What's it like being a home owner?

We all know that the cost of living is rising, pay is not, for the most part.

I worry about the increasing price of rent, especially while being single.

I'm wondering if I should start planning on buying a "fixer -upper" in the next few years since a monthly mortgage payment is cheaper than apartment rent.

I understand I'd have to get everything that breaks down, fixed in a house.

I'd have to pay property tax, and higher bills.

Any thoughts or advice?

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robertsnj · 56-60, M

Sure I can bite as a home owner.

1) Your credit score matters. Find out what your credit score is and work on getting it up a high level.

2) Mortgage companies and by proxy real estate agents will scrutinize your income and employment history. The types of houses they will show you may depend on those two things. If you are making less than 50k and have a spotty work history they may blow you off.

3) It is way easier to qualify for a mortgage as a couple vs an individual. They don't say it out loud but they realize if you and a partner are working and one of you loses a job the other is the fail over. It is free however to pre qualify. You can get a real estate agent to run your credit and level with you up front on where you stand. It does lower you credit score in the short run to have it run but it goes back up over time.

4) House are expensive to upgrade. The Flipping houses reality TV makes it seem like it is no big deal but get pricing on upgrading wiring in a house insulating the house or fixing foundation and you will get sticker shock.

5) You can look up your housing taxes by zip code and or state. It is usually published. My renting neighbors do pay more in rent than I pay in mortgage.

advice: If you make less than 50k right now (as a single person) it probably ain't happening. But if you do, or want to try anyway to go a real estate agent have them run your credit and give them your work history. They work on straight commission so they aren't going to beat around the bush with you. If you are unsellable to a mortgage office they will just tell you that up front. They have the best vantage point.