House Buying suggestion please

[rmJU72]

buy it. Even if any issues later, 400k is low enough that someone else will usually come and buy it without much loss.

[Gorantlamdhav]

2 hours ago, Gundepotuu_Gummadi said:

base salary 92k and bonus 12-15%

401-4% & pension 4%

and savings 70k unayi

ma daggara house 400k undi (present rent 2b 2b 900 pay chesthuna)

e salary tho house kone dare cheyochha

pros & cons chepandi exparts.

btw family with 2kids.

 

TIA.

Unless intlo pressure lekuntey lite teesko rent ki vundu big house lo

financial part: 

If you are sure you will be living in that house next 4 years or more then buy

income level is ok for loan

down payment 50k chestey

loan 360-370 k vuntadi

apr 6% anuko

monthly payment about 3k

about 3k remains in paycheck which should pay for car+insurance +groceries +entertainment +vacations 

final ga savings matram 0 so remember that

[Skn_benami]

1 hour ago, Sarfaroshi3 said:

what is your age, visa, health problems unda, tech, and nee city. I will decide

cc @DallasBaluKarry@Skn_benami @RPG_Reloaded 

Yes anna all these are major factors. Unless all are aligned, renting is the best option

 

cc @DallasBaluKarry

[RULER]

Buy the home.

Here are a few things you have to look out for when buying a home.

New builds are offering huge discounts, but only if you know how to negotiate the price of the home. Look at Zillow and research what builders are selling for, or else you will end up paying a high price. look at the homes that are longer on market ...

This is just one example of what's happening in the market.

For example, a $600K home. Builders are selling homes with the same square footage and upgrades for $460K, $500K, $550K, and $580K. The person who buys for $460K versus the person who buys for $580K... this is how builders' sales agents are selling based on your desperation. You have to research carefully to offer the right price.

If you offer the right price, you will get a steeply discounted home in the current market.

2) ask builder for buy down interest rate points ... lot of builders offering 4.99, 5.50 Apr deals

3) Location is key for appreciation 

 

 

 

[CanadianMalodu]

3 hours ago, Gundepotuu_Gummadi said:

base salary 92k and bonus 12-15%

401-4% & pension 4%

and savings 70k unayi

ma daggara house 400k undi (present rent 2b 2b 900 pay chesthuna)

e salary tho house kone dare cheyochha

pros & cons chepandi exparts.

btw family with 2kids.

 

TIA.

Tell me about your plans of stay in US. Do you wish to settle in US permanently? 

[DallasBaluKarry]

1 hour ago, Gorantlamdhav said:

Unless intlo pressure lekuntey lite teesko rent ki vundu big house lo

financial part: 

If you are sure you will be living in that house next 4 years or more then buy

income level is ok for loan

down payment 50k chestey

loan 360-370 k vuntadi

apr 6% anuko

monthly payment about 3k

about 3k remains in paycheck which should pay for car+insurance +groceries +entertainment +vacations 

final ga savings matram 0 so remember that

Savings 0 is like living a beggar life

 e salaha ne nalla mrodha lekkane vundi

cx @Sarfaroshi3 @Skn_benami

[pakeer_saab]

4 hours ago, Gundepotuu_Gummadi said:

base salary 92k and bonus 12-15%

401-4% & pension 4%

and savings 70k unayi

ma daggara house 400k undi (present rent 2b 2b 900 pay chesthuna)

e salary tho house kone dare cheyochha

pros & cons chepandi exparts.

btw family with 2kids.

 

TIA.

I would not buy with that salary

that salary is too low for you to have a happy living with family

if you buy home with that pay, you will neither enjoy home nor be able to provide safe economic environment for your family

you need to be in the range of 120K+ base to even think about buying home even if home price at 400K

interest rates at this time make it useless to think you are saving by buying home, it is always better to rent during high interest times

if you are having pressure from wife, ask her to work and chime in 2K, then go ahead and buy

[Konebhar6]

4 hours ago, Gundepotuu_Gummadi said:

base salary 92k and bonus 12-15%

401-4% & pension 4%

and savings 70k unayi

ma daggara house 400k undi (present rent 2b 2b 900 pay chesthuna)

e salary tho house kone dare cheyochha

pros & cons chepandi exparts.

btw family with 2kids.

 

TIA.

On a 400k Home, If you pay 20% down payment, your expenses will be (Based on 7% Interest rate , 1.2% property tax, $50 HOA fees, $200 monthly home Insurance)

Total Monthly payment - $3221. 

