Recently I got discharged from my job and I've just picked up from all the debt I racked up by being unemployed for 2 months. I got a decent now that pays 30 an hour or about 60k a year. I'm almost debt free,(I have made sure that by the time I close on a house I will be debt free so I do not have any other financial obligations to credit cards besides the mortgage). So I bring in about 4k a month after taxes, I have a wife and kid that I support by myself. My wife cannot work because our son does not attend school yet, pre-k is not free in the state we live in so it is about 1.5k a month which is what my wife would bring in if she did work so that's pointless. Anyways, I am 22 and am most likely going to close on a house last January or February. I currently live in an apartment that's 1500 a month. I got pre approved for 250k but will only buy for 220k max.
Without credit cards I pay -125 for car insurance -110 for cable/internet/phone -Electricity is about 80 but it may drop or increase in the house. -I don't pay gas or water in my apartment so I am unsure of how much it will be with 3 people in a house.
Also, property taxes will be around 2800 a year and home insurance at 750.
When my son starts school next year in September my wife will start work so that will bring in more income.
What do you guys think, Should I or hold off on it? This is my first time buying a home and I do not want to make a poor decision here that will cost me a fortune.
Welcoming any advice or criticism. Thank you in advance.
Submitted November 10, 2017 at 09:09AM by usmco621 http://ift.tt/2yOjeD2
