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Im 17 years old and i want to move out in a couple of years. I have a job, but im going to go to uni and get a better one. How much money will i need to pay all the bills and buy my own food/furni/and my needs?

2 Thoughts on How much money do i need saved so i can buy my own place?
  1. Reply
    MyHandsAreMadeOfPasta
    December 4, 2012 at 6:25 pm

    Buying a house is no small matter so if you don’t know how much you’ll need you need to start studying first time home buying. Seriously-if you have to ask, you’re not ready. Just go to the book store and you’ll find entire sections devoted to this and pick yourself a book to learn about it. It’s the biggest purchase you’ll probably make in your life so the cost of a book should be a small price to pay for such important knowledge. When you’re done reading you should have a better idea how the process works. As you get older and start handling your finances you’ll know what you can handle with expenses and from that you’ll get an idea of what you can afford to pay for a home each month. That in turn along with how much you’ve saved up for down payment and expenses will determine what price range of homes you can afford. Good luck.

  2. Reply
    DoktorZhivago
    December 4, 2012 at 6:36 pm

    I think it’s in your best interest to contact a real estate agent & ask them to get the mortgage lender they work with to give you a call so you can set up an appointment. Or, just set up appointments with various mortgage lenders directly. My reasoning behind this is they can evaluate your debts, your income, & your savings. Tell you which loans you may qualify for. If you qualify for an FHA loan, which pretty much everyone does, you’ll need 3.5% of the purchase price ready to go. If you qualify for a VA loan, you actually don’t need anything to put down; yup, 0% is cool.

    The main reason for going to them is after they pull all this info on you (a good mortgage lender; don’t settle for the one who is telling you are ready immediately, unless you really are & that would have to be the general consensus among most of them) they will tell you what you need to do to fix your credit, how much money you will need to save to get to the quality of home you want, & how long it will take you to get to the point of being ready to purchase if you truly commit. Then once your financial goals are met, you go see the lender again, get qualified & talk to a real estate professional & start looking at homes.

    If you meant you’d like to rent a home…the ideal situation would be to save a years worth of rent. I know it may sound crazy a years worth isn’t necessarily something most people would agree on but I think if you have that budgeted you will live stress free for quite some time. I’d still talk to a real estate agent. When you are a buyer or renter it is rare for you to have to pay them anything. The person renting the house is either paying the agent a finders fee for helping them find a tenant or if it a home for sale the listing agreement on the sellers end usually has it listed as a 6% commission. 3% to buyers side, 3% to sellers side. Furthermore, if you can tighten your belt, just figure out what all your monthly expenses would be and multiply them by 12. Are you paying for car insurance, health insurance, & your phone bill? How much would you be roughly spending in gas a month? What’s your ideal monthly grocery budget? Do you want at least a $ 1,000 emergency fund (I highly recommend putting that in your budget)? Consider all things. Then save that much. If you can live like a poor person for a while & not treat yourself out or make unnecessary purchases, you will practically be on autopilot & self sufficient from then on.

    Best of luck!

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