$330k income - house buying

[Anonymous]

Anonymous wrote:

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??

I don't know what you mean by "entry price" in looking at a house that has modern bathrooms, a very functional kitchen, a roomy foyer and living spaces, a nice yard, and is walkable to downtown Silver Spring and Metro. I don't see any $$$ repairs based on the photos, either. Can you clarify what you mean by that?

I don't use Great Schools as a proxy for school quality, so "GS 4" means nothing to me. I do, however, know a lot of highly successful Northwood HS graduates and professional parents who are happy sending their kids there.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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??

I don't know what you mean by "entry price" in looking at a house that has modern bathrooms, a very functional kitchen, a roomy foyer and living spaces, a nice yard, and is walkable to downtown Silver Spring and Metro. I don't see any $$$ repairs based on the photos, either. Can you clarify what you mean by that?

I don't use Great Schools as a proxy for school quality, so "GS 4" means nothing to me. I do, however, know a lot of highly successful Northwood HS graduates and professional parents who are happy sending their kids there.

Have you ever been on a home inspection? I have never seen a new hot water heater or a new HVAC system in a house this old, they change it when they move in and then limp along till selling it. Then there are issues all over the place, like failing water shut off valves, ungrounded 3 prong outlets, not to mention lead paint and asbestos, and crummy attic insulation and leaky hvac ducts.

That's great that YOU don't care about GS scores, but most buyers do which impacts future appreciation, and yes as long as your kids stays in their narrow UMC lane at Northwood and avoids the general population they could be okay. But most GS15 families are strivers coming from modest means who want to use education as a stepping stone for their kids, not something they have to overcome -- they've likely already did that and know the limitations of that approach.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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??

I don't know what you mean by "entry price" in looking at a house that has modern bathrooms, a very functional kitchen, a roomy foyer and living spaces, a nice yard, and is walkable to downtown Silver Spring and Metro. I don't see any $$$ repairs based on the photos, either. Can you clarify what you mean by that?

I don't use Great Schools as a proxy for school quality, so "GS 4" means nothing to me. I do, however, know a lot of highly successful Northwood HS graduates and professional parents who are happy sending their kids there.

Out of curiousity, what DO you use as a proxy for school quality? Right now your answer is a couple of anecdotes...

[Anonymous]

OP only you can answer that. How much do you spend a month on your other expenses? If you are frugal then maybe you can get away with an 8k mortgage. But you might not save anything other than your 401k. You should be saving about 20% a year.

[Anonymous]

Buy in Cheverly for just over $400K and send your kids to private school.

[Anonymous]

Anonymous wrote:Buy in Cheverly for just over $400K and send your kids to private school.

That is daft to spending almost $700k on private ($30k x 12 x 2 kids) vs putting that $700k into housing where it is tax deductible and you recoup when you sell.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Buy in Cheverly for just over $400K and send your kids to private school.

That is daft to spending almost $700k on private ($30k x 12 x 2 kids) vs putting that $700k into housing where it is tax deductible and you recoup when you sell.

Not all private schools cost $30K.... Friends School is $20K and Elizabeth Seton is $14K.

And you aren't paying real estate taxes or increased insurance on a $1.4M house or the interest on a $700K loan, which would be ~$30K a year at the start.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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??

I don't know what you mean by "entry price" in looking at a house that has modern bathrooms, a very functional kitchen, a roomy foyer and living spaces, a nice yard, and is walkable to downtown Silver Spring and Metro. I don't see any $$$ repairs based on the photos, either. Can you clarify what you mean by that?

I don't use Great Schools as a proxy for school quality, so "GS 4" means nothing to me. I do, however, know a lot of highly successful Northwood HS graduates and professional parents who are happy sending their kids there.

Out of curiousity, what DO you use as a proxy for school quality? Right now your answer is a couple of anecdotes...

My kids are 20 and 17, so I'm past the stage of looking at schools (although I am looking at colleges, which presents a different kind of challenge).

WRT schools, off the top of my head, I first consider my individual kids and what I believe they need to thrive.

I look at the school community and whether there is a critical mass of like-minded parents and children whose goals are similar to ours.

I look at the PTA and how active it is, how involved the parent community is.

I look at the demographics and FARMS rate. I'm comfortable with a school that has a FARMS population roughly equal to the rate across MCPS, i.e. ~35%, and consider that together with other factors. (Northwood has more than that.)

In high schools, I look at course offerings and opportunities for "stretch" classes.

My older child, an Einstein grad, is at a highly-selective SLAC. My second child is at the Blair magnet and thriving.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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??

I don't know what you mean by "entry price" in looking at a house that has modern bathrooms, a very functional kitchen, a roomy foyer and living spaces, a nice yard, and is walkable to downtown Silver Spring and Metro. I don't see any $$$ repairs based on the photos, either. Can you clarify what you mean by that?

I don't use Great Schools as a proxy for school quality, so "GS 4" means nothing to me. I do, however, know a lot of highly successful Northwood HS graduates and professional parents who are happy sending their kids there.

Have you ever been on a home inspection? I have never seen a new hot water heater or a new HVAC system in a house this old, they change it when they move in and then limp along till selling it. Then there are issues all over the place, like failing water shut off valves, ungrounded 3 prong outlets, not to mention lead paint and asbestos, and crummy attic insulation and leaky hvac ducts.

