Hey everyone, currently looking into the world of home buying. But also looking into the world of buying a new car.
Info on myself. I make $1-$1100 take home a week every week. I currently rent for $1300. Never missed a payment at all. 24 years old, single, no debt at all, steady on my bills, rarely go out unless I really need to.
My credit score at the moment is 680. Could get it a little higher, but recently my landlord gave me some news and it actually now has me thinking.
My LL is putting the home up for sale that I am currently renting. She is planning on listing it for 100k, she currently is trying to sell it NLT November once my lease ends. She is planning on moving to Italy so she offered $20k less making it $80k if I decide by end of May that I want the home.
I have about $11,000 saved as of right now. As a first time buyer they told me I can put something like 3.5% (New Jersey). Estimated after closing and everything is 8000. Which by then I would have saved even more.
I would have had more but had to take out $10k due to funeral costs for my father and sister earlier this year..
The other issue I am having is that the car I own is getting old. Every month I'm having to do some sort of maintenance. Owning a truck eats gas. About $30-$40 every week. Insurance is like $80 alone for the basic minimum a month. Then its about like $100 for a part+ labor meaning every month it's $200 for a small repair. I would do it myself but city warned me for doing an oil change in front of the home out near the sidewalk. So don't want to end up paying some absurd $350 fine for something like an oil change.
So pretty much this is when my boss recommended buying a new car/financing one. I have no knowledge of financing or leasing etc... But I want something I can keep for 10-15 years minimum. Like I said, I rarely drive. I've had a Cobalt as well and it took 3 months to finally put 1000 miles. The truck was the same but it just consumes too much gas. But the cobalt I got rid of to get back into the 5 digit savings..
So pretty much financing this new car from Hyundai I want. They estimated $270 monthly for finance + the insurance which i have no clue what it is. So Ill just assume like $600 in total a month.
Pretty much I need insight on whats the smarter choice as of right now.. I want a home, especially at that small of a price. I can always rent it out to some folks here near base and end up getting an apartment or something to save even more.
TLDR: First time home buyer + first time car buyer. Is it smart with my budget? Insight on how this all works and what to do.
Thanks again, sorry for being so long.
Submitted April 20, 2021 at 09:40PM by slvx456 https://ift.tt/3v9uClQ
