Turning 30 and making the right decision with my savings and purchasing home
I just turned 30, I have a job which paying me 0k in Los Angeles, I have zero debt, excellent credit score and k in my bank account. I am single and I am paying more than 30% in income tax (state and federal). My goal is buying a house/apartment no later than fall 2016. I am planning to put down k for a 0k property. I am contributing 6% into my 401(k). I have no knowledge about stock and investments.
In my mind I have the following options:
Keep my debt zero, save around 2800 per month, and buy a property in fall 2016.
Invest my k somewhere and make that money generates some money and buy property fall 2016.
Buy a smaller, cheaper property now with the k and pay private mortgage insurance (PMI).
So what would be the best approach to reach my property-buying goal? Or any other advice would be much appreciated.
(1)1 Comments
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I love the idea of #1 , keep that going.
I don't think #2 is very realistic. Given the short time frame putting money at risk for a higher yield may not work in your favor. If it was me, I'd stick to a "high interest" savings account (around 1%).
I don't mind #3 either, however, I'd be socking whatever you could to mortgage principle so you can get out of PMI sooner rather than later. That would be my top priority. Given the status of interest rates, you may end up saving money in the long run. I doubt it, but you may.
If you choose to go with #3, don't settle for a house that you really don't like. Get something that you want. Who knows it may take you a year or so to find something!
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