How much do we need to have saved before we can truly begin looking for a house?
eogara
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How much do we need to have saved before we can truly begin looking for a house?
FH and I are trying to decide whether we will start looking for the end of our next lease or whether we need another year. We ideally would like to go straight into a house (albeit a VERY TINY house) and I was just curious about how much you guys had saved before you started seriously looking.
Thanks!
May152005
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Re: How much do we need to have saved before we can truly begin looking for a house?
You can get away with putting down 5% of the total cost as a down payment. In addition, you should save about $12,000 for closing costs & you should probably have another $15,000 in the bank just in case something happens & you have to dig into your savings.
raken40
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Re: How much do we need to have saved before we can truly begin looking for a house?
good question..i was wondering the same thing...this sucks!!!!!!!!!!!!!!!!!!
will we ever get a house??? haha!!
nov04LIbride
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Re: How much do we need to have saved before we can truly begin looking for a house?
We had $60,000 in savings which covered our 20% down and closing costs for a small one bedroom condo.
julz33
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Re: How much do we need to have saved before we can truly begin looking for a house?
$100K for a $300K house
$60K for downpayment $10K for closing costs $30K for new roof and re-doing the house and repairs and emergencies.
AND we still have savings... wedding gifts became our new savings account.
Valentinegirl
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Re: How much do we need to have saved before we can truly begin looking for a house?
We had 5% for the down payment, $10,000 in closing costs and around $10,000 to fix it up.
dengal
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Re: How much do we need to have saved before we can truly begin looking for a house?
How much do you want to spend on a house and how much can you afford to spend monthly for a mortgage. Based on that, you can come put in a percentage and come up with the amount you actually need.
