Housing issues | Imamother

amother

Denim

Sun, Dec 27 2015, 8:45 pm

So this could also fall under emotional health but I wrote it here because I want help from a "financial/$$$" perspective as well.
We rent and can use more space. BH our family is growing. Bigger apartments are CRAZY here-double or more of what our rent is currently. If you can find one.
We have no debt BH.

I want my own place. My landlord stinks- takes forever to fix anything and always sends his "guy" to double check what we already know. It's not like we ask that often but when we do it can take weeks. Like last winter it was freezing and our heater was dead. It took almost a month to get it all sorted out. Kids were Freezing! Paying extra $$ for space heaters which are expensive and inefficient! Ugh! That's just one example. Every time we ask anything it takes forever and it isn't done well.
The plumbing is awful, I must use Drano a twice a month when nothing really goes down the pipes except normal stuff like water, soap etc. (no hair! Super careful!)
Plus our neighbors are loud and let their dogs poop everywhere. I asked nicely to clean up after the dogs but it still happens often.

Yes, I like not paying for water or repairs but I wish I could fix the place up as I want it. Obviously slowly and as I have $$ but Paint, fix holes, add in shelves etc. I can't do that.

I am jealous of those who have a house. I get so frustrated with it. If I didn't have my landlord or that one neighbor (multi family home, 8? Apartments) I could make it work.
What can I do?
What is the best way to save for a house? We spend less than we make and just put it into savings. But that has no interest.
At what point is it a good time to buy? How much $$? If the home is 1 million to make numbers easy... How much should we have in the bank? How much would monthly mortgage cost? What does monthly maintenance tend to run?
Knowing better numbers can help me live with this situation, I hope.

OutATowner

Sun, Dec 27 2015, 9:00 pm

You can put waaay less than 20% with FHA or something similar. Yes, you will have to pay mortgage insurance but your money will be going into a house that you own, instead of rent.
It really depends on the area and cost of a house.
You should speak to a mortgage broker or bank to get an idea of what your options are for your specific situation. Get pre-approved. There are so many individual factors that no one here can tell you for sure. And online calculators are very misleading, so don't try those. Been there, done that.
Make a list of your questions and ask a professional. You will get a lot of clarity.
I wish you lots of hatzlacha, and may you be zoche to siyatta d'Shmaya and menuchas hanefesh with this undertaking!