My soon to be wife and I are attempting to buy our first house but we’re running into an issue with the lack of inventory in our area, as well as deciding how much we would be able to afford without being “house broke”.
I’m 24 and she’s 25 and we currently make roughly $70,000 a year combined and have a savings of about $20,000. I will be starting a union plumbing apprenticeship in about a month that would increase my income, but I’m unsure of what that would start at. We have no debt as her student loans are paid off, we own both our vehicles, and no credit cards. Only expenses we have are for the wedding in September which total about $3,500 left.
Originally we started looking at houses that were at or below the $175,000 price but have found inventory is very minimal, and if there are listings, it would take another $20,000-$50,000 worth of work to get them livable. If we increased our price range to $210,000-$235,000 more houses are available, but our mortgage would also go up a few hundred dollars.
Would it be a financially viable option to look for houses in a higher price range and pay a larger mortgage seeing as we have no debt? Our should we wait it out until housing prices drop so we don’t get over our head?
Submitted April 19, 2019 at 12:56AM by Astro509 http://bit.ly/2V8XjRf
