and combine $250k, then you can afford a $600k house. In my experience I have found Trendmaker Homes (Tri Pointe Homes) pretty solidly built, albeit design is usually traditional. nothing special at all, and its worth over half a mil now (bank valuation, not real estate). She will stop working so we won't need to pay for childcare, but HHI will drop to 600k and I'll have to start paying for our health insurance. comments A 600K house in NOVA would be a steal, but I see all new listings at 800K+. Reply reply w1ntermut3 So let's say you purchase a $550k house at 4. Never rely on their math for financial advice, because 1% of 1. As soon as they start mathing and planning your financial journey, property progression plan etc, just walk. Our I had one property where the issue that came up upon sell was with the original sale in 1960. Say your elderly Mom gets sick and youre not approved for pto or you’re not salary and need 2/3weeks bc she broke her hip or something you’re fucked and now need to take out savings. While estimating your expenses, you should also factor in property taxes and maintenance fee. 65 million, according to town records, it was more than 100 feet from the top of a coastal bank. If you're willing to do a bit of work to the place I'd suggest there would be houses around in smaller blocks for Even after going to the other community, they used houses with 4 bed, 5bed as comparables while ours is 3br. They could pay cash for a $600k house and wouldn’t be house poor or over stretched. You can buy a nice house for £400k here, I think they are attached to the house they are in. probably the second or third worst on this side of the street. Hi Guys, we are looking to buy a house in current market. 67. This subreddit is a place where high income professionals of all types can ask, answer, discuss, and debate the personal finance and investing questions specific to our unique situations without being criticized, ostracized, or downvoted simply for Hey Reddit, I am a 23-year-old first-generation male in a bit of a conundrum. While the windfall from the first house may have made the down payment on the second house possible, your Houses are increasing in value so hopefully that doesn’t happen, it can happen but more likely is just never being able to take time off that isn’t paid bc your house is so expensive :(. You have to buy a 600k (there are no 300k houses lol) house or you rent for the rest of your life and pay 3-5k a month for rent which is the same as the mortgage on a 600K house or even more, which is even MORE ludicrous. Buyer offered $65k above $600k asking in Greater-Seattle area with short turnaround to accept offer. This the journey to a leveraged 600k At max can get a property worth 560k over 30 years. View community ranking In the Top 1% of largest communities on Reddit. So I think that was the main reason for the low asking price. I can show you a picture of the money I have in bloxburg to prove I can pay. Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning "Before people come autistically screeching at me asking why I didn't rent or get less house. Found a two story house that is updated with todays trend design high ceilings, hotel grey paint, and quartz island kitchen. However, I think this is the best buy in Brisbane at this price range. I really like that nerdwallet calculator, but it should really be re-named to "how much can you qualify for". Generally, the value of an income property is determined by its cap rate. Same. Forest Lake had the most houses in that price range of any suburb in Brisbane City Council. That included 6 month taxes, I think a mortgage payment, appraisal and other misc fees, 6 months insurance. Everett or Tacoma, sure, but not Seattle\Bellevue. 30K subscribers in the HouseFlipper community. Share Sort by: Top. I’d like the house to be a sleek mansion if possible. The title company took 2 months to get it fixed and countless hours of legal work. The bank budgets for about 20% of the cost of the house to be lost during that process, taking it account the stamp duty they would have to pay, the cost of the real estate agent, the time it takes to sell and the potential for the value of the house to fall. I liked the schools and had no safety issues. What is the protocol when making an offer in this situation Please remember: Reddit IS NOT a replacement or substitute for a qualified solicitor, and any advice given here which relates to the law is In CA — saw a house that was $625k (a bit overpriced, much higher $ per sq ft than comps) about 2 weeks ago, that I really liked, but i figured it was only worth $600k at max. I’m considering making an offer on a property that looks to be sold I’ve been given the range 550-600k as an indication. We are renting a small house from my wife's parents right now, and we would eventually need to buy a house, I am mostly wondering if a 1. -They still owe about 300-350K on the home -I haven't talked to them about gift of equity for downpayment because it more than likely is out of the picture. It was utterly insane - and saddening seeing people devastated when they couldn't even afford the cheaper homes. You could technically afford that $600K 568K subscribers in the RealEstate community. All the quotes we are getting for home loan suggests us to pay 20% to avoid lmi but that means emptying hysa. $80k today is nothing to raise a family or to even buy a house. 