Approximately how much did you have saved before you started looking for a house?
MrsTC
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Approximately how much did you have saved before you started looking for a house?
I'm thinking at least over $10k, maybe $20k?
kmcwed
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Re: Approximately how much did you have saved before you started looking for a house?
x
Suzanne
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I would say with the minimum down and closing costs you are going to need close to about 30K if you live on long island..
Teri
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Re: Approximately how much did you have saved before you started looking for a house?
I agree with Suzanne - we've been saving for a few years for this, so we're planning to put down 20%. The problem we're finding is being able to carry a decent mortgage without being 'house poor'
Anne01
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Re: Approximately how much did you have saved before you started looking for a house?
I think it depends how much $$ the house costs. 20% seems to be the 'recommended' downpayment, plus there are closing costs which run about $10k.
Elizabeth
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Re: Approximately how much did you have saved before you started looking for a house?
I wish I could tell you that I think $10-20K is enough but I realistically it's $40K+
Say you get a $250K house, which is seriously low balling it but even if you put 10% on it, that's still $25K + closing costs. That's 10% on a low priced house. Today's market is at least $100K higher and ideally 20%. The 20% you can get around but the house prices, unfortunately are up there.
jennbaby
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Re: Approximately how much did you have saved before you started looking for a house?
Posted by Elizabeth
I wish I could tell you that I think $10-20K is enough but I realistically it's $40K+
Say you get a $250K house, which is seriously low balling it but even if you put 10% on it, that's still $25K + closing costs. That's 10% on a low priced house. Today's market is at least $100K higher and ideally 20%. The 20% you can get around but the house prices, unfortunately are up there.
I agree! ETA plus I don't want a humongous mortgage payment! So I say even more!
dandj
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Re: Approximately how much did you have saved before you started looking for a house?
I was shocked to see how much everyone saved, because I don't think we'll ever get there. Hopefully we'll have close to $30 by the time we find something....
MrsTC
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Not buying on LI
We're looking into northern and central NJ.
Charly
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We have NOTHING saved (mostly because we are paying for our entire wedding!!).
We learned that you don't need a ton of $$ to buy (of course its better to save!!), but we both took out a loan from our 401K, did an 80/15/5 (which basically means - you need 5% to put down and take out 2 mortgages - more of an interest write off, but higher payments, no PMI) and got a sellers concession to cover closing costs!!!
FM if you want more details.
Good luck!
Claud2001
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Re: Approximately how much did you have saved before you started looking for a house?
Posted by Elizabeth
I wish I could tell you that I think $10-20K is enough but I realistically it's $40K+
Say you get a $250K house, which is seriously low balling it but even if you put 10% on it, that's still $25K + closing costs. That's 10% on a low priced house. Today's market is at least $100K higher and ideally 20%. The 20% you can get around but the house prices, unfortunately are up there.
Not only do I agree with Liz, but I have to add that she's only talking about what you will need to BUY the house. Once you close, aren't you going to want to fix it up to your liking? New paint, carpets, furniture....that all costs money AND that's not even considering whether or not you'll have to do any renovations!
Sage10.03
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Re: Approximately how much did you have saved before you started looking for a house?
Posted by MrsTC
Not buying on LI
We're looking into northern and central NJ.
Same issues in NJ than in LI I am afraid.... We saved for quite a while and have over $40K...now we just have to find the house...
20% is pretty standard, then you need an ample amount for closing costs and then you have to figure some extra $$ for the things you want to change/update to even move in....
It's overwhelming, but take it one day at a time and PLAN AHEAD....
