Looking for some general advice about buying my first house.
Well, I think it is time for me to buy my own place. I'm not really getting along with my roommates and my bankroll exceeds my means (my rent is $300 [img]/images/graemlins/smile.gif[/img]). So I've decided that I will definitely be purchasing some sort of house or condo once I get back from the Aussie Millions.
I actually looked at some places last year but didn't actually pull the trigger (which was good because I had underestimated how much taxes would be and I overestimated how much I could afford). I've learned a lot since then and this is what I've come up with:
1) I think spending anywhere from 150-180k on at least a 2 bedroom townhouse (3 preferred, maybe a house but I doubt that).
2) I plan on putting 10% down (so that I don't freak out if I hit an enormous, catastrophic downswing). I know I should be trying to avoid PMI but I'm not entirely concerned about it.
3) I will not have any roommates, but one room will be a dedicated office space (that I can write off).
4) I think my ideal strategy for paying off the house will be through cash games, while my tournament winnings will go toward my bankroll. For instance, I'd MUCH rather play a highly beatable game ($1/2 or 2/4NL online) and make $5k/month to put toward a double mortgage payment and living expenses than worrying if I have a losing month at tournaments, which, of course, is very possible.
I obviously have at least a few years worth of living expenses put away as well, which will help. There are a LOT of places for sale in Pittsburgh so I think the market is good at the moment (and could be better in 2 months when I actually search). Lots of new construction and all 'aht.
One thing that I forgot to mention is that as far as I know I'm not eligible for any first home buyer deals because my income last year was too high (I think your household income has to be ~60k or so to be eligible). Am I wrong about this?
Any other considerations? I'm just looking for some general advice. I truly appreciate any help or advice you guys can give me.
PZ,
IWEARGOGGLES
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