Friday, November 27, 2020

Home Buying: What Type of House Can I Afford?

In the previous post, I said my income table was idealized. Ideally, I could find and afford a house between $63,000 and $80.000, but finding a house is more than setting a price.

In the case of $63,000, I can afford a fixer upper, but the repair work needed would double the cost of the house.

I could go for a condo, but paying HOA fees on top of a mortgage is a deal breaker.

A move-in ready house in my area would run about $125,000. This seem to line up with my earlier note on fixer-uppers, so this is the number I'm looking at going forward.

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