Reply to how the hades did you save a six figure deposit?!

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]At your income level I would look no higher than $500k.  It you can find something in the 450 range then you won't need quite six figures, but the PPs are right in that you are playing catchup if you are 38 and just now saving for your first house.  It's not a problem, but just a slight setback that a lot of the rest of us didn't have.  I bought my first townhouse when I was 30 and then got married and moved into an SFH at 35.  As others have pointed out, it's much easier if you can roll the appreciation of each property sale into your down payment, but it's not a requirement.  DW and I have done about $200k in renovations to our SFH since buying it in 2010 and we have cash flowed all of them so we could easily save up a down payment now.  I suspect the problem is your budget or lack thereof.  If it took you a year to save 10k then you are living close to paycheck to paycheck.  You might want to get a handle on your budget before thinking about a house since it will likely add additional expenses and stress to the situation if you are already running pretty tight financially.  If you want to throw everything out there we'll pick it apart, but honestly you will get much better advice over on bogleheads than you will here.

Good luck!
[/quote]

What's this appreciation thing you're talking about?   :)

Bought a SFH in Vienna, a little after the crash started.  Just now homes in my neighborhood are sometimes selling for what we paid nearly 10 years ago.  And this is in the sub-700K range.  I guess I should give it more time...[/quote]
Yeah, it's not guaranteed for sure.  The townhouse I took a hit on (bought at the height of the bubble and sold at the bottom - lost about $70k), but our SFH bought in '10 has gained about 250k since then so it worked out in the end.  Now we just need to stay the course and avoid the urge to cash out the $500k in equity we have and "move on up" with the other Joneses.  :)[/quote]

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