Anonymous
Anonymous asked in Business & FinanceRenting & Real Estate · 2 months ago

Real estate question ?

So I’m curious my house would sell for about $285,000, and there’s some nice houses that are $350,000 would it be possible to get it with a loan? How does that work? Also would renting for $2,500 a month be good? What’s a good renting price and is it worth it to rent? Also what is about the most expensive house I could get, and what’s the a good realistic price. Thanks! (Also I’m a teen so I don’t know much about this stuff) 

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  • 2 months ago
    Favourite answer

    Houses can cost very different amounts in different parts of the country.  $385,000 would get you a mansion in some places, but in New York or Los Angeles you couldn't even get a starter house for that.

    Did you ever hear of zillow.com?  It's a website that has every house in the US in it.  You can put in a city and a price range and it will find every house in that range.  You can even look at houses that aren't for sale, but there isn't as much information about them (but Zillow estimates their price and monthly rental price).

    Also if you see a house you like, you can look it up and see what it's worth, and look at similar houses in the neighborhood.

    I do this a lot myself, it's gotten to be almost a hobby.  I travel around the US a lot and I see nice places and wonder what it would cost to live there. I was in Coeur d'Alene, Idaho, last summer and I just fell in love with the place.  Not what I expected at all.  You could buy a pretty nice place there for $350k.

    It's VERY easy to get a loan for a house if you put at least 20% down.  You can't run off with the house, the bank can always come and take it back, so it's low risk for them.  When we bought our house I had never been in debt in my life so I had no credit rating.  But still no trouble borrowing the money.  If you sold a house for $250k and put $200k down on a $350k  house, you could get a really good rate because you already own so much of the house. (Actually, all rates are very low these days.)

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  • 2 months ago

    How much you can borrow depends on what you make. What is a good price for a home or for rent depends on where you are and the size of the place.

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  • Anonymous
    2 months ago

    Worry about teen things kid.

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  • Anonymous
    2 months ago

    Unlikely since you are a teen.

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  • Anonymous
    2 months ago

    NO, it's not possible for you to get a loan for a $350K house.

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