I’m 27(m), I have $84,000 in my savings and I’m looking to purchase my first home. I moved back in with my parents during the search to alleviate any pains regarding breaking a lease. I’m specifically looking at a townhome or condo; I don’t have the time for the maintenance associated with taking care of a stand-alone home. The townhomes I’m interested in are around $200,000-$250,000.
My main question is how much of my savings do I put into the home (downpayment or otherwise)? Is it smarter to just put in $80,000 and lower the mortgage and payments? Do I search for something much lower and sink money into renovations? Or is there a way to find a happy medium of what to put as a down payment vs what to maintain in my savings? I have a million questions!
If any additional information is needed please let me know and I’ll gladly provide it! I’m very new to this so all input, guidance, and personal anecdotes are appreciated.
Submitted May 05, 2019 at 12:04PM by Milocks http://bit.ly/2J6ruDl
