Apartments for Cheap

Questions and Answers

Your Questions About Garage Two Bedroom Apartment Plans

December 9, 2012

Michael asks…

What can we do about our housing situation?

There are 5 of us in my family. Two of us live in a two bedroom house and three of us live in an apartment. All of us are strapped for cash and would like to figure out a way to live together to help pay bills but both of our places are two small. The two bedroom house is almost paid off so we really don’t want to sell and would probably not even get a good amount back at this bad time in the economy. Any suggestions? I also know it’s simple to say add on but the only way is by adding a second story and that would be a lot of money.

The two bedroom house has two living rooms, dinning room, den, basement (not livable), two bathrooms, two bedrooms, kitchen and garage. Do you think it would cost a lot to just take the floor plan and make it suitable to our needs?

Administrator answers:

You have plenty of room.Double up in the bedrooms,make one of the livingrooms or the den a bedroom.Probably cost to much to convert the garage.As long as no one minds sharing you should be fine.

Lisa asks…

Can we afford an 80,000 dollar home?

My fiance and I make 50,000 combined a year.

We live in the midwest.

We have two car loans currently, with payments in the upper 200′s. They set to be done on 2013 and 2014. Those are our only two major debts. Any other debt we have is minor credit card debt and those can be paid off fairly quickly. We carry small balances from time to time, and pay them off quickly to build credit.

We currently live in an apartment and pay 525 a month in rent. We pay electricity aside from that…and that’s it.

We are getting married in a couple of weeks. We want to buy a house in the next couple of years. I really like the houses at 80,000 dollar range. (I don’t think we should go higher than that…to be safe.)

Houses in that range have all the criteria I want: two stories….3 bedrooms (so we can have two kids with each bedroom to themselves,) a nice waterproofed basement that we could also use as another room…a garage…a yard…somewhat nicer neighborhood.

Can we afford this? And if we can….how do we go about executing the plan to buy a house? What span of time would it take to make this dream into a reality?

Thank you for your help!
We want a 30 year fixed loan.
say “I want” but I really mean me and my fiance. What’s amazing is he always wants exactly what I want :) Or I want exactly what he wants :) It’s amazing and I’m truly happy to be marrying him soon!

Administrator answers:

Yes you can afford a $80,000 home. You are qualified for First time home buyers programs and this will help you to buy your home quicker then you would think. You will need money for title insurance and a home inspection. For closing cost and a down payment have the sellers pay them and have it written into the contract offer. Find a realtor one who knows the first time home buyers programs. Ameri Dream and Nehemiah are two good programs. Do not let the realtor talk you into buying a home that is out of your price range. Many realtors will, just by taking you to see a higher priced home, so you will fall in love with the home and want to buy it. Realtor do work on commission so the more the home sells for the more the realtor makes. Do be sure to buy a home with enough space to grown into, with plenty of storage space and a garage. If you are handy you can find a home that needs a little TLC and do the work yourselves and save money while getting a nicer more expensive home for your price range. But do not take on a big project it could end up being a money pit. You could purchase a duplex and live on one side and rent the other out to make money and help pay your mortgage. Same for a multi family unit. The interest rates are low and it is a buyers market right now, but this is changing and interest rates are going up. It usually takes six months to one year to find the home of your dreams. Buying a home is a step by sept process. Once you have purchase your home save all your receipts on any home repairs, putting together a home investment folder.Buying a home is an investment into your future.Buying a home in a good school district will add value to your home. Have a wonderful wedding day and enjoy your first home.

Helen asks…

Wedding soon….dreams endlessly of being a home-owner!?

We are getting married in a month. I am very excited and can’t wait to start my life with him as a married couple. We are more than ready to settle down and set the foundation for our married life.

Can we afford an 80,000 dollar home?
My fiance and I make 50,000 combined a year.

We live in the midwest.

We have two car loans currently, with payments in the upper 200′s. They set to be done on 2013 and 2014. Those are our only two major debts. Any other debt we have is minor credit card debt and those can be paid off fairly quickly. We carry small balances from time to time, and pay them off quickly to build credit.

We currently live in an apartment and pay 525 a month in rent. We pay electricity aside from that…and that’s it.

We are getting married in a couple of weeks. We want to buy a house in the next couple of years. I really like the houses at 80,000 dollar range. (I don’t think we should go higher than that…to be safe.)

Houses in that range have all the criteria we want: two stories….3 bedrooms (so we can have two kids with each bedroom to themselves,) a nice waterproofed basement that we could also use as another room…a garage…a yard…somewhat nicer neighborhood.

Can we afford this? We want a 30 year fixed loan. And if we can….how do we go about executing the plan to buy a house? What span of time would it take to make this dream into a reality?

Thank you for your help!

Administrator answers:

The biggest question is whether you have a down payment. The amount of the down payment determines how much money you will need to borrow to buy an $80,000 house. Without knowing if you have a down payment, and how much it is, I can’t say whether you can afford an $80,000 house. Most lenders are going to want you to have a down payment of 20%. That would be $16,000 on $80,000. There might be loans that would let you have a down payment of less than 20% but they are going to be more expensive and not as good.

With the finances you’ve given, you can afford something less than $1,000 a month for a house payment, probably around $900. But, you would need to budget for all utilities, taxes, insurance and home maintenance. Home ownership is more expensive than renting.

If you can come up with a down payment, you could probably handle the mortgage on a $80,000 house but it will be very tight. You wouldn’t have money for extras.

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