Communal Living | Week 60
“Explore ideas that sound ridiculous because they might be right.” – Bryce Ward 6/25/2021
As a young man in my early 20s I’m preparing to take the next step of independence by purchasing a home of my own. Currently my pay is to build up my savings until 2022 so that way I can put out a higher down payment and reduce my monthly mortgage. Realistically I am looking for a 1 bedroom 1 bath starter home or if I am lucky a duplex to rent out. However I may have another option. My friend group has put forth the idea of living together to help build each other’s savings.
Can It Be Done?
In my home state of Washington a house with 6 bedrooms can easily reach half a million dollars however there are some affordable options. Ideally we would be looking at 6 bedroom duplexes or land with multiple units. As of this writing the best I have seen are within the $300,000 to $200,000 price range. Going off the worst case scenario of finding a duplex for $300,000 with a %20 down payment we would be looking at monthly payments of $1,200. That would mean that each of us would need to put forth $500 a month to cover the mortgage and any needed repairs. Sadly the housing market is very high in price and low in quality so anything on the low end is going to need repairs before moving in. With that said if everyone is able to secure stable employment and we are able to get the home loan it’s very possible that this could work.
Hey, thank you for reading this week’s post! I’m excited to move out into my first house next year! What was your experience buying your first house? Did you have roommates or did you go in alone? I would love to hear your story!