![]() You can ask for whatever you want, and the seller can leave or take whatever they want. But again, it depends on each transaction. Home repair/maintenance - general rule of thumb is 1-2% of the home's value per year, but may be higher in the first year if there are a bunch of things you want to take care of initially.Īppliances - the most common situation is that all kitchen appliances are included but you will need to get your own washer/dryer. So the amount that someone paid last year could be based off a purchase price 20 years ago plus a maximum of 2% per year. ![]() For example in CA, the amount that property taxes is based on is the purchase price of the home and then they can't go up more than 2% per year. On Redfin, you can also see what the taxes were last year for that house, but don't rely 100% on those. If you want to know property taxes before your lender gives you that information as part of the monthly payment estimate, you will probably need to go on the county's website to see what their property tax rate is. ![]() If you pay all closing costs up front, you can typically expect to pay a few thousand dollars (in other words, it's usually not tens of thousands).Įxpect to pay a few hundred dollars each on a home inspection and appraisal. ![]() Here's my take:ĭisregarding any down payment, most closing costs can be rolled into the loan or waived in return for a higher interest rate if you want (costs you more over time, but you don't need to bring as much money to the table). Would like to know if buying a house in 2020 is realistic for me.Īnswers here are all over the place. I'm on track to have a 3-6 month emergency fund + $50k downpayment + zero debt in 2020. Quick about me: Never bought a house before. I'm quite capable of budgeting regular predictable expenses (mortgage, property taxes, etc.) But what is? $60k? $80k? $100k? I'm mostly concerned about the first year (downpayment, closing costs, buying furniture). Is there a rough guideline out there? If the house I want is $250k, and my mortgage lender asks for 20% down, I get the feeling $50k isn't actually enough savings. Plus moving vans, new furniture, inspections, repairs, etc. I'd love to see a widget that includes variables for closing costs (how do you even calculate that?), property taxes (does this vary by zip code?), HOA fees (can you even reasonably find this info publicly, based on an address of a potential listing?), other stuff (do most houses come with refrigerators, and if not, is that like a $2k expense I should plan for?). My understanding is that buying a house is so so so much more than just calculating your mortgage payment and figuring out if that's less than a third of your income. The vast majority of "how much house can you afford?" calculators out there on the internet ask how much down payment you will make, what your annual income is, and what mortgage rate you'll have. 21.Looked at the sidebar, didn't see this anywhere. No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. and/or other countries.Ĭorporate Responsibility, Privacy & Legal Notices: Compass is a licensed real estate broker, licensed to do business as Compass RE in Delaware, Idaho, New Jersey, Pennsylvania and Tennessee, Compass Real Estate in Washington, DC, Wyoming and Idaho, Compass Realty Group in Missouri and Kansas, and Compass South Carolina LLC in South Carolina. Do Not Sell or Share My Personal Information, Terms of Service, Privacy Center, Responsible Disclosure, Compass is an E-Verify employer, Notice for California Applicants, California COVID-19 Rules of Entry, and Your CA Privacy RightsĬOMPASS, the Compass logo, and other various trademarks, logos, designs, and slogans are the registered and unregistered trademarks of Compass, Inc.
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