Buying a house???

[pinacup7]

I need some feedback on this. I'm 20 years old and I think it might be time to move out but im not positive. I have a great paying job and have around 48k in savings as of last week, I still owe money on school and around 5gs on the GTO. I'm not in any rush to move out but I found a really good deal on a forclosure right near my job in villanova. Now here's my dilemma: I get along with my parents great, don't pay rent, free food, nice area and by living at home I save a ton of money. So do I stay at home and milk it as long as possible and buy a really nice house in a couple years or...move out start paying for house related bills, doing yardwork and all that b/s? I've never lived on my own so I need some opinions.. The house i'm looking at is decent, but I would definatly fix it up and sell it in a couple years.

[TROLL]

Have you talked to a real estate agent about the house? There's a lot to know before you jump in so I just want to make sure you know what you're getting into and cover your ass. If its that great of a deal then it'll be gone in the blink of an eye so if you're serious don't waste time.
I'd talk to an agent about everything, takl to your parents and/or anyone with experience that you trust, and go from there...

[pinacup7]

Originally Posted by TROLL

Have you talked to a real estate agent about the house? There's a lot to know before you jump in so I just want to make sure you know what you're getting into and cover your ass. If its that great of a deal then it'll be gone in the blink of an eye so if you're serious don't waste time.
I'd talk to an agent about everything, takl to your parents and/or anyone with experience that you trust, and go from there...

Yea I talked to the real estate agent today with my pops. She said there is 4 other people looking at it so you are right. Me and my dad are going tomorrow to check it out

[TROLL]

Cool... well good luck with it. Only go for it if you're totally comfortable with it... no need to feel rushed to pull the trigger now in your situation.

[JSpecV03]

yeah dude dont rush into it. take your time and make sure your 110% before you sigh any paperwork. but if you make improvents ie: finish basment, pool, addition. every year the value of the home will rise.

[zerioustt]

Originally Posted by JSpecV03

yeah dude dont rush into it. take your time and make sure your 110% before you sigh any paperwork. but if you make improvents ie: finish basment, pool, addition. every year the value of the home will rise.

fyi pools decrease values of homes. why? because not everyone wants one and its alot of upkeep.


ontopic..gl and take your time. i own a home and it is alot of work but its all worth it imo.

[pinacup7]

Yea I do feel kind of rushed but it's a great deal. I think I might just keep saving. Things are starting to come togther, just started my 401 k and have an ING orange account that I put 10% of each paycheck in, thats adding up quickly. Also in about 9 months I get my cert and 400 a month towards a lease on a lexus so the GTO will be getting some gifts. I'll guess we'll see how it goes tomorrow..

[omgjacki]

Really, take your time and save, save, save. You're still young. No need to rush out of your parents house. If you're comfortable there then stay. I don't think you should buy a house just because it's a good deal and you think it's "nice," I think you should buy a house you love that you think is worth the price.

Good luck, Jason and milk your parents as loooong as you can! Haha

[Scapegoat]

how do you save?... no seriously... i make good bank... but i can't save for ****... granted, i'm paying like 1200 a month on rent + electric/water...

man, i suck at this game

note: i would have moved back home for a year and socked money away like crazy... but i can't stand living in that house even though I get along with everyone just fine.

[Vypurr]

If it's a good enough deal and you can see yourself working with your company for a while I would do it! I plan on working for atleast a year and living at home until i can get a place!

[Whitekryptonit3]

Originally Posted by Scapegoat

how do you save?... no seriously... i make good bank... but i can't save for ****... granted, i'm paying like 1200 a month on rent + electric/water...

man, i suck at this game

note: i would have moved back home for a year and socked money away like crazy... but i can't stand living in that house even though I get along with everyone just fine.

Saving is easy depends on how much you can afford to remove from each pay check. Your bank should have an auto-savings account which will automatically remove a certain amount from your checking account each time a direct deposit comes in.

Check out this web site: http://www.wikihow.com/Save-Money
It give you a broad spectrum of how to save money.

Also I work for JP Morgan Chase Bank as a personal banker my best idea for you to do is to go into your local bank and have an account review and see all the options your bank has. If they don't have any or the interest rate sucks ie, lower then 2.25% get the fock out of that bank.

If you have any question I can help you over PM.

And pinacup7 I could also help you apply for a loan if you need one since your a first time buyer there are many programs that you could use and take advantage of.

[cburwell]

Keep in mind that even though housing prices might be low right now, you might have trouble getting a loan from a bank (particularly if this is your first house).

