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Kooky_Deal9566 t1_j9twf9z wrote

At your age, I would suggest waiting to buy a house.

Obviously, I’m not sure how much you’ve got saved, but a house in the $225k range that meets your criteria may require a bit of work. If things go wrong and stuff breaks, you’re on the hook for paying for repairs that you may not have anticipated. So unless you’ve already got a decent rainy day fund, repair costs may become problematic. Plus, you will owe a couple thousand on property taxes each year. So, besides your mortgage, you’ll have those costs to deal with too. Homeownership is more costly and burdensome that most realize…

Moreover, you’re 22. Who knows where you’ll be in five years? A house is a big commitment at a time in your life where you’re just setting out on your path.

My advice? Find a dope rental at a price point that allows you to horde some cash. If you still like living in Baltimore after a few years and you feel more or less permanently settled here, then buy.

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MyOwnMuse0708 OP t1_j9u09v8 wrote

I totally get this! But the truth is I am tired of renting. That is a silly reason but I’ve been working fulltime since I was 18 and have significant savings despite the fact that I currently pay over 2k a month to live where I’m living right now haha. I don’t have any debt either and a great credit score. I’m eligible for down payment incentives as well. I want to buy.

I’m kind of open to renting for a few more months, in order to eligible for another grant in 2024 but end goal is still to buy haha.

I got pre-approved for more than $225k, I just don’t know if it’s worth raising my limit because I don’t want to keep spending 2k a month of my take home pay on housing. I understand the risks that come with homeownership and I’m fine with them.

Thanks for the advice though!

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Naive-Raisin4134 t1_j9u1bpa wrote

Yea, don't listen to that guy. He probably doesn't own. The taxes are built into your mortgage payment. I bought my first house at 22 and it's a much better investment then renting.

You will have the look for something in a lesser desirable neighborhood more then likely but plenty of those are safe. Possibly right on the outskirts of Fed Hill or Canton and hope the "good" area pushes towards you. Definitely find a good realtor and their are some first time home buyer incentives you can probably qualify for.

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moderndukes t1_j9u848e wrote

> but a house in the $225k range that meets your criteria may require a bit of work

Hard disagree. In Fed Hill and Pigtown, houses in that range (and lower) are newly renovated.

Also property tax is built into your monthly mortgage payment and can be tax deductible / qualify for incentives to bring the burden down. If you’re paying rent it isn’t, and you’re paying a premium on top of the owner’s mortgage to them and they are generating the equity off you.

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MyOwnMuse0708 OP t1_j9ufshw wrote

Thanks, good to know! This is exactly my thought process! I’d rather pay a mortgage than continue to be rent poor and have nothing to show for it!

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