That's great that YOU don't care about GS scores, but most buyers do which impacts future appreciation, and yes as long as your kids stays in their narrow UMC lane at Northwood and avoids the general population they could be okay. But most GS15 families are strivers coming from modest means who want to use education as a stepping stone for their kids, not something they have to overcome -- they've likely already did that and know the limitations of that approach.

Yes, I have been on a few home inspections. My circa 1952 house has posed no issues in this regard. It doesn't have "issues all over the place."

(psst - outlet are easy to switch out.)

Please provide a citation for your sweeping generalization about the background, motives, and priorities of "most GS15 families."

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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??

I don't know what you mean by "entry price" in looking at a house that has modern bathrooms, a very functional kitchen, a roomy foyer and living spaces, a nice yard, and is walkable to downtown Silver Spring and Metro. I don't see any $$$ repairs based on the photos, either. Can you clarify what you mean by that?

I don't use Great Schools as a proxy for school quality, so "GS 4" means nothing to me. I do, however, know a lot of highly successful Northwood HS graduates and professional parents who are happy sending their kids there.

Have you ever been on a home inspection? I have never seen a new hot water heater or a new HVAC system in a house this old, they change it when they move in and then limp along till selling it. Then there are issues all over the place, like failing water shut off valves, ungrounded 3 prong outlets, not to mention lead paint and asbestos, and crummy attic insulation and leaky hvac ducts.

That's great that YOU don't care about GS scores, but most buyers do which impacts future appreciation, and yes as long as your kids stays in their narrow UMC lane at Northwood and avoids the general population they could be okay. But most GS15 families are strivers coming from modest means who want to use education as a stepping stone for their kids, not something they have to overcome -- they've likely already did that and know the limitations of that approach.

Yes, I have been on a few home inspections. My circa 1952 house has posed no issues in this regard. It doesn't have "issues all over the place."

(psst - outlet are easy to switch out.)

Please provide a citation for your sweeping generalization about the background, motives, and priorities of "most GS15 families."

By broad consensus, Federal employees are generally risk adverse which is typical for those without a familial safety net.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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??

I don't know what you mean by "entry price" in looking at a house that has modern bathrooms, a very functional kitchen, a roomy foyer and living spaces, a nice yard, and is walkable to downtown Silver Spring and Metro. I don't see any $$$ repairs based on the photos, either. Can you clarify what you mean by that?

I don't use Great Schools as a proxy for school quality, so "GS 4" means nothing to me. I do, however, know a lot of highly successful Northwood HS graduates and professional parents who are happy sending their kids there.

Have you ever been on a home inspection? I have never seen a new hot water heater or a new HVAC system in a house this old, they change it when they move in and then limp along till selling it. Then there are issues all over the place, like failing water shut off valves, ungrounded 3 prong outlets, not to mention lead paint and asbestos, and crummy attic insulation and leaky hvac ducts.

That's great that YOU don't care about GS scores, but most buyers do which impacts future appreciation, and yes as long as your kids stays in their narrow UMC lane at Northwood and avoids the general population they could be okay. But most GS15 families are strivers coming from modest means who want to use education as a stepping stone for their kids, not something they have to overcome -- they've likely already did that and know the limitations of that approach.

Yes, I have been on a few home inspections. My circa 1952 house has posed no issues in this regard. It doesn't have "issues all over the place."

(psst - outlet are easy to switch out.)

Please provide a citation for your sweeping generalization about the background, motives, and priorities of "most GS15 families."

By broad consensus, Federal employees are generally risk adverse which is typical for those without a familial safety net.

Is this supposed to be a citation?

[Anonymous]

We are a GS 15 and an SES, HHI around 350K. We have a house worth 1.4M and a $5500/month PITI. We have two kids (a tween and a teen) in our good public schools. We spend about $40K/year on activities, camp, travel, tickets (sport and theater), etc. We max retirement and have a plan to pay for college but no way would I take on a 7K/month mortgage.

[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)

LOL have you see the new home construction prices in Lorton lately? Most new homes are 1 acre Lots and north of $1M starting price (NVP/Christopher Companies/Integrity Homes). Lorton has become hot in recent years due to accessiblity to VRE/95/123/FFX PKWY! The amount of traffic that passes each way on 123 is unreal.

[Anonymous]

Anonymous wrote:

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??

Not for nothing, but that house is really nice for a colonial. That master bathroom with the marble vanity and the subway tile in the shower is really nice for that price point. The light fixture in the dining room is a nice touch and the blue paint in the kitchen is a risky choice that paid off well. You don't see colonials with tasteful renovations like these all the time (see most colonials in Arlington).

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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??

Not for nothing, but that house is really nice for a colonial. That master bathroom with the marble vanity and the subway tile in the shower is really nice for that price point. The light fixture in the dining room is a nice touch and the blue paint in the kitchen is a risky choice that paid off well. You don't see colonials with tasteful renovations like these all the time (see most colonials in Arlington).

Agree, and it is very well-located for walking to downtown Silver Spring and Metro, getting to the Beltway in minutes, and commuting to downtown DC. It's also a quick trip to Bethesda and Takoma Park from that location.

I can't imagine choosing Lorton, VA over this location, if I had a commute to downtown DC. No way.