Wife and I make $215k, she wants to buy $925k house
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Date: January 23rd, 2018 8:15 PM Author: stirring set hominid
We have $720k saved up, mostly in stocks.
It comes with a garden-level apartment that could rent out for $1400/month.
(http://www.autoadmit.com/thread.php?thread_id=3868869&forum_id=2#35221323) |
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Date: January 23rd, 2018 8:30 PM Author: embarrassed to the bone angry garrison toaster
so you've got about $740,000 mortgage there
assuming 30 year mortgage at 4.3% (estimate), that is $3,662.05 per month.
$3,662.05 minus $1400 for the garden apartment = $2262 (EDIT - you will be paying monthly taxes and insurance of a couple hundred bucks extra each month FYI)
Extremely doable for a couple making $215k a year. Probably a nice house too. I'm jealous.
(http://www.autoadmit.com/thread.php?thread_id=3868869&forum_id=2#35221474) |
Date: January 23rd, 2018 8:16 PM Author: nubile international law enforcement agency market
@realdonaldtrump- 2m ago:
She said she wanted a 900k house on a 200k income. I said no!
(http://www.autoadmit.com/thread.php?thread_id=3868869&forum_id=2#35221334) |
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Date: January 23rd, 2018 8:19 PM Author: stirring set hominid
We live like paupers, mostly because we fear COL will only go up in our area and we'll be priced out.
$140k take-home
-$18k rent
-$25k other expenses
----------------
Save like $97k/year
(http://www.autoadmit.com/thread.php?thread_id=3868869&forum_id=2#35221376) |
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Date: January 23rd, 2018 8:20 PM Author: stirring set hominid
? the garden apt is completely separate.
but yeah, no nude sunbathing in backyard.
wouldn't be possible anyway even without a garden apartment, bc it's an urban neighborhood
(http://www.autoadmit.com/thread.php?thread_id=3868869&forum_id=2#35221385) |
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Date: January 23rd, 2018 8:25 PM Author: amber meetinghouse factory reset button
how much is your current rent?
how much is it to rent a place comparable to the house?
do you need a place comparable to the house?
(http://www.autoadmit.com/thread.php?thread_id=3868869&forum_id=2#35221437)
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Date: January 23rd, 2018 10:07 PM Author: amber meetinghouse factory reset button
well done. $215k and living on $18000 rent is admirable.
it's put you into a position to consider overspending for housing.
i don't like buying a house so expensive under these circumstances, but if this is the house you intend to retire in, then it's probably doable.
how old are you both? how safe are the jobs? you know you are one less job away from being foreclosed upon if you get such an expensive house vs being able to live where you are at indefinitely even without a single income
edit. i forgot about the rent out apartment. that makes it a much more viable option
(http://www.autoadmit.com/thread.php?thread_id=3868869&forum_id=2#35222465)
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Date: January 23rd, 2018 10:13 PM Author: stirring set hominid
thanks mang. one of the reasons we've been supersaving is because future rents/prices in the area we live in are so uncertain. market rents have gone up like 10% year-over-year for the last 10 years. and house prices have gone up 20% just in the last year.
"how old are you both? how safe are the jobs? you know you are one less job away from being foreclosed upon if you get such an expensive house vs being able to live where you are at indefinitely even without a single income"
I'm 31, wife is 28. my job is probably pretty safe, but hers is in a cyclical industry. yeah, good point about what happens if there's a recession and we lose a job--we've discussed it.
i mean, all in as long as my job is safe i think we could afford it without dipping into savings. if i lose my job, we'd probably have to dip into savings, but we have almost $720k saved up. but if there's a recession that $720k is gonna only be like $500k (it's invested in index fund ETFs)
(http://www.autoadmit.com/thread.php?thread_id=3868869&forum_id=2#35222510) |
Date: January 23rd, 2018 8:48 PM Author: soul-stirring glassy point
For me, one of the main purposes of home ownership is security and privacy.
I can't imagine paying $1 million and having a random living on my property 365 days a year.
(http://www.autoadmit.com/thread.php?thread_id=3868869&forum_id=2#35221667) |
Date: January 24th, 2018 12:30 AM Author: bistre locus sneaky criminal
Alternative question based on OP:
What's the ideal price of a home for couple making $215K (before taxes)?
$720K in savings is substantial. I'd say they can definitely afford the house. Aside from the down payment, if they didn't want to dip into their savings, if they rent out the room at $1400/mo and save $97K/yr, they could pay the house off, they could pay it off in 7 yrs.
(http://www.autoadmit.com/thread.php?thread_id=3868869&forum_id=2#35223554)
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