best lawn mower under $350 image
Sasha P
Hello All,
I have upto $50000 savings with me and looking for good house worth $350,000 under FHA loan.
Can you please tell me if this is good decision to buy house with this much balance in my account. What are the initial household expenses we incur when we buy house first time?
I don't have any other debt on me apart from bills and groceries.
Thanks in advance
Hello LA boston girl,
Thanks for your response. I did the math according to your directions.
If I take house worth $350,000 under FHA then with 5% I would pay $17500, HOA $500, Insurance $1500 Annually, Closing cost $5000 which totals upto 24500. I am planning to buy a house of 1500 sq.ft.
Apart from this, is there any other legal cost that I would incur at the time of buying? Yes I would compromise on the buying stuff for house in the beginning.
Thanks again.
Answer
Depends on what lifestyle you want, where your home is located, what's your property tax rate, do you have an HOA to pay and what's the square footage of the home, do you intend on staying there more than 3-5 years? Will you be paying the mortgage on one income or two and how stable are both jobs?
Buying a home is a personal decision. What are your goals and why do you want to buy a home? Are you looking for an investment or are you needing to buy a home so you can start a family, reduce your AGI?
In today's market I would NOT buy a $350,000 home with only $50,000 on hand IF I had only one income that's under $100k annually.
Let's figure this out - If you put 10% down plus closing costs you're going to pay approx $45,000. Assuming you're not paying points. This only leaves you with $5000 in the bank. Unless you do a piggy back loan you will have to pay PMI for not putting 20% down.
Then there's furniture, do you have anything to furnish your house with or do you plan to start shopping to fill your home?
You will have to set up your utilities, security alarm company etc and of course if you haven't owned a home before you'll have to buy standard things like: lawn mower, edger, ladder, 36 gallon trash bin and all those lawn keeping tools that maybe you didn't need while living in an apartment. Also if you live in an HOA community, you will have to maintain your lawn or risk receiving "fines".
Don't forget homeowner's insurance and curtains or mini-blinds if the home is brand new. Depending on how large your house is it could cost you a few thousand dollars. Also consider if you are buying an older home - you'll want at least $5000 in the bank to do repairs once you settle into your home and notice a few critical things that require immediate fixing.
If your household income is over $100k then you could make it if you know for certain you will not become unemployed within the next few years. Just don't go crazy on furniture shopping and live frugally. Again if your job is not stable you should have 6-8 months of salary in liquid cash.
Be sure to find out if you will be paying HOA dues and how often have they increased over the past 2 years. Some locations in California charge $300 - $1000 for the monthly HOA. In Texas you also have to factor in outrageous property tax rates. On a $350k home you'd be paying about $9000 a year in property tax.
Depends on what lifestyle you want, where your home is located, what's your property tax rate, do you have an HOA to pay and what's the square footage of the home, do you intend on staying there more than 3-5 years? Will you be paying the mortgage on one income or two and how stable are both jobs?
Buying a home is a personal decision. What are your goals and why do you want to buy a home? Are you looking for an investment or are you needing to buy a home so you can start a family, reduce your AGI?
In today's market I would NOT buy a $350,000 home with only $50,000 on hand IF I had only one income that's under $100k annually.
Let's figure this out - If you put 10% down plus closing costs you're going to pay approx $45,000. Assuming you're not paying points. This only leaves you with $5000 in the bank. Unless you do a piggy back loan you will have to pay PMI for not putting 20% down.
Then there's furniture, do you have anything to furnish your house with or do you plan to start shopping to fill your home?
You will have to set up your utilities, security alarm company etc and of course if you haven't owned a home before you'll have to buy standard things like: lawn mower, edger, ladder, 36 gallon trash bin and all those lawn keeping tools that maybe you didn't need while living in an apartment. Also if you live in an HOA community, you will have to maintain your lawn or risk receiving "fines".
Don't forget homeowner's insurance and curtains or mini-blinds if the home is brand new. Depending on how large your house is it could cost you a few thousand dollars. Also consider if you are buying an older home - you'll want at least $5000 in the bank to do repairs once you settle into your home and notice a few critical things that require immediate fixing.
If your household income is over $100k then you could make it if you know for certain you will not become unemployed within the next few years. Just don't go crazy on furniture shopping and live frugally. Again if your job is not stable you should have 6-8 months of salary in liquid cash.
Be sure to find out if you will be paying HOA dues and how often have they increased over the past 2 years. Some locations in California charge $300 - $1000 for the monthly HOA. In Texas you also have to factor in outrageous property tax rates. On a $350k home you'd be paying about $9000 a year in property tax.
Buying a push mower: do you recommend a good one ($400-450), mid-range ($250-350), low-end (<$200), or used?
G
I've done some research on models and ratings, and this is what I'd probably buy in each category::
"Good" ($400-450): John Deere, Honda, or possibly Toro
Mid-Range ($250-350): probably a Lawn Boy
Low-End (under $200): probably a Yard Man
Used: No clue what to expect!
We're a couple in our 50s, own a Minnesota home with a yard that takes about 2 hours to mow, and we don't plan on moving anytime soon. I'm not sure how much difference there is between good models and budget models. In other words, is paying double the price worth it in the long run? What do you think?
Thanks for any advice!
Just to clear up any confusion, I will be buying a walk-behind self-propelled gasoline mower, regardless of which price range.
Answer
I bought a Toro and it was guaranteed to start and was still starting when the body rusted out because I left it out all the time and this is salty south Texas. I bought the same thing, just a new model and it is fine and starts quickly. For $319 thereabouts I got the higher back wheels, it's a three way with bag but like the mulching idea, and it is self propelled. I just have a double lot and it takes me two hours to cut it because I have planted so many things to go around. The self propelled makes it easier on my old bones. The only difference is the new one has smaller big back wheels and I prefer bigger back wheels because I mow over a lot of stuff. I've had cheaper ones and I end up having to have them serviced every year and so end up paying about the same but more hassle for the cheaper ones. They only won't start when the grass is way tall. . .I've always bought the cheap ones and threw them away but I like the self propelled and I like having a more powerful better machine. I got it at Home Depot and it was on sale. Sometimes they offer an extra year warranty on the starting but it comes with a two year guaranteed to start. It's worth the $ for the quality, the goodies and it lasts longer. . .
I bought a Toro and it was guaranteed to start and was still starting when the body rusted out because I left it out all the time and this is salty south Texas. I bought the same thing, just a new model and it is fine and starts quickly. For $319 thereabouts I got the higher back wheels, it's a three way with bag but like the mulching idea, and it is self propelled. I just have a double lot and it takes me two hours to cut it because I have planted so many things to go around. The self propelled makes it easier on my old bones. The only difference is the new one has smaller big back wheels and I prefer bigger back wheels because I mow over a lot of stuff. I've had cheaper ones and I end up having to have them serviced every year and so end up paying about the same but more hassle for the cheaper ones. They only won't start when the grass is way tall. . .I've always bought the cheap ones and threw them away but I like the self propelled and I like having a more powerful better machine. I got it at Home Depot and it was on sale. Sometimes they offer an extra year warranty on the starting but it comes with a two year guaranteed to start. It's worth the $ for the quality, the goodies and it lasts longer. . .
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