220k on a 600k house with over 20% down sounds to be in the responsible realm. 4. Like this guy isn't even talking luxury. (ideally two bed room but i understand it is aggressive). I own two there. I live in a HCOL area on the lower end of that scale. I keep seeing homes like this pop up. She doesn She says they been dating for a few weeks, and he even bought her a $600K house. Buyers at the 600k price point are not shopping for houses from $0-$600k. I mean, she was happy AF. 75% rate and now the house is worth around 700k. We make $160k between us + usually another 10 give or take in bonuses, and have about $100k in cash (emergency fund + house deposit). no. Pretty new but not brand new, 12 minute walk to the station/shops, access to park etc. The house needs mayor structure work in my observation plus pipes and electrics are 50 years out of date. Used profits to put 20% on a house for 375k in fall of 2017. House price £600k. If you have the means and ability to afford a home, you'd be a fool to rent. I can't seem to find any information on the house prices themselves, but from what I've seen of similar properties by the developer on their website, I anticipate the range to be between $600k-800k for a SFH with 3-5 bedrooms and 1800-2200sq I make 96k and I purchased my house when I was making closer to 90k 2 years ago, and my total cost for house including HOA fee, property tax, home insurance, mortgage etc is around $1800 a month. Use money as a deposit for another property When the second property increases in value, repeat step 1. And the price can obviously go much higher than that. Let me go back and see what my closing costs were I think they were about 9k for a 600k house. Ask seller if they’ll help with costs. We’ve looked and made offers on houses all over the place within about 35-40 miles of the city in all directions. Best thing to do is plan a realistic budget first. 4m due to planning for 3x town house redevelopments. He will end up making a mistake and spending twice as much to fix it (or more) The mortgage on a $600k SFM house is maybe $100-150 more a month compared to this condo Most people did not make big career changes, house changes, etc once they were established. Not trying to be mean but I WANT a SFH, but SFHs you can get for 600k in my area are limited ONLY to mobile homes. House prices vary dramatically depending on where you go in the country. We have already paid $60k for a 10% deposit, and have saved up another $40k so far. Starter homes are ideal investments for flippers and rental investors. My first house is worth about £200k today so Im not sure how that compares with London but im assuming add a bit and double it isnt too far off. Renting would be the same per month. Get the Reddit app Scan this QR code to download the app now. Plus, if anything goes wrong related to the house (AC goes out, furnace goes out, basement floods, etc) you could be in an even tighter situation. 5% rate to assess servicability. But I'm trying to invest aggressively so maybe I wanted a smaller house then I could Do you think it’s worth stretching our budget to 600k to 650k to get a house now. So, finances + family dynamics + life timing + keep spouse happy + job income prospects + job stability . 5% Reply reply jerkfrmstatefarm • In classic Reddit fashion, anyone who makes a good income must be bad, down vote them! Haters. Additionally, buyers don’t shop by price for the sake of price. At the end of the listing description it states “All appliances and pool are in "as is" condition. Sell 4 houses, use the profit to pay the remaining 4 houses mortgages and then keep 4 houses mortgage free that are rented out and keep an income. Even with $0 HOA you'd pay about $2,875 a month for mortgage+property taxes+home insurance+PMI. Which is insane. The middle class lived a more simple life and many retirees moved to smaller houses or mobile homes in retirement communities. What do you do for a living to be able to afford a $600K+ house? Besides being in IT and engineering. 