Profile picture for vincent9679

Improvement in my financial situation.

Hello!
Is it bad to assume I can afford a more expensive home on the basis that I expect fairly large salary increases (around $20,000) and opportunities for moving up jobs in the future?
I'd just like to be safe.
  • December 07 2011 - Mukilteo
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Answers (13)

Be very conservative in all your financial affairs, especially home purchase. You will be glad you did this.
  • January 18 2012
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Debt is the other factor in this equation!  Make sure to keep your monthly debt low so that you income can work to your advantage!
  • January 17 2012
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It may not be bad to assume this, as long as you do not act upon your assumption. Be safe, instead of sorry.  Good luck.

Happy funding, Rudi
  • December 08 2011
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Profile picture for JuliaSellsHomes
If I were you, I'd contact Jean Marie if she's in your area. Sounds like she's familiar with your situation. If you purchase a good deal that you could turn around and resell if the circumstance arises you should be fine.
  • December 08 2011
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Hi Vincent.. [phone and email removed by Zillow moderator]. Will get you started.. Looking forward to it. Congrats on the new contract.
  • December 08 2011
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Profile picture for Caveat Emptor
in an ideal world, you would never ever ever select the biggest home you can afford. figure out what you can live with(the bare minimum) and save the rest for college tuitions, vacations and birthday parties. something like 70% of divorces list "money issues" as a catalyst. just don't forget to be happy.
  • December 08 2011
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Profile picture for vincent9679
@ JeanMarie: in fact, I work at Boeing too. Furthermore, it's a one income family with only one dependent, which is why I believe I can make it. Get back to me if you can. Thanks, to everyone else for the suggestions. I'm kind of bent on purchasing a home in this area due to the neighborhood and proximity to work.
  • December 08 2011
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I would depends. When my husband and I were young first time home buyers, we were stretched. My husband was a machinest, with Boeing, so increases in pay overtime were certain, along with cola. Are you stretched with one income or 2. Your question is broad, but it's not a slam dunk no, just needs more info.
  • December 08 2011
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Profile picture for Sharon Lewis
No, don't assume that, as others have said. Wait for the increase (congratulations by the way!) or purchase a home you like and use part of your increase to pay down your mortgage or upgrade the home. (I would buy a less expensive home in a great area that needs upgrades given the choice and do the upgrades)
Good luck and again, congratulations on the salary increase!
  • December 08 2011
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You need to find a good lender in your area, get pre-qualified, then they will tell you what price range you qualify to look at.  No lending institution will allow you to purchase a home based on the assumption that you will have an increase in wages down the road.  They go by current pay stubs, 2 years tax returns and 2 months of current bank statements.  If you believe that you will get a pay increase in the future, wait to buy when that time comes.  
  • December 08 2011
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Profile picture for the_country_hick
If you are certain that your future will improve why not rent for a year or 3? Then when things do look great you can easily get what you want to buy and not make an expensive mistake.

If you want a certain kind of house it makes no sense to buy something else when just waiting a reasonably short time you could have gotten what you really wanted to get.
  • December 07 2011
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Profile picture for vincent9679
I am very certain it will happen, though I don't want to purchase a home at a standard below one I found ideal.

It wouldn't be that great.

When the time comes, though, I guess I'll reassess.
  • December 07 2011
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Profile picture for the_country_hick
Never assume...

What happens if what you expect to happen does not happen?
  • December 07 2011
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