HappyJaguar t1_jadc1w2 wrote on February 28, 2023 at 4:55 PM

Well, if you've got to move out anyway, I'd look at this option along with whatever other options you have in the area. Definitely start on this now before getting forced to move out as buying a house can take months.

Assuming you're single and putting some money into retirement, I'd guess your take home is ~55-65k, so this would be somewhere around 40% of that. I'd check your accounts to see if you're currently saving >$1000 in cash, and see if you can afford to make several $1000+ fixes to the townhouse and still have an emergency fund after you make the $80k down payment.

Needospeedo OP t1_jadeux2 wrote on February 28, 2023 at 5:13 PM

I currently save around 1000 per 2 week check. I've done a expense report in excel and I'd have around 1000 left over at the end of the month after the mortgage. This includes hoa, housing repairs, ( which should be near 0 because it's brand new.) .

HappyJaguar t1_jadifl9 wrote on February 28, 2023 at 5:35 PM

I wouldn't consider a new construction a reason for it not to need fixes. If you get a fresh lemon, it's still a lemon. I think this is an option for you, but might result in it being your main financial commitment for a long time. If interest rates keep going up there's a decent chance you go underwater while still being unable to move for a better deal.

Or it might work out great.

Needospeedo OP t1_jadjp7g wrote on February 28, 2023 at 5:43 PM

Thanks for the input never considered a lemon possibility.