Buying in SE NH

boiler_eng

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The point was that most first-time buyers don't put 20% down. Not all first-time buyers. You are a sample size of one and are you representative of the first-time home buyer market?
I know for me I aimed for 20% (was still a few years off) then decided to move at 10%.

Disregard. I missed the 'first time' part.
Unfortunately the first time around seems to be the most challenging. It is not just saving the down payment, but also padding closing costs, any front end renovations, and keeping sufficient emergency funds for when you own a house.

For a 300k house that would be (rounded and bracketed off my case minusI did 10%) 60k+10k+5k+20k

So you need 100k+whatever your repair/renovation budget is.

That a chunk of change that is certainly harder to come up with the first time around.
 

DarthRevan

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I know for me I aimed for 20% (was still a few years off) then decided to move at 10%.



Unfortunately the first time around seems to be the most challenging. It is not just saving the down payment, but also padding closing costs, any front end renovations, and keeping sufficient emergency funds for when you own a house.

For a 300k house that would be (rounded and bracketed off my case minusI did 10%) 60k+10k+5k+20k

So you need 100k+whatever your repair/renovation budget is.

That a chunk of change that is certainly harder to come up with the first time around.
Daunting...
Hopefully I’ll get lucky and the one I find won’t need much in the first five years
 
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I know for me I aimed for 20% (was still a few years off) then decided to move at 10%.
10% is still a lot of money. Talking $40,000-$50,000. Not many people have that in cash. And saving that amount of money in any sort of reasonable time line while having an actual life is very, very hard.

The markets just to competitive right now and the supply is way to low. People will outbid each other till they are destitute to get their dream house. And here we are.
 

DarthRevan

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10% is still a lot of money. Talking $40,000-$50,000. Not many people have that in cash. And saving that amount of money in any sort of reasonable time line while having an actual life is very, very hard.

The markets just to competitive right now and the supply is way to low. People will outbid each other till they are destitute to get their dream house. And here we are.
Still praying for another crash
 

DarthRevan

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For the size house we want, it looks feasible to find one around 325k and only put 10%
By the time we’re serious about buying I should be due for a promotion once completing my masters. And hopefully the market will have fallen back a bit.
 

mwalsh9152

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Know what's a real kick in the dick? Putting 20% down on your first house, but STILL having to pay PMI because your house didnt appraise for its selling price.
 
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