Home affordability

[HoLeChit]

i know there's a lot of you older, more knowledgeable fellas in here, so I'm looking for some advice. I'll give you a rough breakdown of some stuff, as well as my question at the end. I'm looking to purchase a house. I don't know how much house I want, other than 3 bedrooms, and preferably a 3 car garage, or 2 car garage with a shop. Here's a rough breakdown of my finances:

$6500 take home each month +/- $100-$200
If I don't get any overtime at all, my total monthly income will be approx $5500.
No debts, may buy an affordable gas saver soon and aggressively pay it off within the next 8 months.
Less than $1400/mo expenses, not including my present rent. This includes fun money.
$2900 of my monthly income is tax free, and permanent, thanks to disability.
I am 28, not married, no kids, but have a woman in my life and we certainly have a future together.
I will be using a VA home loan.

I've used the mortgage calculators and such, and on paper it says I can afford a $190k home. I have found several houses that I consider to be perfect for right around 170-185k. I would like to buy a home that I can live in for the rest of my life, the only way I would be looking to move is to buy a chunk of land and build a house and raise a dozen head of cattle on. In this situation, what would you do? How much would you spend, and what are some considerations in purchasing a first home/new home?

 

[BReeves]

Single, married?

Single, buy a 100,000 house and start saving for your property. When you get ready to build on the property, sell the house.

Married.. Gotta keep momma happy.

 

[Shootin 4 Fun]

Buy a home that you're comfortable in. It's important to find the balance between planning for the future and enjoying the present.

 

[HoLeChit]

Single, married?

Single, buy a 100,000 house and start saving for your property. When you get ready to build on the property, sell the house.

Married.. Gotta keep momma happy.

I am single sir, that is kinda what I was thinking.

Buy a home that you're comfortable in. It's important to find the balance between planning for the future and enjoying the present.

Right, my obsession with planning is one of my big downfalls, and I am struggling to find a happy medium between the two. I feel that these houses I am looking at would certainly fit the bill for both aspects.

 

[HoLeChit]

What are your favorite/most enjoyable aspects in you guys homes?

 

[Shootin 4 Fun]

We like to entertain family and friends, so the kitchen, dining, half bath and living areas are important. Second is the master suite. The other rooms are more important for resale.

 

[Riley]

Here is what I have found to be generally accepted wisdom in shopping for homes.......

Generally, buy the worst place in the best neighborhood you can "reasonably" afford. If there are a lot of homes for sale, ask yourself why?

Established neighborhoods with lower turnover might be worth looking at.

Many buyers can't see a diamond in the rough; nor a snake in the grass. Do your home work.

How much home repair and upgrading can you do? All of it, some? None? Makes a big difference what you ought to be shopping.

All neighbor hoods are not the same, HOA's, public or private spaces and street maintenance, schools, can all create a stealthy increase in monthly expenses.

The online calculators will keep you nearing house poor, meaning yes, you "can" afford it, but what else do you like to do?

Like to tinker on things? Garage space, cooking a biggie for you? kitchen, time out side? yard space with attendant maintenance or expense.

Entertain or want too? Public spaces separate from private if possible. Half bath away from private space again if possible.

Masterdown, steps can be harder to sell, especially to older folks.

Lots of good ways to go about it but if its the last house its a different conversation than the first.....

Try to buy your first upgrade the first time so you don't outgrow it too soon. Have fun and keep us posted on how it's going.

 

[farmer17]

I own a construction company and build houses and small office buildings for a living. If you want land I say buy it now, since its not going to get any cheaper, and buy a small used trailer while you are single and gradually save for a house . When you can afford to, build a small house that is designed to be added on later where the footings, sewer, water, and electric are easy to tie on to, then as your family grows you can add on to the house and hopefully pay cash.

 

[stick4]

Gas is cheap. Put the gas saver car money away to make a bigger down payment on the house. With 20% down you won't need to buy mortgage insurance which knocks down the payment enough to help reduce the bite from the tax and ins.
Look for the cheaper homes along a street mixed in with more expensive ones. From my experience there's a big difference between used homes selling in the $120K range and those in the $150K. I would not even look at lower priced homes or higher priced ones. Too many good deals in the $150s. At least in Mustang. Here's one I'd look at: https://www.trulia.com/property/3243959586-701-W-Geronimo-Way-Mustang-OK-73064 Don't go by the lot size. Most ads are way off on that that.

 

[HoLeChit]

Thanks for the input guys, keep it coming!!!! A kitchen and garage/shop are big things for me, as I do a lot of cooking, as well as a lot of tinkering/mechanicing. I turn wrenches for a living. With using a VA home loan I won't have to worry about a down payment or PMI, and being permanently 100% disabled I don't have to pay property tax. Being a VA loan, I have to find a house that is move in ready, so fixer uppers are out of the question sadly. I am pretty handy with electrical, plumbing, Sheetrock, and a little carpentry, but a fixer upper is out of the question. I also don't have the time to fix up a house, as I work a minimum of 240 hours a month. I am definitely now looking in the 150 range, as I feel that any more than that would just be too much house.