5 bath house right now where I'm paying $3450 a month and my lease is up early I now make 600k/year, owe 60k on the place (15y mortgage refinanced@3%, total paid over life of loan is 220k) and the house is worth around 600k. Brisbane or new south wales valuer general - land value search ----- property no: 221426 lga: newcastle address of property: 29 fawcett st, mayfield nsw 2304 description of land: 3/14462 property area: 385. Example scenario - If you purchase condo for $600K and only put $60K down, and get 5% 5-year fixed term; your monthly payment will be 3,140. live 1km from south beach and still can find a I’m willing to pay 100k-300k when the house is done. I now regret not buying a house, however, at the time I wanted to live more inner city. A geological study estimated the home would last at least two decades, if not more, at the current rate of erosion. Buildings are generally priced to match their riskiness - a 2% cap is priced higher because it's a safer investment, whereas a 10% cap Where you are in Newport will get you a 2BR town house for pretty close to 600k. That puts about 20% of American households in the income tier that can afford $600k houses as first-time homebuyers. Tack on property tax and PMI and other miscellaneous stuff and you're looking at maybe $3,200/month. But, its doable. Old/cute houses for under 600k - Victorian or craftsman type builds, whether they're older or just meant to mimic those styles. Stack your cash and then get a remote job and semi-retire anywhere in the US. Dreaming of a gorgeous $600,000 home? It’s important to know the financial realities of such a purchase before you start imagining yourself relaxing by the pool. That said, 600k with 20% down is a 480k mortgage - in today's market that's at least 3500 to 4k a month, so a prospectivr purchaser would have to be charging 2400 on each side to even be breaking even after tax and insurance. Assume 20% deposit at 1. New high-rise building to house homeless in $600K units in downtown Los Angeles Get the Reddit app Scan this QR code to download the app now. That is way beyond the 30% rule, especially since it doesn't include property taxes and maintenance. 3. We'd happily move to Maryland, even the alleged "less desirable" parts because school districts make no difference to us. 2-1. I'm a 34 year old with a Net Worth of $600,000 and feel like I'm behind my peers within my journey to Financial Independence. At 20% (120k down payment), you’ll be mortgaging 480k Honestly, if you only have $30k saved to put down on a $600k house I'd be taking a look in the mirror and asking if you can afford that house. 83 x 39. The idea of spending 600k on a house has me nervous about being tied to a large payment for a long time. Reddit isn't exactly a representative slice of the population. In the $400-500k range, the house will be pretty run down or very, very old. 00% for 15-yr fixed) ~100-120k income, currently saving 3 I don't think $600k will get you much in altona north, 3br on 600m go for around $1. Hi all, so today, I pay $2500/month for my 30 year mortgage on a 600k house. uk. But pls keep in mind that any builder will have variations in the quality of the houses they make even in the same price tier for various reasons. See if you can spend more somehow - at 800k you might be able to get something that isn't going to get trashed by tenants, and is out of the bottom feeder price range. We cleaned up well and took our own pictures. This Whether you can afford that price tag, though, depends on a number of factors, including your income, down payment amount and mortgage interest rate. That's why a bank doesn’t want to lend you 100% of the value of the house. Personally I want to sell our main house as it has gained 150k in reddit, stay classy. Realistically, your mortgage payment needs to be more than affordable because you also have to anticipate property taxes to go up, as well as home insurance costs if you factor in escrow. Most 'first home buyer' properties are 600-650k . Would prefer a quiet, safe and pleasant area (as everyone else does) I am not super familiar with the area but some of the obvious choices are too expensive and I just cannot afford it. Refinance all 8 properties and keep everything Get the Reddit app Scan this QR code to download the app now. This is LCOL talk. Huge 809m2 block. you’re young, you’re just starting out don’t go over the top on the car Don't forget to budget for increased utilities (both those you don't currently cover under your lease and the fact that if you're in an apartment, lighting/heating a house will cost more) and IMPORTANTLY maintenance. 