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/u/spacenut2022
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So I sold my house in a bad neighborhood in 11/2023. I just got a new job making $105K gross. Lender says I might be able to afford a new/used home as follows;
The primary purpose of this new home would be my domicile, but I'm not 100% sure I want to stay in So Cal, or Cali, for that matter, for the next 10-20 years. I wouldn't mind keeping the home, but based on the mortgage rates today and local rents, most SFR homes can NOT rent for nearly enough to cover the mortgage. Obviously a duplex/tri/quad would be better if I KNEW I was going to leave at some point in the future, but yeah.
So my question is, how long should I plan on keeping the home to make the cost of ownership worth it? I had my last home about 4 years and grossed $140K on the sale after a LOT of weekends fixing up the place and maybe $40K total in rehab/contractors/materials. Considering it was TINY for a 2 bedroom home in the area I was quite happy with the result, aside from taking up so much of my time.
I'm not exactly looking for another fixer and I'd strongly prefer to avoid townhomes/condos for obvious reasons that HOAs are annoying and they pack them in like sardines.
Thoughts? Thank you
My current housing options are as follows;
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Buying a home that I wouldn't be able to rent out - not sure if I want to stay in California
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- 5% Down = $505K
- 10% Down = $535K
- 15% Down = $557K
- 20% Down = $625K
The primary purpose of this new home would be my domicile, but I'm not 100% sure I want to stay in So Cal, or Cali, for that matter, for the next 10-20 years. I wouldn't mind keeping the home, but based on the mortgage rates today and local rents, most SFR homes can NOT rent for nearly enough to cover the mortgage. Obviously a duplex/tri/quad would be better if I KNEW I was going to leave at some point in the future, but yeah.
So my question is, how long should I plan on keeping the home to make the cost of ownership worth it? I had my last home about 4 years and grossed $140K on the sale after a LOT of weekends fixing up the place and maybe $40K total in rehab/contractors/materials. Considering it was TINY for a 2 bedroom home in the area I was quite happy with the result, aside from taking up so much of my time.
I'm not exactly looking for another fixer and I'd strongly prefer to avoid townhomes/condos for obvious reasons that HOAs are annoying and they pack them in like sardines.
Thoughts? Thank you
My current housing options are as follows;
- Keep staying in hotels, costs approximately $3000 a month, waaaay to expensive long term
- Rent a room in a house (trying like hell to avoid this option, I like being in control of my domicile)
- Rent an apartment - probably going to happen, but I also am over apartments at 42 years old. Slamming door, pets, neighbors, all annoying and not a great quality of life
- Buy a house near work (Duarte), would be small and in bad shape at my qualified loan amounts
- Buy a house within 30 min of Duarte, not a terrible commute and get more home, not a terrible option
- Buy a larger house 1 hour from work, longer commute, not really trying to do this...
- Get a condo/townhouse closer to work, I don't like HOAs or being packed in like a sardine, but might help me get back into ownership with a shorter commute without a $3500/mo housing payment.
- Move out of California - I'M WORKING ON IT!!!
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Buying a home that I wouldn't be able to rent out - not sure if I want to stay in California
Continue reading...