looking to buy a house...

[UpstateNYUPSer(Ret)]

There is a portion of the stimulus plan that will give buyers of a new home in 2008 a 15K tax deduction on there taxes filed in 2009. Of course this would hinge on whether the language remains, is changed, or if the stimulus plan is passed. Stay tuned.

Dino, if the language remains unchanged, it would be up to $15K. I believe it will be 10% of the value up to $150K.

My realtor told me that you should look to spend no more than 2 times your annual on a house.

By all means refinance if you can--we may never see rates likes these again for quite some time.

 

[old levi's]

Roger that, upstate. Thanks for the clarification.

 

[Tiny Panda]

My wages in the UK managed to get me a mortgage equal to $250,000, unfortunately that much here doesnt buy you much.

 

[705red]

My wages in the UK managed to get me a mortgage equal to $250,000, unfortunately that much here doesnt buy you much.

What are the wages in the uk for a package car driver? Here we are at $28.90 an hour and $30.15 for feeder.

 

[brownmonster]

Red, no wonder we don't charge you to drive on our highways. You make less than us Northerners.

 

[Jim Kemp]

Try buying a duplex. Live in one side rent out the other. You can build equity faster with someone else paying half the expense. Half of all maint. and other expenses are tax deductible.
I bought one the first year I worked at UPS. It is now paid off and has been a great investment. An extra couple of thousand per month will help the old retirement plan.
Also the second house I bought I kept when I moved up to another and so on and so on. I now have four rent houses.
Hard to go wrong with real estate.
Down side is that the equity is not very liquid. If you need the money it could take months to get it.
Just don't buy into any of these "creative mortgage" schemes such as "Buy down", "wrap around mortg". "deed for title" or "adjustable rates". Go with a straight mortgage. All the others spell TROUBLE.

 

[rod]

Hard to go wrong with real estate.
quote]


Have you tried to sell a house lately? Your $300,000 house is worth $225,000 now ---- if you are lucky. The real estate market has been hit just as hard as the stock market.

 

[UnconTROLLed]

Hard to go wrong with real estate.
quote]


Have you tried to sell a house lately? Your $300,000 house is worth $225,000 now ---- if you are lucky. The real estate market has been hit just as hard as the stock market.

It all depends on where you live.

In the Boston area for one it doesn't matter; you aren't buying a nice big house with a decent yard for under 500k, period, regardless of real estate problems. Yes the prices may drop but it is less than the mean market decline, correct? I understand what you are saying though for most areas.

 

[beatupbrown]

I am A big Dave Ramsey fan, here is a link on this subject .

http://www.daveramsey.com/etc/cms/how_much_house_6374.htmlc

 

[Jim Kemp]

Hard to go wrong with real estate.
quote]


Have you tried to sell a house lately? Your $300,000 house is worth $225,000 now ---- if you are lucky. The real estate market has been hit just as hard as the stock market.

I have never sold a house,I just buy.
But values are still rising in my area,not as fast but still rising.

 

[Covemastah]

full pay in Maine!!! one helluvah house

 

[Ms.PacMan]

how much house can a ups driver afford?...my wife and I just started looking for a house, also considering building because her father is a carpenter….i’ll be at full progression early next year.

You have about a year to test out what you think you can afford. Save the difference between what your current rent is and what a mortgage pymt would be on a house you would like to buy. You'll soon figure out if the pymt is uncomfortable.

You will have to be honest with yourself though and NOT touch what you have saved. At the end of the year you will not only know what you can afford but you will have a little extra saved for the down pymt.

 

[feederdriver06]

The problem with buying now is that the housing market will probably continue to sink for the next 1 to 3 years. What you buy today may and probably will be worth a whole lot less three years from now making you upside down in your mortgage. If you will be in that house for 20 to 30 years then that might not matter a whole lot but if you are forced to sell alot sooner you will be looking at a pretty hefty loss. Friends of mine bought 2 to 3 years ago now they are upside down in their mortgages by 30 to 40 thousand dollars.

 

[edd_tv]

By all means refinance if you can--we may never see rates likes these again for quite some time.

just closed yesterday on my refi.

4.675% fixed

 

[sano]

The problem with buying now is that the housing market will probably continue to sink for the next 1 to 3 years. What you buy today may and probably will be worth a whole lot less three years from now making you upside down in your mortgage. If you will be in that house for 20 to 30 years then that might not matter a whole lot but if you are forced to sell alot sooner you will be looking at a pretty hefty loss. Friends of mine bought 2 to 3 years ago now they are upside down in their mortgages by 30 to 40 thousand dollars.

My theory is that we are nearing the bottom. With the tax credits they are offering for home buyers I think it will begin to turn later this year.
Also, it is my understanding that one of the dangers of the increased government spending we are seeing is inflation. Inflation of course means higher interest rates. I believe a 4.75-5.75 30 year fixed mortgage that you get today will look great in 3 years.

 

[Tiny Panda]

What are the wages in the uk for a package car driver? Here we are at $28.90 an hour and $30.15 for feeder.

Never worked it out per hour but basic salary is £23150 or approx $34000 for a large pkg car driver and just over £21000 or $30000 for a small package car driver. We have to have a special license to drive anything over 3.5 tons so the larger vehicles pay more, or at least they did after last year, before that everyone was on the same. With o/t i gross just over $45000 a year which is very good for the business in the UK, we dont get any benefits other than a pension either.

 

[mountaingoat]

how much house can a ups driver afford?...my wife and I just started looking for a house, also considering building because her father is a carpenter….i’ll be at full progression early next year.

My advice (for what it's worth) is to keep your housing costs about 30% of your monthly net pay. So, if you bring home $4000/month, your housing costs (utilities, mortgage, homeowner's insurance), should be around $1200. That will keep you able to stay out of debt and buying too much house.

Also, the larger the house, the more that you have to clean, the more that you have to spend to furnish it, and the more that you have to spend on utilities to heat it. The people that bought the 5000sqft houses in the early 00's were feeling that heating pinch during the energy crisis. Think about 400sqft per person, and you should be OK. True, it may not be as large as some of your neighbors, but you will be in a house that you can afford and you will not need to take on additional debt. Your neighbors do not need to know that your bank account is larger than theirs because you have purchased a house that you can afford.

 

[rod]

And remember that your wife will want to re-model , re-decorate or re-furnish everything in the house every few years. God- they are never satisfied

 

[UpstateNYUPSer(Ret)]

... basic salary is £23150 or approx $34000 for a large pkg car driver and just over £21000 or $30000 for a small package car driver...

Do they base this upon height or weight? Do you make more if you are short and fat or tall and thin?

 

[User Name]

I am looking at buying a house as well. I figured that I will buy a house based on 50 hours a week and try for a house around 500,000. I will have around 300 extra a month after i pay my mortgage and bills. Sounds like the american dream....