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Discussion Starter · #1 ·
I know I want a house and as of now I have to do it all alone with no spouse.
As part of my goal I need to figure out how much money I'll need to make monthly/yearly. I still need to figure out the money part, but it helps to know how much I need ahead of time to reach my goal.

But this is where I know nothing. Sure I can see a house price, but I know nothing about taxes or what luxuries and food cost not to mention how do I know how much money to have saved for emergencies or surprise things I need money for, I dont know how to figure or learn this.

When you first move on your own what do you need to know ?


I know I'm asking a bunch of questions, but who am I supposed to learn all this from anyway? My parents had my grandparents help them and buy them a house so they can't teach me, and I have no friends to ask!
 

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Such a huge area to cover...so we'll start with the minimum and see where you want to go.

Sale Price + Closing Costs - Down Payment = Amount to Finance
Mortgage = Principal + Interest (depending on length of term, interest rate, etc.) + Escrow of Insurance and Property Taxes + Private Mortgage Insurance (depending on amount of down payment)

Other monthly housing expenses, I.e. water, sewer, trash, electricity, gas, phone (unless you rely on mobile), cable/satellite, Internet, etc.

Some miscellaneous, I.e. lawn care, alarm monitoring, etc.

Personally, after owning, I dont know if it is worth it anymore unless you can get a steal in the marketplace and you really want the responsibility of home ownership.

Don't do it just because it is "what people do"

Have a purpose and a plan.
 

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I have no idea what kind of job you would have to have to make enough money to be able to afford all the monthly bills that come with a house.
 

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Discussion Starter · #5 ·
Such a huge area to cover...so we'll start with the minimum and see where you want to go.

Sale Price + Closing Costs - Down Payment = Amount to Finance
Mortgage = Principal + Interest (depending on length of term, interest rate, etc.) + Escrow of Insurance and Property Taxes + Private Mortgage Insurance (depending on amount of down payment)

Other monthly housing expenses, I.e. water, sewer, trash, electricity, gas, phone (unless you rely on mobile), cable/satellite, Internet, etc.

Some miscellaneous, I.e. lawn care, alarm monitoring, etc.

Personally, after owning, I dont know if it is worth it anymore unless you can get a steal in the marketplace and you really want the responsibility of home ownership.

Don't do it just because it is "what people do"

Have a purpose and a plan.
Hmm wow didn't realize all the stuff involved, I have a lot to learn.

I wanted a house for my own reasons too. I really enjoy having a backyard I can do whatever I want in and have parties, can't do that in an apartment. I like not having to pay rent or have someone keep inspecting like they do in apartments. The privacy of a house rather than an apartment definetly appeals to me. I like lots of space and that is why my goal is a nice house.
 

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Small steps first
Live out of home for a while and save for deposit
If you can't save a deposit while renting you can't afford a house .
First you need a job as a disability pension will not be enough
It's a good long term goal to aim for but as said small steps first .
 

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Discussion Starter · #7 ·
Well Keith I don't have to tell you that owning a "decent home" in a "decent neighborhood" on Long Island is not cheap...

One of the hardest things is coming up with the down payment and closing costs...
Most banks nowadays want 20% down plus closing costs..

The "average" home on LI, is somewhere around 350,000..
and that's just a low average..
That means coming up with at least 70 grand plus another 10 grand closing..

The average middle class home taxes are about 9-12 Thousand..
That's 1K a month just for taxes...

With no spousal support, I think your yearly income would have to be around 75,000..

Much better off with a 2 bedroom condo (maybe 250,000)
or a one bedroom (200,000)
where the taxes would only be around 4,000 a year...

Better option is always renting nowadays...
1 bedroom probably 1,200..plus utilities..
There are some homes that are cheaper http://www.city-data.com/forum/long-island/1214381-affordable-homes-long-island-good-areas.html

A friend my age got this house too http://www.zillow.com/homedetails/1029-N-Greene-Ave-Lindenhurst-NY-11757/32634501_zpid/

My younger sister got this house, yes I'm jealous. http://www.zillow.com/homedetails/11-Rachels-Way-Holbrook-NY-11741/62619091_zpid/
 

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can't u meet with a real estate agent, or someone in the professional field who would know where the best/most affordable neighborhoods are that u can afford? there are many sites that u can go to where u put in your income/ some other information and it tells you what your approx budget would be or how much you will need to pay for mortage for a particular house.
 

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you could always rent to own if you're unsure

if i were you, i'd gtfo of america and see what somewhere else has to offer

if not, why not move to like, spokane, WA? li is so expensive

li has high high high property taxes

the good thing about buying is that if you get a killer deal, you could always rent and move where ever you want

do you have liquid assets that are worth a fair amount of $$$? if so, i'd look into buying a fixer upper multi-family home, so u could sit by and collect a passive income

i know where i am (florida) banks are auctioning homes (with people still in them, mind you) like crazy to avoid shelling out money in cash for keys deals, and there are some great deals to be had

i'd imagine other states are doing it as well
 

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, it's good to have dreams .
It's better if you can make them come true .
 
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