Do they base this upon height or weight? Do you make more if you are short and fat or tall and thin?
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....
The half a million price tag is an issue but the real issue here would be using 50 hours as a base. You may get 50 per week consistantly but that could dry up real quick. You are only guaranteed 40 hours per week. Anything above 40 would be living above your means and a recipe for disaster most def.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....
Rental properties are ok until your renters loose their jobs and skip out on you before they pay the rent. Then the mortgage money is all on you. Thats good if you haven't been through that yet but with the current situation I would get prepared for it. It wouldn't take all that many skipped payments paid by you instead of the deadbeats to wipe out the whole years worth of gains that you would make on your rents.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.
Rental properties are ok until your renters loose their jobs and skip out on you before they pay the rent. Then the mortgage money is all on you. Thats good if you haven't been through that yet but with the current situation I would get prepared for it. It wouldn't take all that many skipped payments paid by you instead of the deadbeats to wipe out the whole years worth of gains that you would make on your rents.
One more piece of tidbit, as others have said....values are dictated by location. My area, 189k will get you a 1/4 acre. But, you will have to pitch a tent, as this is without a house.
Or you could buy this house that sits on less then 1/4 acre. But it is a taredown. Gutted inside.
wish i could. I live 10 minutes from work. Better half has a 45 minute drive to her work. Can't go any further west. only can go east and the land gets more expensive further east. There are a few pockets here and there between the two places of work, but then you have schools and or much higher real estate tax. A row home (town house) 60 years old...dated kitchen........schools not so hot......that I looked at had no land other then the space the house sat on.........3br 1.5 bath. 199k.........taxes close 5k a year.Considering an acre is approx. 206 ft. X 206 ft. you're talking about a lot 50' X 50'. And for 190k!!!! I would run- not walk- out of that area.
This is the cheapest house in the area that is between our places of employment.
How much for:
Age: 88 year(s) old
2 total bedroom(s)
1 total bath(s)
1 total full bath(s)
Approximately 1334 sq. ft.
Single story
Approximately 0.35 acre
475k!!!!!!!!
Go to realtor.com. 19035. You will see that where I am looking now is far far less then this option.
http://www.realtor.com/realestateandhomes-detail/292-River-Rd_Gladwyne_PA_19035_1106281626
Considering an acre is approx. 206 ft. X 206 ft. you're talking about a lot 50' X 50'. And for 190k!!!! I would run- not walk- out of that area.
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....