Household bills?

Okay so I'm a college student. I just started classes this last week and my FI and I live with my parents. My parents know that FI and I planned to save and be out before we are married and we want a place that is cheap and needs a little work but still nice. This weekend they came up to us and said they found this awesome deal on a house and they guy is selling it for what he has left on the loan. $66,000. With a little bit of work we could probably invest $5-10 thousand then sell the place for about $100,000 when we want a bigger place.

So anyways we are really thinking about it but we want to know if we can afford it. What bills can you think about that we should consider before we do this?

We have...
Insurance, rent, water, electric, gas for driving, taxes, tv, phone, food, education, e ring, car.

Anything else?

Re: Household bills?

  • Internet, any entertainment (eating out, movies, etc). I factor in school costs including student fees, books, registration. I don't know if this house has any gas appliances, but factor that in if it does. See if you can find out the property tax amount so you have a better idea of the costs. Call your insurance company and get an estimate for homeowners. In my area, the water bill includes trash-see if it is the same for your area.


  • maintenance and emergency repair costs
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  • Make sure you will have clear title and that there are no judgments against the land.  If he is selling it as "assuming the mortgage" I would bet that there are judgements.
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  • In Response to <a href=" Topic Wedding BoardsForum:684Discussion:da78cd5c-73a6-4a38-a396-0f587a03f490Post:553d152a-b483-4ac9-9338-4a50c0fc4847">Re: Household bills?</a>:
    [QUOTE]Make sure you will have clear title and that there are no judgments against the land.  If he is selling it as "assuming the mortgage" I would bet that there are judgements.
    Posted by GoodLuckBear14[/QUOTE]

    Just curious as to what the judgments thing means. We are probably going to try to buy a house next year and are trying to learn as much about real estate as we can.


  • What I really think you need to do is talk to a financial planner about your financial situation and goals, and find out if you could even get approved for a mortgage. 

    Here are our monthly bills (that I can think of off the top of my head):

    - Mortgage
    - Home owners, car, medical, and life insurance
    - Property taxes
    - Hydro bill (you may also have a natural gas bill)
    - Water bill
    - Cable/internet/cell phones (you may also want a landline)
    - Car payments
    - Gas for the car
    - Car maintenance
    - Parking fees for work
    - Groceries and toiletries
    - House maintenance
    - Entertainment and clothing
    - Savings
    (- Textbooks, tuition, other student fees when I was in school [which I just finished this month])

    Don't forget to consider taxes and lawyer fees involved in buying a house. They'll easily be several thousand depending on where you live.
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  • Not to be harsh, but I really think that if you can't come up with a list of all the things you will be accountable for once you own your own home, you're probably not ready to be a homeowner.

    I don't know, it sounds like you're pretty young. Maybe it would be worth it to find a cheap apartment and rent for a while on your own (or you and FI together) so you can start to see what it's like to be totally responsible for yourself apart from your parents, instead of jumping right in and buying a house.
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