Where to live... new baby and eventually new jobs

[Anonymous]

I think you are stretching with your budget. We have the same salary and our house is 600k ( not SF, DC suburb) House ownership is really expensive, something always has to get fixed, this is going to be specially true if you buy am older house.

[Anonymous]

Anonymous wrote:I think you are stretching with your budget. We have the same salary and our house is 600k ( not SF, DC suburb) House ownership is really expensive, something always has to get fixed, this is going to be specially true if you buy am older house.

If things get really expensive, our parents said they can take out a HELOC and loan us money and then we’ll pay them back.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I think you are stretching with your budget. We have the same salary and our house is 600k ( not SF, DC suburb) House ownership is really expensive, something always has to get fixed, this is going to be specially true if you buy am older house.

If things get really expensive, our parents said they can take out a HELOC and loan us money and then we’ll pay them back.

This is such a bad idea. I'm not surprised you're making such a bad decision - e.g., buying a $1.1m house with $100k down on your income - with parents who would make such an offer.

Go to this thread, and multiply the costs by a factor of 5, to get a realistic assessment of what home repairs cost in the Bay Area. It will also give you some insight into how quickly your parents will be taking out that HELOC. Tell them to apply now.

https://www.dcurbanmom.com/jforum/posts/list/855462.page

The home repairs will keep coming every year.

[Anonymous]

You can afford a townhouse not a SFH unless your willing to move far far out. Keep your budget to under $900k based on your salary. Try Alamo.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I think you are stretching with your budget. We have the same salary and our house is 600k ( not SF, DC suburb) House ownership is really expensive, something always has to get fixed, this is going to be specially true if you buy am older house.

If things get really expensive, our parents said they can take out a HELOC and loan us money and then we’ll pay them back.

You’re an adult right? Learn to live within your meAns.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I think you are stretching with your budget. We have the same salary and our house is 600k ( not SF, DC suburb) House ownership is really expensive, something always has to get fixed, this is going to be specially true if you buy am older house.

If things get really expensive, our parents said they can take out a HELOC and loan us money and then we’ll pay them back.

You’re an adult right? Learn to live within your meAns.

Whatever. Everyone of our friends had their parents basically buy them a home. Adults who aren’t tech bro’s either have family help or leave. That’s the reality here.

[Anonymous]

So to change tact, folks with entry level salaries and no family help: did you buy or rent and where??

[Anonymous]

SF Native here.

As in I was born and raised in SF City proper. Not “The Bay Area”.

You and your DH are insane to take out that kind of debt for a housing bubble that WILL burst.

You work at a start up. SF is on like round 5 of boom/bust for startups. Your job could be gone tomorrow.

Your husband, who works for a old line tech, could also be unemployed tomorrow due to the pull back of VC and crazy overvaluation of companies.

This is a bad plan.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I think you are stretching with your budget. We have the same salary and our house is 600k ( not SF, DC suburb) House ownership is really expensive, something always has to get fixed, this is going to be specially true if you buy am older house.

If things get really expensive, our parents said they can take out a HELOC and loan us money and then we’ll pay them back.

You’re an adult right? Learn to live within your meAns.

Whatever. Everyone of our friends had their parents basically buy them a home. Adults who aren’t tech bro’s either have family help or leave. That’s the reality here.

You don’t sound entitled at all.

If you already have mommy and daddy as your back-up plan why are you asking for advice?

[Anonymous]

Anonymous wrote:Right now we both work on downtown SF, DH is in sales at an old line tech company and I’m a project manager for a startup.

New baby is one, we are looking to buy our first place

Salary is $100k for me, $150k DH so total is $250k and we hope his income rises as he climbs sales rank.

We have $100k DP, and approved for $1.1M loan. Maybe we can borrow from an IRA for a little more.

We are going public for schools, probably will have a second.

We want a SFH b/c we love entertaining and outdoor space, don’t mind old.

Long term plan is to find a place we love, family friendly, good schools, etc and then find jobs closer to home.

We make 20K less than you in the DC area and had $100K for a downpayment and we bought a house for $550k. So yeah I'd say you're WAY stretching.

[Anonymous]

Anonymous wrote:SF Native here.

As in I was born and raised in SF City proper. Not “The Bay Area”.

You and your DH are insane to take out that kind of debt for a housing bubble that WILL burst.

You work at a start up. SF is on like round 5 of boom/bust for startups. Your job could be gone tomorrow.

Your husband, who works for a old line tech, could also be unemployed tomorrow due to the pull back of VC and crazy overvaluation of companies.

This is a bad plan.

NP here. You should listen to Scott Galloway. He is disdainful of many of the tech companies, but recognizes that most large tech companies are essentially monopolies and it’s clear antitrust is not on the docket.

Google and FB will continue acquihiring and VC will continue providing them supply.

There is no true bubble, and everyone wants to live in the Bay Area b/c everywhere else has lower paying jobs and cruddy weather.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Right now we both work on downtown SF, DH is in sales at an old line tech company and I’m a project manager for a startup.

New baby is one, we are looking to buy our first place

Salary is $100k for me, $150k DH so total is $250k and we hope his income rises as he climbs sales rank.

We have $100k DP, and approved for $1.1M loan. Maybe we can borrow from an IRA for a little more.

We are going public for schools, probably will have a second.

We want a SFH b/c we love entertaining and outdoor space, don’t mind old.

Long term plan is to find a place we love, family friendly, good schools, etc and then find jobs closer to home.

We make 20K less than you in the DC area and had $100K for a downpayment and we bought a house for $550k. So yeah I'd say you're WAY stretching.

Well there are no houses for $600k in bay area. Some crappy 60s condos with high fees and dubious appreciation( at least a house will likely appreciate with our move up dream home.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I think you are stretching with your budget. We have the same salary and our house is 600k ( not SF, DC suburb) House ownership is really expensive, something always has to get fixed, this is going to be specially true if you buy am older house.

If things get really expensive, our parents said they can take out a HELOC and loan us money and then we’ll pay them back.

You’re an adult right? Learn to live within your meAns.

Whatever. Everyone of our friends had their parents basically buy them a home. Adults who aren’t tech bro’s either have family help or leave. That’s the reality here.

You don’t sound entitled at all.

If you already have mommy and daddy as your back-up plan why are you asking for advice?

They are an extreme backup plan, like one of us loses their job or we need a new roof before we rebuild savings.

They aren’t part of the day to day plan of how we afford a home. But no one our age is buying homes with mom and dad, everyone who can’t moves away.

[Anonymous]

We make slightly more than you and no way would we spend that much on housing especially knowing the cost of repairs out there.

[Anonymous]

Also your jobs are not that secure and assuming your dh will climb sales rank is a risky assumption.