Need some guidance-looking for bigger house

[Anonymous]

Need some guidance as we are seeking bigger house closer to school and work. I make 375k a year-265k salary plus 110k cash and stock bonus. Spouse makes 170k

Our mortgage is 550k, 2.875% interest rate.
paying $90k a year in private school tuition and one with special needs. If we move, public may or may not work out.

Any guidance? We maxed out our 401k

Kids are in late middle and HS. How much more house can we afford or are we crazy to move given the tuition cost and current interest rate?

[Anonymous]

In this job market? Stay where you are

[Anonymous]

Why would you want a bigger house when your kids are almost out? We are in same position re: purchase price and interest rate except our combined HHI is $600-700/year and we wouldn’t even consider moving.

[Anonymous]

Your kids will be off to college in a few years and then the house won't seem so small. Stay put, renovate or redecorate or landscape to make it more comfortable for yourselves.

[Anonymous]

I keep saying the same comment to my wife about how things will seem smaller with kid in college after high school. But realistically they will be back for 4 months of the year. Even after college is pretty normal for adult kids to stay with parents for at least a few years.

We still can’t take ourselves into a bigger home though. Were are focusing on updating/fixing instead. I Just put in two new ToTo toilets last weekend.

[Anonymous]

Anonymous wrote:Need some guidance as we are seeking bigger house closer to school and work. I make 375k a year-265k salary plus 110k cash and stock bonus. Spouse makes 170k

Our mortgage is 550k, 2.875% interest rate.
paying $90k a year in private school tuition and one with special needs. If we move, public may or may not work out.

Any guidance? We maxed out our 401k

Kids are in late middle and HS. How much more house can we afford or are we crazy to move given the tuition cost and current interest rate?

If you have a child in HS, you don’t move them to a different school. They stay in private until they graduate unless they push for something different.

[Anonymous]

Anonymous wrote:Your kids will be off to college in a few years and then the house won't seem so small. Stay put, renovate or redecorate or landscape to make it more comfortable for yourselves.

+100

Echoing above and adding that you should declutter too. Your house will feel and be more spacious...which is your point, no?

[Anonymous]

You can’t afford more.

[Anonymous]

Anonymous wrote:You can’t afford more.

Agree

[Anonymous]

Anonymous wrote:Need some guidance as we are seeking bigger house closer to school and work. I make 375k a year-265k salary plus 110k cash and stock bonus. Spouse makes 170k

Our mortgage is 550k, 2.875% interest rate.
paying $90k a year in private school tuition and one with special needs. If we move, public may or may not work out.

Any guidance? We maxed out our 401k

Kids are in late middle and HS. How much more house can we afford or are we crazy to move given the tuition cost and current interest rate?

Agree with the others.. Wait until kids are out of HS (another 5 years). The RE industry is finally beginning to acknowledge that RE market is cracking at many places. There will be a downturn and it won't be pretty. Wait for the right opportunity. You will get one soon enough.

[Anonymous]

Pretty much your spouse’s entire income goes to private tuition.

[Anonymous]

Anonymous wrote:Pretty much your spouse’s entire income goes to private tuition.

Welcome to DMV! People prioritize private school tuition over real estate or future savings.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Your kids will be off to college in a few years and then the house won't seem so small. Stay put, renovate or redecorate or landscape to make it more comfortable for yourselves.

+100

Echoing above and adding that you should declutter too. Your house will feel and be more spacious...which is your point, no?

This.

More bang-for-the-buck here with hiring a designer and creating more of a dream home where they are now.

[Anonymous]

We'd love a bigger house too as ours is 1000 square feet but the financial freedom of not is worth it to us. Remember college is coming up and with two in college, its pricy. And, you also raise utilities, property insurance, repairs costs.

[Anonymous]

Anonymous wrote:In this job market? Stay where you are

This advice worries me a lot I am afraid something big is happening structurally that's not being captured by the BLS employment data. Are we entering a new era of less jobs? If yes this is a big deal because if we all stay put and don't look for higher paying and/or better jobs we will "europeanize" our economy and become like Europeans namely join a company at 23 and leave at 60 lol