[So] Buying A Home In Ohio...

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]| ZeR0 |[

Veteran XV
Here's the deal. My fiancee and I just graduated college Saturday. We both have jobs already, and are making about $65,000 off the bat together. We're looking in the southwestern area of Cleveland (Strongsville, Medina, etc.) and need some advice. This is our first time looking into houses, as we've rented apartments throughout college.

What is an ideal/maximum pricing on homes in this area, based on our income? I know certain factors weigh in, such as the term of the loan and such, but we have no clue on a decent price. My fiancee already has a nice car, but I am looking into a new one at the end of summer. Alot of things to consider, I know, but any homeowners (from Ohio a +) have any suggestions?
 
Now is a magical time, you have 2 choices.

Buy below your means, and begin your road to financial success. No kids in school for at least 5 years, you get to avoid a high tax area.

Buy your dream house at 10-25 and pay more in interest than you do for the actual house. Hate it in 3 years, do the same thing with your next 'dream house'

Good luck.
 
I agree. Why not just get an apartment and save some up after you pay off your new car you want?

I was told buying a house was the easiest things ever.
 
Medina and Strongsville are nice communities, but I'd go for Wadsworth. You'll probably get more for your dollar in that community. Hell, I'd even look at Sharon. Medina... man. Best of luck there. Overpriced as far as the markets go.
 
I would wait, put away as much money as you can while working on increasing your income. Houses are expensive, there is a ton of cost just by owning a home, and the type of home you could afford will be a fixer upper.


Ps what’s a home in Ohio cost? In Maine you can’t buy shit for under 200k and the is a starter home at best.

Edit: Get a fixed rate
 
Can't help you with location, but be aware that there are no real laws that govern home inspectors in Ohio, so be sure to find one that is reputable. I got fucked over, and had no recourse. Also, home lenders are also very uncontrolled in Ohio, again make sure you find a reputable lender. That is all.
 
Medina and Strongsville are kinda overpriced, IMO. Going a little bit further north will save you some money, I think. Middleburg Heights is nice, but it's right next to the armpit of Cleveland (Parma.)

I have no suggestions on the monetary stuff. My buddy is in the process of buying a rockin house in Lakewood, but he isn't hitched and wants a party house near a bunch of bars.

If it helps, my parents bought their (our) house in Fairview Park for 125k back in 1982. I think it's worth about 200 now with all the improvements and the way that property value has gone up in the area.
 
buy someplace that is easily affordable. don't let your wife fuck it up by going for a top of your budgetl place now. buy something that allows you to pocket a lot into savings...then when the time comes...

actually fuck all that, don't buy til you're married a couple years that way when the impending 50% chance of divorce comes you don't have a home to haggle over.
 
Based on a $65,000 income you make $5400/ month before taxes. You would like your mortgage to be no more than 36% of your income if possible. THis is about $1950. I have no clue what % property taxes are in Cleveland but I am guessing 2%. If so this would be scenario ( I am estimating):

Base Price of house : $225,000 (5% down=$11,250)

Monthly Payment : P&I - 1351.04
Mortgage Insurance - 113.00
Property Tax - 375.00
HOA? - 50.00
Insurance - 75.00

Total - 1964/month


Total cash needed probably $15,000

BTW there is a way that you can get your PMI (Mortgage Insurance) from $113 to about $15/month if you are interested.
 
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Patton said:
If it helps, my parents bought their (our) house in Fairview Park for 125k back in 1982. I think it's worth about 200 now with all the improvements and the way that property value has gone up in the area.
Click to expand...

That's not very good. My house has doubled in 10 years.
 
Brock_Landers said:
Based on a $65,000 income you make $5400/ month before taxes. You would like your mortgage to be no more than 36% of your income if possible. THis is about $1950. I have no clue what % property taxes are in Cleveland but I am guessing 2%. If so this would be scenario ( I am estimating):

Base Price of house : $225,000 (5% down=$11,250)

Monthly Payment : P&I - 1351.04
Mortgage Insurance - 113.00
Property Tax - 375.00
HOA? - 50.00
Insurance - 75.00

Total - 1964/month


Total cash needed probably $15,000

BTW there is a way that you can get your PMI (Mortgage Insurance) from $113 to about $15/month if you are interested.
Click to expand...

holy shit. Of course I imagine a 200k house is a bit nicer out there than say.. Jersey. I'll have to call my Uncle and see how much his house is.

This is actually a good thread because I'm going to be saving and then moving to Ohio where I plan to buy a house. (near Columbus though)
 
Dual incomes is only bringing in $65K? Anyone coming out of college with a half-way decent degree should be making at least $40-50K by themselves...
 
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