Homeowners: How much is it costing you a month?

[Madd Hatter]

I don't know thing one when it comes to buying/owning a house. I do know that this summer I have to move back down to Des Moines and rent on a 1 BR apt in a part of town I'd be safe in with a garage for my GN is gonna cost me at LEAST $550 (plus utilities I'm sure). The idea of paying that much for a roof over my head makes me want to puke. And that's before the realization that I don't have anything to show for that payment!!

So I was just wondering what kind of payments you guys are paying on a house valued at x dollars, and what other hidden costs there are.

In looking in the classifieds today, I don't think I saw a single thing I could afford other than a crackhouse and a townhouse. What's up with these (not the crackhouse)? Are the monthly dues insane? Does the value stay constant or go up over the years?

Any words of wisdom for a young man recently out of college looking for an intelligent, economical habitat choice? TIA

 

[toga22]

You are basically safe to assume that your monthly mortage payment is about 10% of the cost of the house. Then you need to remember that you will owe property taxes and will also need insurance.

The tax breaks you get on owning a house are quite "comfortable" however.

Another consideration to make when buying a house is how "handy" you are when it comes to home improvement.....some simple low cost projects can add a lot of value to your home, making the resale value much higher.

I was in the same boat as you 2 years ago....sick of paying overpriced rent with nothing to show for it. And I have to say that it was one of the smartest things I have done. Best of luck to you....

~toga

 

[dimitrios]

Our house cost us $160,000.00 Our monthly payment is around $1,000 plus electric $145.00, Cable $45.00, phone about $20.00
association fee $35.00, water and sewer $27.00, tax's are around $3,000 a year, not sure about the home owners insurance though.

 

[Arioch]

I paid off my 30 year mortgage in 9 years. This saved me $290,000 in interest.

I pay only very modest fees for waste disposal and water.

My monthly payment would have been far more than $550. It was something like $1000.

 

[THeMaCHinE]

For $550, you can do better in Des Moines.

do a search for Hunzicker Property Management. They own a lot of stuff in DM. They have an online apt. finder that lists everything.

I liked the Grand Trees Apts on Grand. Not exactly posh, but relatively safe and you can get into a 1 br or efficiency for much less. Probably $350-$450 mo. I lived there years ago. If you need a 'safer' neighborhood, try Bennett Grandwoods out in West Des Moines. I had a 2br/1ba for $515 there (3 years ago).

You're not going to get a decent house for $550 mortgage in Des Moines. You'd need to be willing to pay at least $800 plus the other goodies that toga mentioned.

 

[naturally anabolic]

Mortage: 878.90$
Cable: 91.00$
--Haven't gotten my electricity or water yet--

 

[Rockafella Skank]

What toga said ... except you should expect your payment to be about 7% of the cost of the house due to lower interest rates ... even for first time buyers.

 

[Lao Tzu]

aren't there alot of houses on the market for 60-80k? i know there are around here. the mortgage on one of those shouldn't be more than 500 a month if you get a 30 year mortgage.

 

[THeMaCHinE]

aren't there alot of houses on the market for 60-80k? i know there are around here. the mortgage on one of those shouldn't be more than 500 a month if you get a 30 year mortgage.

Yeah, but 80 is probably the least you want to pay here if you want a nice neighborhood, etc... (which he mentioned is important to him) By the time you tack on insurance/taxes, etc. you'll be up in the $800 range at least.

 

[Kahn]

125k house is 1143.42/mo here.