In general- how much should you have left in the bank for fix-ups, etc. after the down payment, closing costs, etc? Or is it normal to completely wipe out of all of your assets on the down payment and closing costs? Also- in general, what percentage of your net month salary are you paying towards your mortgage + taxes? (I am beginning the home hunt process)
Kelly9904
Posted:
Member since
Re: How much in the bank after buy??
We had around $10K in the bank after we bought our house.
The only renovations we have done to date are paint, pull up carpeting (to reveal hard wood floors), and put wainscotting in the dining room. SO our costs have been minimal in comparison to others. But then you have costs like furniture, new applicances if needed, area rugs, curtains, and that all adds up quickly.
IrishBride-05
Posted:
Member since
Re: How much in the bank after buy??
We will have approx. 20k left but every penny and more is planned to be spent on renovations.
sophie78
Posted:
Member since
Re: How much in the bank after buy??
We keep $10,000 in a separate account just in case there is an emergency. However, when our shower pan broke, I figured we could use that money. But DH said no. He wants to just keep it so we always have money. But we have another account which we use for all of our transactions. After we closed, we spent a great deal of money on random stuff. I would say you want to have at least another $10,000 to buy furniture and do repairs. And even that won't go far. I am not sure whether I answered your question though.
I also bought a ton of furniture. We also received $10,000 worth of security features by appearing on It Takes a Thief on the Discovery Channel.
TracyInQueens
Posted:
Member since
Re: How much in the bank after buy??
We will have about $15k left.
FTRBRIDE
Posted:
Member since
Re: How much in the bank after buy??
While it is NICE to have extra money in the bank (and necessary if you're buying a home that needs a lot of work), I think around here it is normal to be wiped out after the closing. Save for a few months after closing and then you'll be able to buy furniture, curtains, etc.
bxgell2
Posted:
Member since
Re: How much in the bank after buy??
We only had about $5-$6k right after the closing, so we used some of that for the renovations, and also opened a no interest credit card to do the rest. In total our renovations cost about $15k - we gutted our house but kept costs down significantly by doing most of it ourselves. We used the zero interest card and paid it off within a year (just made our last payment! ). As for our total percentage, we're lucky, we live in Philadelphia so our house doesn't cost as much as most of the girls on this board. Our mortage + taxes is about 20% of our net salary together.
Preshy7
Posted:
Member since
Re: How much in the bank after buy??
pls keep in mind we borrowed from my company. and we only put 5% down.
safety - 15k not to touch reapirs+ furniture we put 30k towards
DjPiLL
Posted:
Member since
Re: How much in the bank after buy??
Ideally... i'd like to have 10-15k afterwards.
It all depends on how much I get for my 2br co-op when it comes time to sell.
violet
Posted:
Member since
Re: How much in the bank after buy??
This is depressing because when I buy a house, I don't think I'll have anything left over. Maybe I need to wait awhile to buy.
Snowboardgirl
Posted:
Member since
Re: How much in the bank after buy??
we had the sedding ift money, about $23,000. Bu tthat is all going into renovations. We also want to alwayshavew $10,000 in the bank for an emergency.
btrflygrl
Posted:
Member since
Re: How much in the bank after buy??
I think we're going to have about 5-6K left. It might be more.
Things we need right away: lawn mower fridge hoses for outside FENCE probably seeding the ENTIRE backyard
Not needed b/c it's a brand new construction: carpet vinyl flooring cabinets (don't like the white, but I can deal)
KimberlyBride
Posted:
Member since
Re: How much in the bank after buy??
bluegrl24ny
Posted:
Member since
Re: How much in the bank after buy??
omg - my head is spinning reading these amounts!!! DH and I only had around 8k left after closing and everything, but our house was brand new, completely gutted and renovated with all appliances updated as well. We only had to buy window blinds, a couch, desk for office, and other smaller cosmetic things. We waited until this year (our third year in the house) to do tree removals and install a PVC fence.
Jenny5150
Posted:
Member since
Re: How much in the bank after buy??
We were fortunate and didn't have to take anything from savings..we were able to pay for the down payment with a commission check my DH had received. As for savings, we try and keep a years worth of expenses in the bank.
The first week we were in the house we had to drop almost 20k for a new septic, new roof and new furnace.
lisau18
Posted:
Member since
Re: How much in the bank after buy??
It is sad to say but I only have $500 left after my closing. My MIL sold her house and closed on the same day we did our closing and she gave us 30k but I used almost all of it to pay off as much of our existing bills, which I am glad to be doing. We will still have some credit card bills but nothing to extensive.
ThongLori
Posted:
Member since
Re: How much in the bank after buy??
I think we have about 8-10K left..... My parents had $1.36 after they bought their first home! But somehow they made it!!
julz33
Posted:
Member since
Re: How much in the bank after buy??
AT LEAST enough for 1 years expenses plus money for renovations. Lots of things could break unexpectedly in a house. For example our new oil burner and water tank was $5500.
LuvMyMichael
Posted:
Member since
Re: How much in the bank after buy??
Posted by ThongLori
I think we have about 8-10K left..... My parents had $1.36 after they bought their first home! But somehow they made it!!
One of my friends from work said her & her husbacd had $10 left over after closing and went and spen it on a McDonald's dinner. How Cute!!
