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Real Estate
Reply to "would you take out a mortgage that is half of your take home pay?"
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[quote=Anonymous][quote=Anonymous]The biggest issue, as others have said, is that you'll only have $6K in savings. That's REALLY tight -- just look at threads here for how much common repairs cost. Replacing a water heater will be $2K. A sewer line repair will bankrupt you. You also need to be realistic about insurance premiums - ours have risen 30% over the last 3 years with zero claims, and it's still cheaper than anywhere else I could find when I compared around. What's your income trajectory? Can you take on a roommate? Are you handy enough to fix things on your own? You can't assume that rates will fall in the next year enough to make a refinance make sense. [/quote] How many home repairs will OP have though? Surely she knows the age of major appliances. 6k is probably enough if she can save over time and the roof, boiler etc are in good shape. [/quote]
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