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Reply to "First time home buyer. Am i over extending?"
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[quote=Anonymous]I think you'll be in good shape, but I have a few questions: - what year was the townhouse you're purchasing built and/or renovated? Did your inspection identify any systems or issues that are likely to need fixing soon? It's awesome that roof, HVAC, and windows are new. - how would you handle a $2k unexpected expense? Or what if your car died and you had to get a new one? Will you have a reserve of emergency savings after your down payment? - do you have any raises built into your income now (like a COLA, or yearly increase for performance)? If money gets tight, you could always find a part-time job when you don't have your daughter (retail, restaurant server, babysitting) to get you over the hump. Also, your car insurance and gas looks high to me. I wonder if you could call around and see if you can get a lower insurance rate (I know you probably don't need one more thing when you're doing all the work to get a mortgage and inspect the house!) [/quote]
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