[.brian.]

what exactly do you do? $48K in savings at the age of 20 is very impressive. and why don't you pay off the car if you still owe $5k on it (unless you have 0% or super low financing). and what kind of interest rates are on your school loans? again, it doesn't make sense to carry that debt if you have the money in savings (where you are probably only getting 3% interest at best).

[Scapegoat]

Originally Posted by Whitekryptonit3

Saving is easy depends on how much you can afford to remove from each pay check. Your bank should have an auto-savings account which will automatically remove a certain amount from your checking account each time a direct deposit comes in.

Check out this web site: http://www.wikihow.com/Save-Money
It give you a broad spectrum of how to save money.

Also I work for JP Morgan Chase Bank as a personal banker my best idea for you to do is to go into your local bank and have an account review and see all the options your bank has. If they don't have any or the interest rate sucks ie, lower then 2.25% get the fock out of that bank.

If you have any question I can help you over PM.

And pinacup7 I could also help you apply for a loan if you need one since your a first time buyer there are many programs that you could use and take advantage of.

i'm thinking of opening one of those PNC accounts with the "electronic wallet" and transfering like... 15% of each paycheck in automatically. I'm at wachovia right now, and for a savings account to automatically transfer money... its $25 a month to do that... and it looks like the % on there is... .15%...

that sucks, what are some banks with good savings? I'm gonna look into PNC now...

edit: ING account just set up and money set to transfer each pay day...

[pinacup7]

Originally Posted by .brian.

what exactly do you do? $48K in savings at the age of 20 is very impressive. and why don't you pay off the car if you still owe $5k on it (unless you have 0% or super low financing). and what kind of interest rates are on your school loans? again, it doesn't make sense to carry that debt if you have the money in savings (where you are probably only getting 3% interest at best).

Right now i'm a tech for lexus and worked at acura the last year. Been working since I was 15 and just saved most of my money, not much to spend when you live at home. Reason why I dont just pay stuff off is to build my credit, it's already great but I want to keep the car payment just to show I pay for something every month. Not sure on the interest rate on my student loan but I'm paying like 230 a month now and only have 12 payments left so I probaly will just pay that off. Like scapegoat said - where are some good banks to put money in?? I already have the ING orange account - is it better to just put it all in there?

[Scapegoat]

Originally Posted by pinacup7

Right now i'm a tech for lexus and worked at acura the last year. Been working since I was 15 and just saved most of my money, not much to spend when you live at home. Reason why I dont just pay stuff off is to build my credit, it's already great but I want to keep the car payment just to show I pay for something every month. Not sure on the interest rate on my student loan but I'm paying like 230 a month now and only have 12 payments left so I probaly will just pay that off. Like scapegoat said - where are some good banks to put money in?? I already have the ING orange account - is it better to just put it all in there?

wachovia savings is .15% up to 9,999 and .25% up to... i think 100k

pnc was .20%

ING is 3%

I don't think there is a better rate for a base savings account. ING doesn't have the over head "brick and morter" banks have, so they can (and do) offer a better rate. I've got 15% going into the bank each paycheck, it'll be a little bit of an adjustment... but I need to spend less on random stuff like I've been doing.

[Vypurr]

HSBC is by far the best bank I have ever used. It's web based and that makes it a little easier to avoid spending it too. And the interest rate is awesome!

[Scapegoat]

Originally Posted by Vypurr

HSBC is by far the best bank I have ever used. It's web based and that makes it a little easier to avoid spending it too. And the interest rate is awesome!

can you print out the information and scan it for us?

[pinacup7]

Originally Posted by Scapegoat

wachovia savings is .15% up to 9,999 and .25% up to... i think 100k

pnc was .20%

ING is 3%

I don't think there is a better rate for a base savings account. ING doesn't have the over head "brick and morter" banks have, so they can (and do) offer a better rate. I've got 15% going into the bank each paycheck, it'll be a little bit of an adjustment... but I need to spend less on random stuff like I've been doing.

Nice so I should just keep the ING. I'm going to bump mine up to 15% as well a week.

Originally Posted by Vypurr

HSBC is by far the best bank I have ever used. It's web based and that makes it a little easier to avoid spending it too. And the interest rate is awesome!

Cool I'll check it out

[Vypurr]

Online Savings * $1 minimum 3.25% N/A

My scanner is broken, but I could take a screenshot, email it to myself, then print it out and take a photograph of it?