Thinking of buying 2 homes – mortgage and taxes/insurance will cost roughly 36% of take home.

Currently I'm renting.

I've been looking at buying an inexpensive small home in the city I currently inhabit to live in year round. I also wish to purchase a nicer home in a different, more remote part of the state to use as a getaway until I retire in 25-ish years, at which point I'll sell the first house and move to the getaway year round.

Rough math puts mortgage/insurance/taxes at 36% of my current take home pay for both places.

My situation:

  • very secure job situation and not likely to move.
  • no debts whatsoever, not even a car note. This is unlikely to change.
  • I'm a tradesperson and will do nearly all home repairs myself.
  • a 457 and a state pension will augment my personal savings when I retire. Ss too I hope!
  • no children. I'm in my 30s and hopefully this won't change.
  • credit is 750+

These will be the first homes I've ever purchased. Can I pull this off or am I biting off way more than I can chew?

More real estate tips at Program Realty Wix site


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