Technically based on your salary, you should be able to buy a home between 300-500K. But currently you are paying $900/month. It will go to $3200/month. A similar house, you should be able to rent for $1200 - $1500. 

But nothing can be compared to the satisfaction of buying a primary home and raising your family in it. You cannot put a value on it. But also think about the financial burden it can put on you. Now its your choice to make a decision.

 

 

[Konebhar6]

4 hours ago, Gundepotuu_Gummadi said:

base salary 92k and bonus 12-15%

401-4% & pension 4%

and savings 70k unayi

ma daggara house 400k undi (present rent 2b 2b 900 pay chesthuna)

e salary tho house kone dare cheyochha

pros & cons chepandi exparts.

btw family with 2kids.

 

TIA.

BTW I bought my home when I was getting $110k+10% bonus for $394k. I did 20%down and had an initial interest rate of 4.75. It then came down to 3.25 in a year. Rents were a lot higher in our area ($1500-$2000 for 2-bedroom). I never felt financial burden. I had 1 kid at that time. I am giving these details for comparison sake. However inflation is not as much as it is now. And Home insurance was around $500/yr. 

[pakeer_saab]

2 minutes ago, Konebhar6 said:

On a 400k Home, If you pay 20% down payment, your expenses will be (Based on 7% Interest rate , 1.2% property tax, $50 HOA fees, $200 monthly home Insurance)

Total Monthly payment - $3221. 

Technically based on your salary, you should be able to buy a home between 300-500K. But currently you are paying $900/month. It will go to $3200/month. A similar house, you should be able to rent for $1200 - $1500. 

But nothing can be compared to the satisfaction of buying a primary home and raising your family in it. You cannot put a value on it. But also think about the financial burden it can put on you. Now its your choice to make a decision.

 

 

nothing is valuable than maintaining family with good economic standing too

paying rent at 900$ gives him safety of savings, while paying 3221$ enslaves him leaving little for savings

home in America is pack of cards for H1B, please add that element too

[Konebhar6]

9 minutes ago, pakeer_saab said:

nothing is valuable than maintaining family with good economic standing too

paying rent at 900$ gives him safety of savings, while paying 3221$ enslaves him leaving little for savings

home in America is pack of cards for H1B, please add that element too

Agree on that. If someone is on H1B esp these days, I would not suggest. Its a big red flag. Esp job situations and GC situations. 

[Peddayana]

3 hours ago, Konebhar6 said:

BTW I bought my home when I was getting $110k+10% bonus for $394k. I did 20%down and had an initial interest rate of 4.75. It then came down to 3.25 in a year. Rents were a lot higher in our area ($1500-$2000 for 2-bedroom). I never felt financial burden. I had 1 kid at that time. I am giving these details for comparison sake. However inflation is not as much as it is now. And Home insurance was around $500/yr. 

I knew someone who was getting the exact same salary and bought a house for exact same price by down paying 20%, its in midwest. good coincidence.lol.

[Peddayana]

7 hours ago, Gundepotuu_Gummadi said:

base salary 92k and bonus 12-15%

401-4% & pension 4%

and savings 70k unayi

ma daggara house 400k undi (present rent 2b 2b 900 pay chesthuna)

e salary tho house kone dare cheyochha

pros & cons chepandi exparts.

btw family with 2kids.

 

TIA.

usually people recommend not to go more than 3x your gross salary

your salary (not counting 401k and pension) - 106k , assuming 15% bonus

3x your salary is - 318k

I worked in a similar salary few years ago bro,  I was in same dilemma, whether to buy a condo or not for 250k at that time, changed company and got a home after a good hike, explore that option as well

[Sarfaroshi3]

16 hours ago, DallasBaluKarry said:

Savings 0 is like living a beggar life

 e salaha ne nalla mrodha lekkane vundi

cx @Sarfaroshi3 @Skn_benami

Savings 0 is like living like @csrcsr anna life. Malboro and Jim Beam

cc @Skn_benami

[Sarfaroshi3]

15 hours ago, Konebhar6 said:

On a 400k Home, If you pay 20% down payment, your expenses will be (Based on 7% Interest rate , 1.2% property tax, $50 HOA fees, $200 monthly home Insurance)

Total Monthly payment - $3221. 

Technically based on your salary, you should be able to buy a home between 300-500K. But currently you are paying $900/month. It will go to $3200/month. A similar house, you should be able to rent for $1200 - $1500. 

But nothing can be compared to the satisfaction of buying a primary home and raising your family in it. You cannot put a value on it. But also think about the financial burden it can put on you. Now its your choice to make a decision.

 

 

@Konebhar6 400k house motham down chesthe

any pros or cons