New Construction Town House or Older SFH?
I’m in my late 20s looking to buy a home instead of draining my money through rent. I have been living in apartments for 4 years now. But i want to have a house where my money gets vested. I don’t care about the appreciation an average appreciation is fine. Can someone suggest me how far i can go from ( Sunnyvale and Santa Clara) as those work locations for me and my spouse. Combined Base pay: 330k Equity : 140k and 240k (unvested) Assets: 70k cash, 120k worth of 401k I’m aiming for 1-1.4 million New Construction Town house, don’t wanna buy a older single family home as it is a lot of maintenance and renovation. Locations am looking at are Fremont, Newark , Pleasanton, Dublin, San Ramon, South San Jose and Morgan Hill. Can the blind family suggest the ideal location for commute to work and also which one to buy, as I don’t think the wfh is here to stay. So looking at how the traffic will be if everyone starts back to offices please leave your feedback. #mortgage #housing #sanfrancisco #bayarea #servicenow #intel
Why don’t you buy in Santa Clara itself ?
New construction Townhouse if you want a nicer places to live, older SFH for the appreciation
Avoid buying a townhome
Why?
Lol
From how I see, these days, banks also ask for minimum of 9 months of back up money on top of your downpayment in order to grab the mortgage. So make sure you have about 60-80k savings on top of downpayment. 401Ks don’t count btw. New construction town homes have the issue of very high HOA fees. I have literally seen people paying about $800 a month. At the same time old SFH don’t have any HOAs meaning all on us. Both are extremes in that sense. In order to find a middle point, try to look for town homes in Newark and Pleasanton. There are new townhomes building up there and might fall in your range.
401Ks do count for the reserves for some lenders but only upto 50% of the reserve requirements and you can only count ~50% of the 401K towards your reserves.
Sure thing, I have some stocks which have been Vested apart from the cash. I will pull them out later for cash reserve.
It’s not that much maintenance. Even townhomes have maintenance. Hiring gardener and pest control is usually cheaper than hoa
Buy new construction townhome. Naya by Kb Home in Santa Clara is right up your budget.
When you say you have $70k cash, is that on top of a 20% (typical) downpayment amount?
This is very important to know!
I’m thinking of Putting down 10-15% as downpayment. If i pullout some stocks then yes i will have more cash than the 70k.