Hey everybody, hope you’re doing well as we’re moving in here to the, trying to get through winter, and yours truly, I have a little bit of a cold, so it’s been kicking my butt, but hope if you’re watching this, you guys are feeling well, and same with the fam.
Hey, this month I put together this little one-pager. How much does it cost? I’ve had a lot of folks reach out to me, especially on the younger side, about buying their first home, and I guess maybe having challenges with realistic expectations about what things cost now.
So I wanted to put this together just to kind of show you, give you an idea of kind of where we’re at in the cycle, and kind of what things, you know, what you could expect to pay if you wanted to own another home.
So in this example here, what I’ve done is I’m showing the purchase prices here from 250 all the way down to 850, (and then just putting 5% down. Obviously when you do that, you’re gonna have some mortgage insurance, but the premise here is that you have good credit, you’re putting 5% down, maybe buying your first place, and you know, what does the monthly nut look like?
So I had a gal reach out to me, and she wanted to, she currently rents for 1250, and she wants to own a place, but she doesn’t want her payments to be more than 2,000 a month.
Well that translates right here to a purchase price of 250, putting 5% down. You’re gonna end up with payments of about 1,700 a month, plus the HOA. On the lower end, I’ve kind of factored in homeowner’s associations, because most likely these are gonna be attached condominiums, or at least townhomes, and you’re gonna have a monthly HOA expense.
So just shooting down this list real quick, you know, I had somebody else that wanted to keep their payments around 2,600 a month. That’s gonna equate to a purchase price of about 350 with 5% down. It’s gonna land you for about 2,400 a month for the payment, plus the homeowner’s association, which we all know those vary from maybe 250 to 450, depending on the condominium complex.
And then I break these out down to 400, and I think at that point, at 450 or so, that’s when you’re gonna have a shot at having a single family type home. And you can see the payments there would be 3,200. And again, this includes the taxes and insurance, and the mortgage insurance.
And as you go all the way up, the price point here, again, putting 5% down. You know, on these higher-end homes, you’re probably gonna end up putting down more money, which would be good. But again, just wanted to show this as an example of what things cost.
So if you bought a place for 750, just put down 5%. You know, you’re looking at payments of around 5,100 with, again, the taxes and insurance and the mortgage insurance. So anyway, I hope this gives at least some help to some folks that need it.
As always, if you have questions or you’re wanting to know what things are going for, just please reach out and we’ll get you taken care of. Thanks for watching and have a great day.
