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hey /biz/. a couple of years from now i want to buy a house. i am 23yrs old and i'm a car mechanic as my labor skill. i was out of work for a while and ate into all of my savings while unemployed. thank god i start a new job next week.
me and my parents always talk about getting a house. we live in NYC and rent is crazy expensive. starting next month we are going to pay about 1,700USD in rent. we live in a 2 bedroom apartment building. over time rent went up. we wanted to move but couldnt because i was unemployed. we renewed the lease for 2 more years then we are out. i want to make my next move a home. my question is what do i need to have to buy a home or i'm a sucker for buying a home? with the rent money we pay that could be used to pay a monthly mortgage instead. how much should i save to use as a down payment?
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Best thing I ever did. Mind you I bought in 1999 so now freehold. But it means I can work 6mths of the year in a menial seasonal job and take 6 months off drinking and messing around.
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Is moving an option?
I'm in Cali paying 1,100 /month, also living with my parents.
Not saying move to Cali but you know maybe somewhere a bit cheaper.
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>>1327728
we cant move now cause we renewed for 2 more years.
there are cheaper places but you get what you pay for with them. our rent used be cheap too, about 1,200 a month but rent goes up with these people. were i live they dont just let anybody in and its clean. cheaper places would mean living in the ghetto with niggers.
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Look at the mortgage calculators on sites like Trulia. You'll see how much it costs.
Generally if you put less than 20% down you have to pay mortgage insurance. It's a tradeoff.
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