$330k income - house buying

[Anonymous]

Anonymous wrote:I can't tell from the original post whether OP has already fully funded 401k and 529s or is just planning to do that based on future income. If the former, fine; if the latter, bad idea. Cost of child care, extracurriculars, home upkeep, rainy day fund, etc, will make your mortgage payment a big squeeze.

Since you are both Feds, there is little risk of job loss now. But, at some point you may want to change jobs. That could mean more risk in the future.

All in all, I guess you could afford it- but why? What are you getting for 1.4 that you absolutely need vs 900k which gives you a lot more flexibility?

In close in hoods 1.4 is a modern home in good repair; 900 is a colonial with new paint.

You can move further out but I suspect they both work downtown, so that ilongrr commutes are much more burdensome

[Anonymous]

Anonymous wrote:I'd try to keep the mortgage under $750 to get the full tax deduction -- that gives you 1.15M to spend. That's plenty, tbh.

+1

[Anonymous]

That is too much to spend on a house at your salary.

[Anonymous]

We have the same HHI and bought a large (3,000 sqft) townhouse for $650K and put $100K into renovating it.

We would not have been able to afford the mortgage off of a $1.4M home, even after putting $400K down.

[Anonymous]

Anonymous wrote:We have the same HHI and bought a large (3,000 sqft) townhouse for $650K and put $100K into renovating it.

We would not have been able to afford the mortgage off of a $1.4M home, even after putting $400K down.

Where is this townhouse Rockville ?

[Anonymous]

Anonymous wrote:

Anonymous wrote:We are also two GS-15s with two kids and we spent $500k. I would be very uncomfortable spending $1.4m.

Where the heck do you live? Manassas??

Lorton. We bought almost 6 years ago and have done some updating since then. I'll caveat, that if we were to sell today, our house would sell for in the mid $700s.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We are also two GS-15s with two kids and we spent $500k. I would be very uncomfortable spending $1.4m.

Where the heck do you live? Manassas??

Lorton. We bought almost 6 years ago and have done some updating since then. I'll caveat, that if we were to sell today, our house would sell for in the mid $700s.

Okay, listen if homes go for $700k in BFE Lorton (which is a lovely neighborhood but REALLY FAR AWAY), what options do dual-GS15 have with a closer commute and good schools? I think they are spending st least a $1M, one way or the other (spend less close in but needs tons of work right away)

[Anonymous]

The OP said they "max out" college savings and retirement.

Why are so many posters assuming they have nothing put away for their kids' college educations>?

I'm assuming there is a rich grandparent in the picture if they already "maxed out" their kids college savings.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I can't tell from the original post whether OP has already fully funded 401k and 529s or is just planning to do that based on future income. If the former, fine; if the latter, bad idea. Cost of child care, extracurriculars, home upkeep, rainy day fund, etc, will make your mortgage payment a big squeeze.

Since you are both Feds, there is little risk of job loss now. But, at some point you may want to change jobs. That could mean more risk in the future.

All in all, I guess you could afford it- but why? What are you getting for 1.4 that you absolutely need vs 900k which gives you a lot more flexibility?

In close in hoods 1.4 is a modern home in good repair; 900 is a colonial with new paint.

You can move further out but I suspect they both work downtown, so that ilongrr commutes are much more burdensome

I am the quoted PP. You got me - I live in a painted 1942 colonial Sometimes I would like a newer home, but I prefer having the extra money to pay for other services to make my life easier. I suppose it just comes down to personal preference. But I think the OP is really pushing it here.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We are also two GS-15s with two kids and we spent $500k. I would be very uncomfortable spending $1.4m.

Where the heck do you live? Manassas??

Lorton. We bought almost 6 years ago and have done some updating since then. I'll caveat, that if we were to sell today, our house would sell for in the mid $700s.

Okay, listen if homes go for $700k in BFE Lorton (which is a lovely neighborhood but REALLY FAR AWAY), what options do dual-GS15 have with a closer commute and good schools? I think they are spending st least a $1M, one way or the other (spend less close in but needs tons of work right away)

Close in Silver Spring. Close in Tacoma Park.

For example, https://www.realtor.com/realestateandhomes-detail/520-Ashford-Rd_Silver-Spring_MD_20910_M54127-61743?view=qv

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We are also two GS-15s with two kids and we spent $500k. I would be very uncomfortable spending $1.4m.

Where the heck do you live? Manassas??

Lorton. We bought almost 6 years ago and have done some updating since then. I'll caveat, that if we were to sell today, our house would sell for in the mid $700s.

Okay, listen if homes go for $700k in BFE Lorton (which is a lovely neighborhood but REALLY FAR AWAY), what options do dual-GS15 have with a closer commute and good schools? I think they are spending st least a $1M, one way or the other (spend less close in but needs tons of work right away)

Close in Silver Spring. Close in Tacoma Park.

For example, https://www.realtor.com/realestateandhomes-detail/520-Ashford-Rd_Silver-Spring_MD_20910_M54127-61743?view=qv

Again that is $800 entry price and all these old homes have $$$$ repairs and maintenance even when freshly painted.

Plus, GS 4 for Northwood would be good schools??

[Anonymous]

I would be more comfortable at $1.2 million, so a 800k mortgage.

Our HHI is comparable but our PITI is $3,500. We could find an extra 2 or 3,000 a month, but I wouldn't want to be finding another $4500...

[Anonymous]

We have the same HHI and one kid, no debt, and maxing 401ks. We just bought for 850 in CCDC and have PITI of $3800. We're not super squeezed or anything but I def take my lunch to work and shop at Costco. You might be shooting too high, but we also budget for a trip abroad every year and might go private so took that into consideration.

We did buy a place on a big lot for the exact purpose of blowing out the back in the next five years or so, after daycare expenses are over and we've saved a bit more.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I'd try to keep the mortgage under $750 to get the full tax deduction -- that gives you 1.15M to spend. That's plenty, tbh.

+1

+1

We have the exact same HHI but $500k to put down, and our max budget is $1.2 mil.

[Anonymous]

Have to say theee are very impressive down payments!