Does it make financial sence to buy a Townhome for me? - financial planning association of australia
My position, revenue 53,000 per year
27 years old, single, w / girlfriend, planning engagement for next year.
25K Cash savings
16K 401K
Excellent credit
Currently, the rent was paid to pay $ 625 per month, only to electric.
Townhome'm Seeing is 99K, association fees $ 30, tax year, 3600th
I have to live here for at least 5 years, then sell them in a big house where a family.
My question is: Is financially to buy a house and live there for 5 years and then sell the house to move in a single family is too small?
I know there are many costs associated with buying and selling, many thanks for the help linked.
Sunday, January 17, 2010
Financial Planning Association Of Australia Does It Make Financial Sence To Buy A Townhome For Me?
2 comments:
Hmm - This is a difficult question to say - that the purchase of up to 20% - and still have 5k in the bank - the payments are 480/month insurance tax + 300 + 50 + 30 + Rate utlils. Let $ 1000 per month. Interest is a tax deduction, allowing you to list. then have 1 / 4 Interest expense - -100/month - about 900/month. 5 years is a good time, and less, and I would say that the market would not recover in time itself. May have some recognition when they rebuild it at the same price, ... You can also save some equity.
which is very close, he returned cann't remains the same, if it is to negotiate a long-term lease - and cann't control the same, so you can increase your mortgage. then there is no maintenance - broken washing machine in the APT and it's not your problem .......
in the figures seem affordable for you, and there's nothing to say as "my house" and what it means.
To sell 10% of the costs to the cost) to buy about 5% - but if you negotiate with the seller (ie the price, but pay the closing costs that you save cash advance - of course, also costs over time. Maybe you know a good carpenter who can do the inspection? To save money.
GL - very close call. If he stays with his car, they should increase their savings as if you were paying a mortgage - what you need for your house!
Financially, I would say no. I have a calculation assumes that the house retains its value, has funded increased the rent by 5% and the total amount at 5.75% 30 years loan. The house cost $ 47,500 and the rent would be $ 41.400, over five years. This ignores the closing costs of removal, so the difference would probably 10K. If the house appreciates more than 2-3% to begin aannually there.
But like a man who is against this decision before 3.5 years when I was 27, married, I would say it would be prudent. The part of the calculation can not put a price on life. Compare your house, apartment. Is the quality of life worth $ 100 or less per month, you will lose? Planning to have children?
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