Should I buy my dad's house? The house holds a lot of sentimental value to me, and he's putting it on the market in the next year or so.
The house is marketed at about 120k. My yearly income is 50k, so I think a mortgage is possible. My credit score is 720, do you think this is possible?
I could probably save for a 20% down payment over the next year.
Any advice?
>>1102898
If you really want it sure.
Since he's your dad I'd try for a discount, or some kind of payment plan through him and not through the banks
>>1102900
I hadn't even thought about that.
I'm not sure if he'd bite on that or not. Do you think it's a financially sound decision, considering my income? I live in an apartment now, and from the calculators I've been using, my monthly mortgage would probably cost less...
how long has your dad had the house, is his original mortgage paid off? and how about the overall condition?
Yeah you should be able to afford it.
If you can work out a payment deal with your dad it would save you a lot.
>>1102907
He would probably pass on the payment plan due to that sweet, sweet lump sum he would get from selling
>>1102898
the question you want t ask is why is your dad selling ? is the house a ruin? are you wiling to throw away 120 k plus interest based on sentimental value then your not mentally capable of being in charge of money
>>1102898
I would, just because I know what this situation is like.
My father had to sell my childhood home recently, and I miss it. I wish I could go back and walk in it. I have so many good memories there.
>>1103134
The house is in fantastic shape. I know all the work that he's done to it over the past 10 years. It has a new roof, a newish concrete driveway with no cracks, a rebuilt garage etc etc.
He's put an assload of work into it, so it's absolutely a good home.
>>1103134
He's selling because he's tired of taking care of such a large amount of land by himself, and for some other personal reasons.
It's not so much that it has a lot of sentimental value as it is the house and neighborhood are great, and when I live abroad, it'd be nice to be able to come home every once in a while to the house I grew up in.
>>1103228
then it sounds like a good deal , check the market value of the house , if your dad can make a good profit above of what you can afford , then let him sell it, if not theny buy it and have your children grow up in it
>>1102898
Depends if you want it.
I would advise something cheaper since you only make $50K, but you could probably work something out with your father.
>>1102898
These dumb shits saying you can't afford the mortgage on a 120k house when you have $50k in annual income are retarded. You can easily afford that if you establish a reasonable budget and stick to it.
>>1102907
since he's your dad you can do this sale without ever listing the house on MLS. also, avoiding brokers means that he won't have to forfeit ~5% of the closing price to pay them off.
as for a sound investment, i bought two condos for ~150k (total for both not each) with only a ~25k/year income not counting the profit from rent. granted they are rental properties, but still it can obviously be done. also with a house you have to account for property taxes, maintenance, insurance, as well as any utilities that might have been included in your rent.
Has he finished paying off the mortgage? Because then you can look into owner financing.
>>1103294
How did you go about getting approved? How old are you? How long have you been employed? What's your credit score? American?
>>1102898
Avoid land transfer tax by having him pass on the home to you as a gift, then you can elect to 'financially support' your elderly father for a while.
>>1103370
i got approved for the first condo since i put 20% down and the price was only 70k so my monthly payments were piss low (~$500 for mortgage and assessment which includes all basic utilities but electricity.) the only problem was the fairly high property tax, but it was still low enough for me to qualify despite my low income.
by the time i bought the second condo the first one was rented out, and i foolishly overpaid the mortgage paying off about 20k in principle in about a year. for the second one i again put down 20%, had additional income from the first condo, and due to overpaying the first mortgage i had a decent amount of equity in the first condo.
i'm 25 right now and was 23 when i bought the first condo (24 when i bought the second.) i was in grad school for about 6 months when i bought the first one (engineering phd so i get paid,) i always maintain a >750 credit score, and i am american.
>>1102898
>uin?
if it's your dad then why not pay him directly? if you work out some payment plan with him you can even pay him the interest you would pay the bank, the money stays in the family. that's what i would do
