looking to buy a house...

Discussion in 'UPS Discussions' started by mainebrown, Feb 8, 2009.

  1. mainebrown

    mainebrown Member

    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.
  2. smokey

    smokey Member

    ummm... do some research

    i believe the generally guidline is 1/3 of your take home is that maxium you should spend on a house.

    now the kicker is when I say 1/3, this should include mortage/taxes/haz insurance/ electricity/ water etc.

    it the current state of the ecomnony i wouldnt over extend youself. please live within you means...
  3. 705red

    705red Browncafe Steward

    Each driver is different! Some have spouses that work, some saved up enough to buy bigger, some barely have any money for a down payment.

    When you buy, consider the property taxes, school district if you are planning on having kids, and if its not a great school district how much with private school cost per kid per year.

    I paid just under $400,000 for my house but i put down over 50%
  4. trplnkl

    trplnkl 555

    What you've been told so far is pretty good advice. I question the "building because her father is a carpenter" thought. Unless you or your paw-in-law are prepared to act as the building contractor and doing much of the work yourselves, I can't see how his being a carpenter is much help. The price you pay for materials to build a house are as high now as they were before the economy started to tank. Only with much cheaper labor can you build a house at a lower $ per square foot price.
    If this is your first house, I would suggest buying something you could live in for many years but would be willing to leave if you find something more suitable in a few years. Start small (cheap) and work your way up. Whatever you do stay away for adjustable rate mortgages.
  5. smokey

    smokey Member

    sorry just to clarify,my orginal statment 1/3 of you take home for the month. lol
  6. trplnkl

    trplnkl 555

    for more clarification.....the 1/3 should be your maximum monthly payment.:wink2:
  7. smokey

    smokey Member

    thanks trp
  8. scratch

    scratch Least Best Moderator Staff Member

    I have always heard that your housing expenses should be only one fourth of your take home pay. Great time to get a loan or refinance with the low interest rates, I don't think they will ever be lower. Like others say, look into the local schools, county taxes, home insurance rates, local crime statistics, fire department ratings, neighborhood covenants, etc. There are a lot of local variables that will determine what your house will be worth.
  9. sortaisle

    sortaisle Livin the cardboard dream

    you'll be able to afford something half way decent as far as I could tell. I don't know what part of Maine you live in, but even if you live in an expensive part of Maine, you could get a decent place. I picked South Portland for a reference. It's kinda like Spokane's prices...a little higher. Hell, maybe I should move to ME. You're outlaw being a carpenter would probably be much more economical if you bought a small house in a large house neighborhood and decided to expand or if you got a nice fixer and updated.
  10. rocket man

    rocket man Well-Known Member

    IF you buy a new pickup truck and you have to ask how much gas dose it use ? you cant afford it. IF your asking what kind of house to buy on this.good luck.
  11. Jones

    Jones fILE A GRIEVE! Staff Member

  12. dillweed

    dillweed Well-Known Member

    scratch - interesting that you mentioned the 1/4 figure. I always heard that growing up. It may be that houses and properties are more luxurious than they used to be. Back then we had a roof over our heads, room for a small garden and a TV. Now many folks have the automatic sprinkler heads, spas, multiple bathrooms (that's bigtime right there), sound and theatre systems, heck can't even think of them all. Anyway, all that probably takes up a larger piece of the pie.

    The suggestions here have been great. All we did was fall in love with our place and knew it was in a good school district. Aside from that it's Green Acres all the way.

    Take a look around to see exactly where you're going to be located. Is there an empty lot nearby that could end up as factory or smelly business? Do the neigbors appear to take care of their homes? You sure don't want a deteriorating area. Are there any big old trees hanging over your garage or power lines? Whose trees are they?

    Well/septic or city water/sewer? We put in a field system years ago but new places in the area now need pumping stations which are thousands of dollars to install.

    Oh, many subdivisions are not on city water/sewer. We have one a mile or so down the road where some homes' septics are too close to another's well. eeeewwww Buyer beware - take your time and get it right. And have fun!
  13. 1989

    1989 Well-Known Member

    I'll sell you mine...I'm ready for a change.
  14. faded jeans

    faded jeans just a member

    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.
  15. Cementups

    Cementups Box Monkey

    I alays said that I only wanted a mortgage that i could pay with one weeks pay. The next weeks pay should easily cover other bills. That leaves you with 2 moreweeks of savings/spending money.
  16. upsdude

    upsdude Well-Known Member

    The sooner you buy a house the better. Buying a house is like investing in the stock market, try and buy low so you can sell high (when the time comes). I could go on and on about the value of home ownership, but to quote Nike, Just do it.

    Getting a feel for prices from us (BC users) would be a bad idea. House values are all over the map depending on the region you’re in. What sells for 250K in my area could be 500K somewhere else.

    Good Luck! It’s worth eating macaroni and cheese the first year or so if you’re buying a home.
  17. UnsurePost

    UnsurePost making the unreadable unreadabler

    Exactly. To buy a house or condo in this area (Boston) that is more than 2 bed/1 bath and 1000 sq and not a complete dump, you cannot spend under 250k. Therefore renting is the best and only choice unless you can fork over a large down payment.
  18. mainebrown

    mainebrown Member

    thanks for the advice...good stuff!
  19. dilligaf

    dilligaf IN VINO VERITAS

    I just glanced through many of the posts so if this was already mentioned forgive me.. Check with your banks and realestate offices for repo's. Many times you can get into a repo fairly cheaply, in some cases just paing back taxes. Look for repo sale listing through gov't websites as well.

    BLACKBOX Life is a Highway...

    Not only interests rates are low but there is a huge housing inventory in the real estate market. Because of this r/a agents are hurting for sales. Look to negotiate no closing costs or points. Take your time and btw, what price range are you looking to buy?....just curious.