I want to buy my grandma's house, but it's probably way too much for me. Is there anything I can do?
My grandma is selling her house for $275k. She wouldn't go much lower than this as she will be needing to live off this money for the rest of her life. My boyfriend and I might be interested in buying the house if we could afford it. We make about $90k per year combined, and my bills are about $1k/month. We currently rent an apartment where I am paying half of the rent, at about $730 a month. Is there any way I could afford this? And what loans would I need?
EDIT: yall made it very clear I cannot afford this house and that I need to do some research (that much I knew lol). Some helpful comments and some not, but I appreciate all the feedback. Some clarifying points: 1. The house isn't paid off. 2. I'm not super attached to this house, but i think it is a good first home. If I can afford it, awesome, if not then oh well. 3. Yes, the money from selling this house is enough for my grandma. She will be moving in with my mom and also receives SS. 4. I'm located in IL
Posted Apr 4, 2023, 12:27 AM UTC · edited