When will i Buy a house?
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Are you looking for psychic responses? Because you didn't really give out any information at all.
It depends on where you live. In some areas the prices have increased so much that if you didn't buy one 10 or so years ago, you won't be able to buy one until your medical school loans are paid back, even then you may have trouble unless you are a surgeon or other high paying specialist. :-)
When you are old enough and make enough money to buy one with.
Well, if you live on Long Island, NY - the answer is NEVER.
Only you and your bank can give an ultimate answer to this question but some things to consider.
1. Only put down the least amount that you can that will give you a monthly payment that is free of the PMI (insurance charged for down payments on loans that are usually less than 20% the value of the home). Right now is not the time to go with creative mortgage plans. Find a good low interest fixed loan.
2. Remember that your monthly principal payment is just a portion of the total monthly payments that you will need to make. Don’t forget that you will have to pay interest, taxes and insurance. In some place your taxes and insurance can be as high as half your principal payment, or more, and that taxes and insurance payments are not fixed, so no matter what they start out as they could and more than likely will go up.
3. Be aware that any repairs, replacements and upkeep are solely and totally your responsibility. No landlord to call, you are the landlord, and once you sign on the 200 and one bottom lines the seller is not going to take responsibility for any problems with your new home unless it happens within the warranty period or covered under a state or real estate law provision. Also, be aware that small inexpensive problems that are not corrected early will become big expensive problems.
4. Never buy that dream house that sweeps you off your feet after the first visit. If you still feel that over joyous, I have to have it feeling after a second visit and an appraisal by a reputable appraiser, that you have chosen, not the seller or the agent, then look at it again with a very critical eye and then think about it.
5. Consider not only the home but the location, the schools, the proximity of other homes, businesses, and traffic patterns. This includes air traffic, train, foot traffic, etc. Always visit the area at different times of the day, weekdays and weekends. The ambience of a neighborhood can change dramatically depending on when you visit.
6. Check the area for proposal and future zoning and planning. That sweet little dream house that was such a good deal, might be impossible to unload two years later when the traffic from the new six-lane highway is bustling overhead.
7. Check for county ordinances and activity of the homeowner’s association if there is one. You would hate to find out that the clubhouse that you never use is operating and maintained by dues that you “have” to pay or that the homeowners association has foreclosed on homes for the cost of back dues as low as $39.00. This in no joke. People have actually had their homes confiscated and sold from under them by homeowners associations, which left them with no home and a huge debt.
8. The most important thing to remember when buying a house that is to be your home is that you want it be a place that you love and treasure, a place that provides comfort, not fear, anxiety and stress. Buy less house and move up rather than more house that you can’t enjoy because you are never there due to the required overtime to make payments and the suffocating budget that makes the house an albatross rather than a delight.
When you save enough money and get a job!
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