Hello,
40 years old, lived in an apartment for all of my life realizing that I need to look at retirement. Spent time repairing my credit, now one option is putting money into a home so I have eventually a place to live rent free or sell if I need to money at the end of my life. I have been putting offers out, most homes in my area are out of my price range or have obvious problems. I found one that has work put into it. My monthly income is 2000, the payments on this home would be 630 (mortgage, pmi, insurance, tax) which is what cheaper apartments go for around this area (my apartment rents for 650) most single room apts are 700-800.
Pros:
- Area is public transit accessible to one of my jobs (I have a car just prefer not to use it)
- A friend is interested in moving in, I could charge them rent and put it toward the mortgage
- Neighborhood is transitioning up; more amenities, city is putting work into it
Cons:
* Their counteroffer to my offer is 30k over the zillow estimate and 15k above the houses in the rest of the neighborhood
* It's at the max of my "comfortable" level of mortgage payment. I am wary to sign what is basically a 30 month "lease" at my current income level. My job income varies greatly from month to month.
Houses for sale turn over here quickly. In two years, this is the second time a home in my price range to appeared that doesn't have obvious problems (the first time someone else beat me to an offer), so I am feeling pressure to purchase this one. Is there anything I should be considering that I haven't already thought of?
Submitted May 10, 2019 at 08:27AM by TeamAquaThrowaway http://bit.ly/2Jgx71E
