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| Topic | so who here has bought a house before |
| Romulox28 01/10/18 1:54:54 PM #19: | JustMyOpinion posted... They say to budget 1-2% per year of total home value on repairs/maintenance. It doesn't mean something goes wrong every year, but if everything is fine for like 3 or 4 years and then the roof leaks, well that's pretty much the cost. As an example, my house is pretty much turnkey and I'm still spending like $6k on repairs. PMI is costing me an extra $100 a month so it's not too terrible and houses usually appreciate so hopefully in a couple years I can get it removed. The lender seemed to think I could get rid of it in 2 or 3 years, but I think that is optimistic. And yeah, pretty sure someone has to reappraise to get it gone and for some reason it has to be 25%, when it would have been fine for a 20% down payment. Don't drain everything to get 20% down. Save up and wait or put less down. If something breaks or you have an emergency you'd be screwed. good to know. i figure I will need to put in a lot of money upfront to get the house move-in ready based on my price point and where the house is (north NJ) so that is what concerns me. originally i planned on doing a 20% down payment to avoid PMI but i dont want to end up house poor. but after that the house would appreciate in value --- ... Copied to Clipboard! |
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