Desi Comparision for Home Purchase

[yemdoing]

58 minutes ago, Sonu_Patel said:

4 ppl .. renting town home now.. rent is $2800 per month. 

How much is your net income ( take home salary)  ? ( include wife's income also if she is earning and willing to contribute to household espenses)

 

[Karigipoyekalam]

43 minutes ago, Thokkalee said:

5% down ki house konaddu.. especially a 750K home @6% interest … remember that you will have to pay this amount (6K) every month for the next 30 years.. you will end up putting most of your monthly income towards this home.. 

housing costs will only increase as the property taxes increase year on year.. home insurance almost double ayyayi in the last 2 years.. too much expensive vaa home maintenance.. handyman ni piliste min $200 ivvali on top of repair cost.. electricity and gas charges are high too.. 

very true ! Not sure why folks won’t calculate all these things . Manam katte interest and taxes e more than rent expenses aithe its not worth it kada . These are also like rent , e money wont come back . So as per simple math if the interest + taxes + maintenance ( exccess of utility charges compared to apartment) > apartment rent aithe g and noru musukuni apartment lo vundatam better kada ! Elders fleeze throw light or challenge my paaaaintsss i saay

[Pavanonline]

@matta_prabhu show some cheap houses to @Sonu_Patel

problem solved, close the thread.

[matta_prabhu]

8 minutes ago, Pavanonline said:

@matta_prabhu show some cheap houses to @Sonu_Patel

problem solved, close the thread.

Uncle location chepadu 

I think Austin mostly 

[yemdoing]

2 minutes ago, Karigipoyekalam said:

very true ! Not sure why folks won’t calculate all these things . Manam katte interest and taxes e more than rent expenses aithe its not worth it kada . These are also like rent , e money wont come back . So as per simple math if the interest + taxes + maintenance ( exccess of utility charges compared to apartment) > apartment rent aithe g and noru musukuni apartment lo vundatam better kada ! Elders fleeze throw light or challenge my paaaaintsss i saay

lot of factors are there .

Financial aspect ( many see putting money in own home as an investment)

permanent Place to raise kids

Living in own home feeling is different than rental home ( of course until we pay off the mortgage home is not ours)

intha ge vacchina inka rental home lo undatam is seen as failure ( in some peopl's perspective)

 

If you buy a home beynd your means then it will be difficult.

Ex: rental apt ki $1800 spending anuko. spending same amount or little higher on mortage is ok.

But spending $3000 ( including property tax)  on mortgage when you are able to afford $1800 rental place is bad decision.

One should add at least $1000 more to their mortgage to calculate their affordability. 

 

[Karigipoyekalam]

7 minutes ago, yemdoing said:

lot of factors are there .

Financial aspect ( many see putting money in own home as an investment)

permanent Place to raise kids

Living in own home feeling is different than rental home ( of course until we pay off the mortgage home is not ours)

intha ge vacchina inka rental home lo undatam is seen as failure ( in some peopl's perspective)

 

If you buy a home beynd your means then it will be difficult.

Ex: rental apt ki $1800 spending anuko. spending same amount or little higher on mortage is ok.

But spending $3000 ( including property tax)  on mortgage when you are able to afford $1800 rental place is bad decision.

One should add at least $1000 more to their mortgage to calculate their affordability. 

 

Lol ma bokadia arkansas lo rent 900 aithe mana desi pamilies 3k emi petti koni mingutunnaru 😂😂adhi kuda pakka village ki poyi ! Waiting to see the bubble burst here 

[terminator_desi]

12 minutes ago, yemdoing said:

lot of factors are there .

Financial aspect ( many see putting money in own home as an investment)

permanent Place to raise kids

Living in own home feeling is different than rental home ( of course until we pay off the mortgage home is not ours)

intha ge vacchina inka rental home lo undatam is seen as failure ( in some peopl's perspective)

 

If you buy a home beynd your means then it will be difficult.

Ex: rental apt ki $1800 spending anuko. spending same amount or little higher on mortage is ok.

But spending $3000 ( including property tax)  on mortgage when you are able to afford $1800 rental place is bad decision.

One should add at least $1000 more to their mortgage to calculate their affordability. 

 

How about making 40-50 %downpayment and keeping mortgage payment equal to rent.Is it good approach?

[FrustratedVuncle]

2 minutes ago, terminator_desi said:

How about making 40-50$ downpayment and keeping mortgage payment equal to rent.Is it good approach?

That depends on your investment plans. 

The additional money you paying in terms of downpayment, can you get high returns else where? If so invest that money and pay emi so that you will save some extra money every month.

[yemdoing]

1 minute ago, terminator_desi said:

How about making 40-50$ downpayment and keeping mortgage payment equal to rent.Is it good approach?

in my view that is ideal ... remember you have add extra money for home maintenance and property taxes in you are not added in mortgage total. If you can afford extra expenses then yeah it is good approach

[Thokkalee]

1 hour ago, matta_prabhu said:

Sign contract and wait 

interest rates down avthai 

jan lo 5 percent vunte Telugu tejalu tega konnaru Dallas la 

Now every builder is asking for 5% down to book a home.. he will end up losing 30-40K in case he backs out.. 

last year couple of friends signed homes and they are in a difficult situation not knowing whether to go for it or back out

[Karigipoyekalam]

4 minutes ago, terminator_desi said:

How about making 40-50$ downpayment and keeping mortgage payment equal to rent.Is it good approach?

Ofcourse !ippudunna interest rates ki entha down payment cheyi galthe antha better ! Anavasaram ga a interest ki katte money evadu tinatu kadu

[Bendapudi_english]

2 hours ago, Sonu_Patel said:

Dont get me wrong ... 

oka friend 2021 lo bought home for 600k with 2.5% interest rate and his monthly payments are around $3500 per month

If is sign the same house today - price will be 750K with 6% interest rate and my monthly payment will be around $6000 per month. 

Unable to decide.. Overthinking chestunna anni dobbakandi.. but i cant buy time anymore!

Ee economy illu konadhu konadhu anna @veerigadu  anna kuda illu konesadu, nuvu epudu kontav anna 

[Pavanonline]

16 minutes ago, matta_prabhu said:

Uncle location chepadu 

I think Austin mostly 

he's looking in dallas anta

[yemdoing]

5 minutes ago, FrustratedVuncle said:

That depends on your investment plans. 

The additional money you paying in terms of downpayment, can you get high returns else where? If so invest that money and pay emi so that you will save some extra money every month.

chala mandi ila chesi chethulu kalchukunnaru( crypto, stocks etc) ... In my view first oka sontha kompa unnaka you can do investment gimmicks.

[FrustratedVuncle]

2 minutes ago, yemdoing said:

chala mandi ila chesi chethulu kalchukunnaru( crypto, stocks etc) ... In my view first oka sontha kompa unnaka you can do investment gimmicks.

Investment anedi oka art. I couldn't invest in any profitable venture so far to be honest. But I am learning slowly.