Expert: Hans Weber, Licensed Broker Associate - 2/1/2011

Question
I am a pastor.  I may be taking a new charge in PA.  It will involve purchasing a house.  Houses in the area cost from $60,000 to $275,000.  I am about 6 years from retirement and hope that we could buy a house and retire in it.  I will make about $50,000 a year and if needed could put $50-60k down.  I have no idea about whether we should go cheap or expensive or how much we could afford or should put down.  Can you offer any help?

Answer
Hello Dan,

Thank you for your questions.


It seems like there are several options for you.

First get a mortgage preapproval.  You can do this free of charge over the phone with CBMortgage at 8884213812.  This will show you how much you can afford and what it will cost you every month.

Next you need to determine what features you want/need in a house at this time and then determine the price range for that type of house.  Of course you can add and delete needs as you look at houses until you find the right combination that fits your price range.  You can choose to live a Spartan life and pay as little as possible or splurge.  In six years prices will have rebounded, interest rates will be higher so your investment in a house will be worth more.  A more expensive home would appreciate more proportionately.

Next decide if you will be staying in this home beyond retirement or relocating elsewhere.  That may change your needs in the long run and they would need to be addressed when buying now.

If you need a Realtor to help you in the search process I can refer you to someone.  Just tell me where you are looking to relocate to and give me you contact info.

Good luck with your move!

Hans