😇. Thankfully there's enough room for a narrow island so we can scoot around each other. Property listings are a sea of 3bed/2bath 'HGTV specials' - garbage homes in garbage school districts in a garbage neighborhood, but a layer of gray paint and barn doors on every doorway that apparently make the seller think it's worth $450K. If you make $80k/year you bring home about $5300/month. Our budget is £600k, could probably stretch to £620k in the This looks like a nice house. Otherwise, you will find yourself like most other people work from January to April just for the bank. Buying a $700k house at $120k income sounds absolutely unhinged The only people downvoting this are the rubes taking out 600k mortgages on ranches at 7. If my house was on U Street, I'd think 800k would be a decent price. As for buying, it sounds like you have 400k semi-liquid, penalty-free. This thread is archived To be fair, this is London. I've adjusted from our previous living space but it took time. So I guess your ability to purchase at all is is rather location based, but even where property is cheaper than Sydney/Melbourne, $600k is out of reach without a $200k deposit. We got our place for 293k in 2016 and it's about 4 blocks from city center, fttp nbn, near a school, but a real starter house. The value of the property has risen less than 10% in 5 years of ownership. We aren't super picky on the area honestly. Any experiences with their construction and the process? Reddit doesn't bring up favorable reviews of a lot of these companies, but these seem to be the Are these houses really worth 500-600k or am I dumb for thinking about buying one? There is not a single livable house in the Seattle area that cheap. You will have higher maintenance. The good borrowing power calculators use a 5. Redfin listings for detached houses are starting at 600k, and those will likely actually sell in the 750k-800k range. co. Even with a house that costs less than 600k (which is a gamble by itself to even find without a ton of competition). We ended up getting a 2,000 sq ft house with a 10k+ sq ft yard in a rural area of Tacoma for 500k. Should she buy the house. My rate is in the 5% range, so I have been contributing an extra $1000/month to paying it off early, with the consideration that I would like to refinance for a lower rate eventually or potentially sell it off in the short term (3 to 5 years). Hi, I am but from when i've stayed there in the past it seemed decent. Or check it out in the app stores (houses appear to be selling before a viewing is even held). 301 votes, 19 comments. You might have £600k however knock off 10% of that to cover fees, and other cost such as moving, doing some changes to the property to make it a home or the unexpected little things such as boiler failure or outdated heating system that you dont notice during the buying stage. Anyone have good recommendations of good affordable cities to bring up a family? Edit: cheers for the replies everyone. . . I found out the house has been revalued at £1. 875% interest rate. But he was willing to trade his 20’s 17M subscribers in the personalfinance community. Or check it out in the app stores     TOPICS. Sold it in 2017 for 330k. On a train line. Can she buy the houseyes. Try $600k on the outskirts, 800 sq ft, the house has visible scuffs and stains, and there's a train in your backyard. Bathurst has some homes (or parts of homes) that are borderline line as old as Australia. It has to be a family house with at least 1 kid bedroom and a nursery. Calculations of real estate renovation investing won't make your If its 30-year, you are looking at $2,877. Otto Octavius : It can't be stopped. Possibly home inspection, GST if it's a new unit. Figure out how to use this money to increase your income. The number of starter homes being built is abysmal, and as natural disasters keep taking more homes off the market and more people are trapped in renting, demand will only get worse. We make around 180k combined. We will be on track to have a full 20%/$120k deposit within a few months. Of course, we got lucky. Depends upon who you ask. It would have easily cost me more than the property was worth to fix. Showed the house only 4 times (2 times to the family which ended up buying our house). 93 valuing year: 01/07/2023 date valuation was made: 05/09/2023 zoning used for valuation: medium density residential land Yeah it is, but in parts of California like San Diego, LA, orange county, Bay Area. It's a personal dream of mine to live in a house like that and to avoid living in a cookie cutter ranch house. 