Buying a historic house
Owning a historic home can be rewarding, but it comes with a unique set of challenges.
Michele Petry is a senior editor for Bankrate, leading the site’s real estate content since January 2022. Before joining Bankrate she was a writer and editor for StreetEasy, Zillow’s New York City real estate site. Before that, she amassed 20 years of experience on staff at national magazines, honing her skills editing home-based content at House Beautiful, Elle Decor and Veranda (among other titles). Michele earned her journalism degree from Syracuse University’s Newhouse School of Public Communications and is a member of the Society for Advancing Business Editing and Writing (SABEW) and the National Association of Real Estate Editors (NAREE). She lives in Manhattan.
Buying your first home is scary, stressful and thrilling all at once. I couldn’t believe a bank was willing to lend a young, clueless me what seemed at the time like SO. MUCH. MONEY. The fact that it was a New York City co-op apartment, with all the esoteric rules and nerve-racking interviews that includes, made it even more surreal. I know firsthand how important it is to have a knowledgeable real estate agent to guide you through the journey — mine specialized in my neighborhood, knew the building I was buying in specifically, and saved me from making a million naive missteps. I’m happy to use my experience and skills to help others achieve their real estate dreams.
Hire a real estate attorney for any home sale or purchase, even if your state doesn’t require you to. The contracts are complex, and the stakes are high — it’s worth the extra cost to make sure everything is legally buttoned-down.
— Michele Petry
Buyers making $140K should be able to afford a home in most any market.
An annual income of $60,000 will limit your options in most markets.
Housing prices in the Lone Star State vary greatly depending on whether you’re in a big city or a rural area.
California is one of the most populous — and expensive — states in the country. Its housing market is complex.
Atlanta’s population is growing, and so are its home prices.
Can you afford to buy a home with an income of $70,000?
An income of $130K can buy a home well above the national median price.
How much house can this relatively high income comfortably buy you?
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