Gross income before taxes comes little under $77,000, my take home is, $4,400 a month. Currently single and debt free. Working in a union doing construction.
Little more background, I'm 28, living with my dad currently after the divorce. I started heavily focusing on my finances as I was completely upside down in the relationship. Paid off $9k in credit card debt/ and $3,000 left on her car. Currently driving a 2021 GMC Savana as my work vehicle and my daily that is paid off.
I want to make good financial decisions and don't want to put myself back to living paycheck to paycheck. I also don't want to live in my dad's house for too long (will be a year in June). He's not pressuring me to leave at all and is saying I can have as long as it takes but idk I just feel like I shouldn't be here if you catch my drift lol.
Running some numbers to be under the 28% rule I'd be at $1,250 *rounding up a month for housing, including mortgage at 20% down, taxes, and insurance and with how the market is it seems i can barely afford a $130,000 condo which would need tons of interior work. Yet I'd be able to get approved for almost double that amount which doesn't make any sense to me financially. Just looking for some insight on what I should do.
Is buying a house/condo at my current situation feasible
byu/Yung__Fuji inpersonalfinance
Posted by Yung__Fuji
1 Comment
When your dad offers for you to stay longer, does he seem genuine, or like he’s offering because he feels obligated to because you’re his son?
If you can stay there longer, do it. You’re staying there presumably rent free. Not sure what you do for work, but I don’t think you need 2 cars.
Your calculations seem accurate. Are you willing to take on such a project and move into a condo that you will put through “under construction” for a year or more?
Ultimately it’s up to you. Good luck!