I keep hearing about government help to people buying a place to live.... I hope one of those will be something that can help you.
the REAL question in buying anything like this is.... can you pay for it? And the second REAL question is.... can you resell it - does it keep that incredible value after you go to all the work of paying for it?
Buying your own place is generally a fantastic thing to do. If you can stop throwing your money away in rents, that's GREAT! But go find all the help from any government agency to which you might be entitled.
Usually a bank won't let you borrow more than 3x your salary. You no way near qualify for a 350k apartment.
It isn't a question of "Should you ...". The answer is "You can't ...". Your income is way, way to low for that $350k mortgage. Your monthly payment would be 50% of your gross income. Lenders don't want to see much more than 30%, prefer less than that for your mortgage payments. That doesn't cover property taxes and insurance. Then you have to consider living expenses. Bologna sandwich diets get old very fast.
Will you live there or use it as in investment in your future, and do you have the skills to maintain it without having to hire out for every little thing that goes wrong?
Can you afford around $2,000/mo mortgage for the next 30 years??? Oh yes, there will be utilities, insurance, & taxes on top of that!!!
That's a LOT of money for just 2 bedrooms!!!
I think I'd keep on looking!!!
I am a single father ,of a 7 year old girl, and a teacher, with a salary of 43,000 dollars a years. I saw this apartment unit for 350,000, with two rooms and two bathrooms, but I am not sure if I should buy it or if I can buy it with my salary as a teacher. I want to buy it because I thing it would be cheaper that way, but I still not sure what to do.