84 + taxes/insurance, so roughly $3500 pmt? We make 200k w/ a 3670 pmt (450k house but 15 year), and even accounting for 25% retirement (including 6% matches) we end up w/ an extra 2k/month. real estate investing landlords landlord borrowing lending mortgages foreclosure loan houses house apartment financing loans buying a house foreclosures foreclosure forbearance home buying OR and setting the top of our budget at 600k. I personally wouldn't have purchased any house much above 400k. Would Garden is ok. But assuming the new house appreciated just as much it would have only been around $357K if house prices hadn't gone up. Our house in Kent WA has been on the market for $600k for 2 days with open house this weekend and offer review advertised View community ranking In the Top 1% of largest communities on Reddit. Write an e-book about how you have a $1m+ property portfolio in only 2 years Charge an obsene amount of money for said e-book Organise "Real estate investment seminars" and talk about your book Get more people to buy your book Welcome to Australian Property Chat. Some people like that and some don't. Lady got scammed into buying a $600K house. If properties are priced on local income then prices should drop. Largely going to depend on your taxes on the house Edit: meeting with a lender before you are ready to house search is a very good idea. But, just knowing of that 400k (and the good return your current house would generate), seems like you would be View community ranking In the Top 5% of largest communities on Reddit. Buying a house at this price with a low down payment was for when interest rates were low. You can afford up to a 30% down payment (bringing the mortgage to 400k, which is less then 3 times your gross income). HOAs generally go up over time as well, so you need to factor that in as well. Everything below 600k is pumped up in price so much as 600k is where FHB and stamp duty concessions cut off, so above that it starts to get way way better for your money. Land 100k + 500k build cost = 600k total. I’ve seen your comments and 120k isn’t gonna be enough to buy a 500-600k house especially if you want to have kids etc. Even in areas like Manhattan, Honolulu and San Francisco which boast some of the highest costs of living in the US, 600k a year is more than 3x the median income for these areas. But, it was just ‘for show’. Let’s use Good luck in your home search! I have found that the prices of 4 to 5 room BTO HDB flats can range anywhere between mid 400k and 700k! The ones in the range of 600 Should I purchase 600k house? Have about 120k cash for down payment and our household income is 200k. That's right, there's mobile homes here are in the 2-300k range and that's not including the >$1000 land lease. Loan is $480k, which is $37k per year(37% of income) in just mortgage repayments. That $600k home you want is not going to sell for $600k because so many people are fighting over real estate. Class war organiser 'owns 600k house' thesun. We make 180k without bonus. When Lynn purchased the Sheep Pond Road property in March 2021 for $1. Its bigger and more well presented than the garden in my first house and its nice and low maintenance and a solid blank canvas. Let's say someone is on $100k, they get a $600k house(6 times income), pay a 20% deposit. We bought a house for 576k at a 4. The quality of some finishings is pretty average and a number of small things have failed and needed fixing around the house. 5% interest rate comes out to $2,425/month. TLDR: You will likely qualify for the home for more than $600k with $120k (20% of $600k) down and $120k income a year. That's about a ~$3,000 monthly mortgage with escrow with rates as they are and using My city’s median sale in 2022 was over $500k on a $50k median income, and metro area median sale was almost $800k on $90k median income. Land transfer tax, lawyer, pro rated property tax, and a few up front costs. My house was built in 1969 and I spent a lot updating things. If you're looking for houses with loans ending up with mortgage payments way out of your price range, then realisticallyyou need to put down a bigger down payment, or you need to borrow View community ranking In the Top 5% of largest communities on Reddit. With your background I’d take 10k ish and try to House poor just means you don’t cash flow well because it’s all going to the house either via a mortgage or maintenance. The argument for 5% now is that "the market is always going to up and you never lose at real estate! Gotta climb that property ladder! A $600k house needs 120k down for 20%BUT. So you need more savings to put down 20%. With a deposit of $165k, dual income Hard to know what to do with the interest rates & house prices going crazy. 6% interest and 5. They are shopping for houses from $500k-$700k. given the right location, i could see it being a million. wwnti vxpnpqj bghkkkl udfj wbqp ldmuz fmwj zyppitw pvqph xaxb