How much should I buy a house for?

Question

This is totally random so I’m not even sure what group to put it in. My boyfriend and I are 21 and on our second kid. We’re looking to buy a home but not sure what our price range should be. Of course we’re planning on getting pre-approved so that’ll give us more of an insight but I’m just looking for opinions.
With a credit score of 760 and a monthly combined income of $4200, how much would you spend on a home so you can continue to live comfortably?

Answer

There are so many things you need to think of: mortgage, utilities, groceries, gas, if you have car payments, phone payments, it all adds up quickly. I would suggest talking to a financial advisor, they would have the best knowledge and advice!

Answer

It all depends on what your other expensive are, where you live because prices are different

Answer

I bought my first house for $121K when I was making $45K per year. I was single with no children at the time. I had no debt, but did have a monthly car payment. Money was very tight for the first few years until my car was paid off. After that, things were a bit easier, but I still needed to watch my spending. My family is very handy and was kind enough to help me fix as many things as we could on our own. However, every year there is some big expense. In the 10 years I owned that house I had to replace the AC, washer, dryer, stove, microwave, dishwasher, garbage disposal, garage door mechanism and installed a sump pump. These are expenses that you just don’t usually anticipate. And these emergency expenses don’t include possible medical expenses, etc. I’m still happy that I bought my house, when I met my husband we both owned homes with a good amount of equity which allowed us to buy our family home. Just be sure to really look at your budget and build up your savings as much as possible. Also, when you get preapproved for a mortgage, try not to look at anything at the maximum that you’re approved for. That amount typically doesn’t account for any other expenses and would just bury you in debt. I was approved for over $200K which I never would have been able to manage on my salary.

Answer

You need to decide how much you can spend each month on a house payment based on your expenses. 
You need to factor in mortgage, home insurance, taxes and potentially mortgage insurance. Then what down payment you have. 
Your preapproval from a bank is generally way more than what you can actually afford.

Answer

It depends on your other expenses credit cards and utilities, student loans etc. Your monthly mortgage payment should not be more than 1/3 of your income that way you can afford everything else. Your monthly income is 4200 that means you can’t afford more than 1400 a month. I don’t know where you live I don’t know what house values are like,And what your partners credit score is like because if he has bad credit he can’t be on the mortgage and then his income is obsolete and it’s only based on yours which is even less because I don’t know how much of the 4200 as yours.They look at your debt to income ratio, if you have a car loan, credit cards, etc. the higher the credit the lower the interest rate. you have to have at least two years experience at a job, And they do income verification up to the day of closing, you need to have at least 300 to 500 each for the inspection, the appraisal, you need to have 5000 for deposit, and you need to have anywhere from 5000 to 12,000 for closing costs, and anything else that could come up. If they find all kinds of things wrong with the house after the inspection, or it doesn’t appraise for the process needed you’re gonna have an issue.

Answer

It really depends on other expenses. And will you be putting money down? Also keep in mind what you get pre approved for does not mean you can actually afford it. My fiancé and I were approved for 450k and we got a house for 217k and are just able to manage that with a little wiggle room.

Answer

I make about that per month and got a house for $60k and the mortgage is $450 a month and it's very comfortable for me. I'm sure you could go higher but it's nice to have all that wiggle room.

Answer

Everyone has already given you the run down that there is no way we can know for sure because we don't know where you live, your general cost of living, bills, etc. But comparing your income to mine, as well as your situation, I would say between 130-140k to continue living comfortably. But to be honest, now is not the best time to buy a home. You will not get the true worth out of a home right now and may end up upside down in your mortgage.

Answer

It depends on where you live. You have to factor in utilities, housing association fee, internet, phone payments, insurance, car payments etc into your monthly budget to determine how much would be best for you as a couple to afford, I would say keep at least half of your income free so you can get groceries and other needs. Even if half your income is free, you might still struggle some months. Unexpected expenses do come up sometimes especially when you’re a homeowner.

Answer

They always say a quarter or third of your income. I personally wouldn’t do more then 1700 a month. Also depends on your mortgage loan length and percent you get. But I’m gonna say less then 300k home

How much should I buy a house for?

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