How much can you afford to spend on a house?

[glitch]

For those that don't own or those that are maybe looking to move elsewhere, how much can you afford to pay to buy a home?

It seems like most of my family and friends can only just manage a 200k house because of the interest rates. There aren't many on the market in my area for that price either.

 

[Grant]

Right now, not so much. I could afford to buy a house for around $30K maybe. Won't get me much these days, but I'm sure I could find a small house for that price point. Maybe one I can fix up even.

 

[Heatman]

Most people in my country usually prefer building their houses from the foundation scratch to whatever stage they wanted it. It's definitely more expensive than buying a house. If it was supposed to cost you $50k to buy a house, if you're building it on your own, it should cost about $70k or $75k. I can afford paying $40k to $50k for a good house now.

 

[Nomad]

I do not have money to buy a house. At the moment, I cannot afford to make even 30-40 thousand USD as a down payment.

 

[Oluwatobitosin]

I can spend any amount on the house that belongs to me so far i can get the money and not borrowed.
Even if i want to get loan from my friend i would love my house to be great and 1 of the best house in my area

 

[Cory]

I have less than $1000 on me right now, so paying for a house is a big no for me. I live with my parents still and they don't make me pay rent, so I'm kind of Scott-free from making any sort of house payments. I'm blessed in that area of my life, even if it's a sacrifice to take away your independence and experiences.

 

[Heatman]

I do not have money to buy a house. At the moment, I cannot afford to make even 30-40 thousand USD as a down payment.

It's always very expensive to buy or build a house. This is why most people live on rented apartment. Even the rented apartments are not even cheap as well because we still have so many people who are homeless as a result of not having a home or house to live in.

 

[Henrywrites]

A house is never an investment that will be classified as an asset unless you are making such investments based on the grounds that you will use it as an office or a workplace for production and sales purposes. So, I will always go cheap with spending on a house most of the times too.

 

[Heatman]

A house is never an investment that will be classified as an asset unless you are making such investments based on the grounds that you will use it as an office or a workplace for production and sales purposes. So, I will always go cheap with spending on a house most of the times too.

I don't really agree with you completely on this. A house can still not be used as a workplace for production and sales purposes and it can still be classified as an asset. When you make use of a house as your home, you're no longer paying rent. This saves you a good amount of money on rent. It's a great assest as far as I'm concerned.

 

[MrDawn]

When you make use of a house as your home, you're no longer paying rent. This saves you a good amount of money on rent. It's a great assest as far as I'm concerned.

Actually, all the rent money you save has to go towards a mortgage payment and even after you get that paid off you're paying the yearly property tax and home insurance. If it's a brand new house with all new updates, and depending which state you live in; you could be paying out a lot during the tax season. If you neglect to pay your property taxes for 3 years, the government can sell your property tax debt to someone else. That person who buys your property tax debt can get a huge tax write off, because they have to pay additional fees. Not to mention it's a class A misdemeanor and huge penalty fines that will incur if a home owner does not pay their property taxes.

 

[Henrywrites]

I don't really agree with you completely on this. A house can still not be used as a workplace for production and sales purposes and it can still be classified as an asset. When you make use of a house as your home, you're no longer paying rent. This saves you a good amount of money on rent. It's a great assest as far as I'm concerned.

Can you spend money upfront just to have a home? As far as I am concerned, a lot of people mortgage their homes and pay in instalments until they are able to finish paying. Funds that you should have used in setting up a business during that period are going into mortgages, and not every family can afford that at a point in their lives.

 

[Heatman]

Can you spend money upfront just to have a home? As far as I am concerned, a lot of people mortgage their homes and pay in instalments until they are able to finish paying. Funds that you should have used in setting up a business during that period are going into mortgages, and not every family can afford that at a point in their lives.

Well, if I have the money to pay upfront, why not? It's a payment that I'm not going to make twice. Once it's done, it's done and dusted. I actually get what you're trying to say about most people not being able to afford paying the money in full upfront, hence why they use mortgage.