Author Topic: How much to save for purchasing a house?  (Read 1329 times)

Physicsteacher

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How much to save for purchasing a house?
« on: February 21, 2016, 11:43:53 AM »
My spouse and I are starting to seriously consider buying a house, possibly as early as this summer, and I'm trying to figure out how much cash we should have on hand. We're considering houses in the $60k to $80k range and planning on a 20% down payment, but I don't have a clue what we'll need for closing costs, inspections, and other miscellaneous expenses I don't even know to anticipate. Any advice or good resources for us to look at would be appreciated.

arebelspy

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Re: How much to save for purchasing a house?
« Reply #1 on: February 21, 2016, 11:54:12 AM »
If you're putting 20% down, that's 12-16k for the down payment.  Say a few thousand for closing costs.  Keep a few thousand for early stuff you'll need to fix up.  Make sure you get a home warranty included, in case stuff fails in the first year, or was missed by the home inspector.  Probably 20k is a healthy amount.
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PAstash

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Re: How much to save for purchasing a house?
« Reply #2 on: February 22, 2016, 01:49:53 AM »
My spouse and I are starting to seriously consider buying a house, possibly as early as this summer, and I'm trying to figure out how much cash we should have on hand. We're considering houses in the $60k to $80k range and planning on a 20% down payment, but I don't have a clue what we'll need for closing costs, inspections, and other miscellaneous expenses I don't even know to anticipate. Any advice or good resources for us to look at would be appreciated.

20% down is the way to go. for that price of house 4-6k closing cost. I believe your bank can give you a more accurate guess. it won't be exact. get a rough idea of any improvements you might want to make to the house or more importantly what NEEDS to be fixed to move in. on top of all that 6 month emergency fund. don't forget it.