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Whats up all.
Fast background, 24 yo, stay at house lease free, about $50k in financial savings, $10k in 401k, and $15k in shares/investments. Saving round $20k a yr.
Make round $70k a yr in HCOL (la)
My final dream is to personal a house.
Solely subject is my wage is nothing for my space, so its fairly tough as my house finances (with my partner contributing, makes ~$50k a yr) is the $300-$400k vary. This leaves areas that are a bit farther of a commute for two mattress 1 bathtub small townhome sort choices, which is okay.
To realistically afford a home, we would wish a ~$90k downpayment to take action, which is normally 20% for a ~$450k house with a mortgage cost round $3000 to $3300 vary (hoa normally included)
I’ve just a few choices. I might technically promote my paid off automotive, which might be about ~$35k that I might then add to my down cost, after which put $2k down on an inexpensive lease that prices round ~$300 a month.
Or I might wait 1-3 years and save one other $20k or so every these years, bringing my financial savings to $110k and my investments account to hopefully greater than the $15k its at.
My query is am I naive and speeding issues to wish to purchase a home so quickly in my present state of affairs whereas I’ve no lease and bills and stay with household?
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