Currently thinking about buying a townhome in Las Vegas for 329k.
The total payment will be 2200 plus utilities. This is with a 4.99 interest rate and zero down(VA Loan).
My income is is 7000 take home a month and my expenses are:
141 car insurance
350 gas
200 incidentals
500 food
500 entertainment
14000 in savings
No debt
I plan to be here for at least another 4 years. Can I afford this?
I’m having a hard time imagining how you would even close with that amount of cash let alone moving and set up expenses.
Yes, you can afford it, why is this even a question?
7000 – 1691 = 5,309
5,309 is much greater than 2,200 plus utilities and you need a place to live and that 2,200 includes principal.
Personally I don’t feel like 4 years is long enough to be worth it but hard to know what the real estate market will look like then. With those saving it’s not a large buffer in case you get upside down.
14k in savings? Or 140k? If 14k no way, not even close. If 140k then yes.
You want 20% down payment in this market else run greater risk of negative equity.
The only problem I see is the idea of being there only 4 years you’d hold the properly. Buying and selling in a 4 year window is a gamble on whether the value will increase enough so you can make more than the closing costs on the buy and the real estate commission on the sell. It could work out, not saying it couldn’t but not something I’d do. Also, if values do drop townhouses / condos usually take longer to come back than single family homes.