I'm a single female in early 30's who started a stable career I love. The town I'm living in is literally the fastest growing town in The States and the housing demand is really going up. With the interest rate to go up, this is why I want to buy a house, preferably before this spring. Living cost here in Utah isn't that high, but the housing price isn't low, It seems to me it is on a higher side.
Short Term Goals
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Buy a house of 3~4 rooms to rent out rooms, living as a resident
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hit ~$100k salary after 5 years into my career
Current Monthly Net Income
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$2,450 (When I was at $48,000; will increase to $55,000 in a week; $60,000 in June)
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this is after 6% 401K + health insurance
Fixed Expenses
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$500 Rent
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$300 Charity
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$72.59 Climbing gym
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$55.02 Auto Insurance Full Coverage
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$508.86 Student Loan Payment
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~$60.00 Gas
Debt
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$15,841 Student Loan with avg. interest rate of 6.16%
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$1,500 CC from dental (I usually pay off cc every mo. but left this one out because I read here that it is helpful for credit score to have a CC that's being paid off regularly at a fixed rate; but possible to pay it off at once)
More debt to come...
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I applied to a master's program that is ~$55,000. Thought about this for 2 years and I really want to be the best I can be at what I do and I've always wanted to learn more + possible boost for my career, but it DOES NOT affect my salary, which is why I still can't decide. I'll prob start asap if I get in, though.
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$10,000 Parents will lend me for home down payment w/ no interest, to be paid full in one year.
Savings
- $4,500 (been saving for the last few months to use as a down payment for the house)
My Problem
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don't have a budget/know how to have a budget --> No substantial savings!
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because I don't know how to stick to a budget, I tend to spend a lot of money on food/cooking, even though I don't eat out much
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not much in savings because of having to...
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settle in a new state with different seasons and activities available (but this makes me so happy and more fulfilled in my lifestyle & overall well-being)
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I started making income with a real job just 2 years ago
House Shopping Plans
It seems that houses that have 3-4 rooms for rental are ~$200,000, if I am going a little over my budget of ~$150,000. I really want a house with a small backyard, but would rather put a less financial strain than having a backyard and willing to look into a townhouse. But really don't like the idea of purchasing a condo. My parents have also been telling me that a house will have a bigger value that townhouse or condos, but not sure if this is true.
Am I in a good place to buy a house? Should I look into condos than sticking to houses? What are you opinions and advice? Thank you!
Submitted December 28, 2016 at 08:45PM by iwanttofloat http://ift.tt/2iGmX9k
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