Prospective first-time homeowner: seeking advice on down payment and overall price

Background: Single, no kids, over 30 years old, live in a large Ohio city, government worker on a $74k yearly salary, plan to stay at my secure place of employment for the rest of my career, don’t expect many raises other than cost of living, but if I end up in a management position maybe a $15-25k yearly bump, $200k in savings, minimal student loan debt left, no other debts (car fully paid off), near-perfect credit score, fairly frugal.

For the past several months, I’ve been looking at houses with $200-250k asking prices. Most have been disappointments when viewed in person. The one that was the best maintained ended up selling for $80k+ over asking. (I bid 40k over asking).

Should I start looking at houses priced closer to 300k since I prefer something turnkey? And, should I make a large down payment or keep a lot in savings?

Also not sure whether to factor into the price the fact that my brother and I stand to inherit $700-800k when my widowed father eventually passes away. He wants to live with me as opposed to a retirement community or assisted living.

submitted by /u/Frosty_Literature286
[link] [comments]

Background: Single, no kids, over 30 years old, live in a large Ohio city, government worker on a $74k yearly salary, plan to stay at my secure place of employment for the rest of my career, don’t expect many raises other than cost of living, but if I end up in a management position maybe a $15-25k yearly bump, $200k in savings, minimal student loan debt left, no other debts (car fully paid off), near-perfect credit score, fairly frugal. For the past several months, I’ve been looking at houses with $200-250k asking prices. Most have been disappointments when viewed in person. The one that was the best maintained ended up selling for $80k+ over asking. (I bid 40k over asking). Should I start looking at houses priced closer to 300k since I prefer something turnkey? And, should I make a large down payment or keep a lot in savings? Also not sure whether to factor into the price the fact that my brother and I stand to inherit $700-800k when my widowed father eventually passes away. He wants to live with me as opposed to a retirement community or assisted living. submitted by /u/Frosty_Literature286 [link] [comments]

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