3 ms·

There are better reasons for spending $30,000. For example, a down payment for a home :)

by SilentM68 2y ago

sigmoid10 2y ago
*looks at downpayment for average home in local area Yeah, that's not going to do it. By, like, an order of magnitude.
- julianeon 2y ago
  I couldn't even put a down payment on an apartment/condo for that amount in my area.
seventyone 2y ago
for a standard 20% downpayment so you aren't screwing yourself over so badly on your mortage, $30,000 only works if your house somehow magically only costs $150,000. Good luck finding that in this market. These days your downpayment needs to be closer to $100k.
- popcalc 2y ago
  >your house somehow magically only costs $150,000 The rest of the world outside the US exists? 150K gets you a very nice studio/loft in a brick building in central Budapest/Krakow/Belgrade.
SeanAnderson 2y ago
lol. The 1bd house I'm renting in SF is on Zillow for $1M. I wish $30k was a down payment.
mrweasel 2y ago
I'm in Denmark, the country with a 150% tax on new cars. I think there's still a discount on electrics though. $30.000 is a lot, I know it's a luxury car, but a new model 3 is still "only" 50.000USD. The discount simply isn't high enough and $30.000 is more than I would want to spend on a new car anyway. I can get a Hyundai i10 for $20.000 which functionally does the exact same thing for me. Sadly it's not electric.
anonymousiam 2y ago
Not sure how it is today, but when I bought my first home in 1996, I needed to come up with 20% down in order to avoid wasting my money on PMI. PMI only benefits the lender, and the cost cannot be deducted as part of your mortgage interest tax credit. So if the same requirement still exists today, you can get a $150k house with 20% down for your $30k. Depending upon where you live and what you want, this may or may not be a realistic plan. https://www.investopedia.com/mortgage/insurance https://www.investopedia.com/mortgage/insurance
science4sail 2y ago
You can live in a car, but you can't drive a house :)

There are better reasons for spending $30,000. For example, a down payment for a home :)

sigmoid10 2y ago

*looks at downpayment for average home in local area Yeah, that's not going to do it. By, like, an order of magnitude.

julianeon 2y ago
I couldn't even put a down payment on an apartment/condo for that amount in my area.

seventyone 2y ago

for a standard 20% downpayment so you aren't screwing yourself over so badly on your mortage, $30,000 only works if your house somehow magically only costs $150,000. Good luck finding that in this market. These days your downpayment needs to be closer to $100k.

popcalc 2y ago
>your house somehow magically only costs $150,000 The rest of the world outside the US exists? 150K gets you a very nice studio/loft in a brick building in central Budapest/Krakow/Belgrade.

SeanAnderson 2y ago

lol. The 1bd house I'm renting in SF is on Zillow for $1M. I wish $30k was a down payment.

mrweasel 2y ago

I'm in Denmark, the country with a 150% tax on new cars. I think there's still a discount on electrics though. $30.000 is a lot, I know it's a luxury car, but a new model 3 is still "only" 50.000USD. The discount simply isn't high enough and $30.000 is more than I would want to spend on a new car anyway. I can get a Hyundai i10 for $20.000 which functionally does the exact same thing for me. Sadly it's not electric.

anonymousiam 2y ago

Not sure how it is today, but when I bought my first home in 1996, I needed to come up with 20% down in order to avoid wasting my money on PMI. PMI only benefits the lender, and the cost cannot be deducted as part of your mortgage interest tax credit. So if the same requirement still exists today, you can get a $150k house with 20% down for your $30k. Depending upon where you live and what you want, this may or may not be a realistic plan. https://www.investopedia.com/mortgage/insurance https://www.investopedia.com/mortgage/insurance

science4sail 2y ago

You can live in a car, but you can't drive a house :)