Personal Finance & Money Stack Exchange
Personal Finance & Money Stack Exchange

Questions tagged [house]

64 questions
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How does paying off the mortgage work if I demolish a home and rebuild another home on the property?

I own a single family home in NYC, Queens. I have a mortgage on that property. My Zone permits 3 Family house. I would like to demolish the single family home and build a 3 unit property. How does it work? Will my mortgage company let me do it? Or I…
user1459497
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8 answers

Math Behind Buying a House

Is following calculation correct? I spend $1500/month on average on rent. If I rent for the next 3 years, I would be spending $54,000. I can buy a house for $220,000 today and spend the same amount on the mortgage. In 3 years, if the market gets…
picmate
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We don't own the land so is our house nearly worthless?

We live in Japan in an urban environment- lots of big apartment building around. The house is post-war house that extended and has an antiquated arrangement whereby a rich person owns the land and we have an informal agreement so we don't pay…
user2617804
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Does this sound like a great idea regarding being a landlord and starting a real estate empire?

I want to build a small empire of my own over time in real estate. I want to pay 20% for a house and rent it out for a small profit (hopefully make around 3 - 5k a year in profit) and then pay it off as soon as possible. Once I pay the house off, I…
user51866
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Wired to the wrong account

Recently, I sold my house that I've been living in for over 20 years. It was almost all paid off, so I got a huge amount of cash in my account. (About 5x my yearly salary). I bought a new house, and intended to wire all of these proceeds over to…
Jeffer
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9 answers

Should I buy a nicer house in a worse area for less than I budgeted?

I am a single male in my mid twenties, based in the UK and looking to buy my first home. I see this home as a 'stepping stone' home and intend to live in it for 5-15 years until I get a partner and plan on having children and then upgrading to a…
Jsk
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Best ways to invest for a planned house purchase in 1 year?

I've just sold my house after relocating and got £45,000. I am now looking for a house to buy. In the area where I live now houses are around £500,000, so I will need at least £50,000 for the deposit, £15,000 for stamp duty tax and about £2,000 in…
algiogia
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Can you self-direct a 401k to buy you a house?

So, this question came about because I was playing thought games. It is my understanding that a 401k isn't really an account type, but a thing with the tax code. Most employer sponsored 401k accounts have a limited number of investment options and…
Elros
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Offered money to buy a house, seller is asking for more to cover gap between their listing and mortgage owed

I am purchasing a house, and apparently the seller owes more on it than what he listed it for. His realtor is now asking me if I can come up with 4000 dollars to be able to close. Is this legal? If I don't come up with this money (that is…
user83725
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6 answers

Is investing in S&P 500 a wise choice if you plan to purchase a house in 10-15 years?

My total compensation is $168k/year ($285k gross) and my goal is to purchase a house in the range of $1M to $2M. I plan to invest my savings in the S&P500 for about 10-15 years, hopefully, to make ~$1M, and then use a mortgage to pay the rest of the…
N N
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Townhouse or stand-alone house for a first home?

My question is- What are some of the pros and cons of buying a townhouse vs a standalone house for a first home for my girlfriend and I? Some potentially relevant information: We live in the US and are both citizens I can get about 45% of the total…
CS2020
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How much mortgage is too much?

I'm buying a house and decided against renting out a place because I feel like it's almost a waste of money, and, most importantly, the rent of a small 40 m^2 apartment in the middle of nowhere is the same as the mortgage of a two bedroom apartment…
Yeeter
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Contribute extra to companies 401k with the intention of withdrawing it for house down payment?

My company has a generous 401k program, they contribute 50 cents for every dollar that I contribute, with a very high maximum contribution. Let's say I plan to contribute $10k per year for my retirement. Now, I am saving for the down payment on a…
James Wierzba
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How to prepare to purchase a house? (Germany)

I'm in my late twenties and want to prepare for my future life. I've no debts and a small amount in savings, but I'm going to need some for my marriage this summer. Now I want to prepare for our future family life. Because we plan to have kids in…
Milgo
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Buying a mortgaged house

If someone owns a house that is not paid off (still mortgaged), can someone buy it by taking another mortgage? What kind of offer would be most sensible? I assume that in this case the current owner of the house would want to make a profit.
smith
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