1.3M SFH

[Anonymous]

Thanks for the advice, you’re right. I will definitely think carefully about it.

[Anonymous]

I make $250k, mortgage balance is $400k with $2700/month mortgage. 15% goes towards saving and investing. I have a $10k roof loan and no car payments. As a family of 5, we have little to no cash flow each month.

Buying a $1.m+ home on $200k is absolutely insane.

[Anonymous]

Anonymous wrote:Single mom is better off in a town home. It takes a lot of work to maintain a SFH. A LOT!!! If you must pay for everything (mowing, fertilization, aeration, potentially irrigation expenses, leaf collection, mulching, tree and shrub service, pest control subscription, gutter cleaning, occasional landscaping and so many more) it will cost you a lot of money to keep it up. Living in a SFH for someone on a fixed salary (and no silver spoon in mouth or trust in their name), takes a lot of money after the monthly mortgage and taxes are paid up.

You don't need most of this. In fact, a lot of it is actively harmful to the soil. To the extent OP wants to do some or all of this, 90% can be done herself for the cost of supplies. I cut my own grass, leaf blow, fertilize, and trim the shrubs. I'm a woman. It's not that hard.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Single mom is better off in a town home. It takes a lot of work to maintain a SFH. A LOT!!! If you must pay for everything (mowing, fertilization, aeration, potentially irrigation expenses, leaf collection, mulching, tree and shrub service, pest control subscription, gutter cleaning, occasional landscaping and so many more) it will cost you a lot of money to keep it up. Living in a SFH for someone on a fixed salary (and no silver spoon in mouth or trust in their name), takes a lot of money after the monthly mortgage and taxes are paid up.

You don't need most of this. In fact, a lot of it is actively harmful to the soil. To the extent OP wants to do some or all of this, 90% can be done herself for the cost of supplies. I cut my own grass, leaf blow, fertilize, and trim the shrubs. I'm a woman. It's not that hard.

Agree, that’s a silly response

[Anonymous]

This is how people get in trouble. They make really dumb decisions in life.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Single mom is better off in a town home. It takes a lot of work to maintain a SFH. A LOT!!! If you must pay for everything (mowing, fertilization, aeration, potentially irrigation expenses, leaf collection, mulching, tree and shrub service, pest control subscription, gutter cleaning, occasional landscaping and so many more) it will cost you a lot of money to keep it up. Living in a SFH for someone on a fixed salary (and no silver spoon in mouth or trust in their name), takes a lot of money after the monthly mortgage and taxes are paid up.

You don't need most of this. In fact, a lot of it is actively harmful to the soil. To the extent OP wants to do some or all of this, 90% can be done herself for the cost of supplies. I cut my own grass, leaf blow, fertilize, and trim the shrubs. I'm a woman. It's not that hard.

Single mom on half an acre. It is hard when you are also single handedly responsible for everything else and two kids, and some of it requires physical strength I don’t have or (pest control) health risks I won’t take. I do my own gutters, leaf blow, shovel, and trim hedges but it takes ALOT of time and still have to pay for equipment. I still pay to outsource arborist, lawn mowing in summer, heavy digging, significant snow removal, junk/debris removal, hedge trimming requiring ladders, pest control and anything else requiring chemicals. It’s thousands a year.

OP won’t even be able to afford furniture.

[Anonymous]

When we first started looking 25 years ago we were approved for $400k we spent $200k. Just because you are approved for a certain amount doesn't mean you should use it all or most of it. The bank wants you to use it all, they make more money, your agent wants you to use it all they make more money, you should be wise and not spend and then you make money.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Single mom is better off in a town home. It takes a lot of work to maintain a SFH. A LOT!!! If you must pay for everything (mowing, fertilization, aeration, potentially irrigation expenses, leaf collection, mulching, tree and shrub service, pest control subscription, gutter cleaning, occasional landscaping and so many more) it will cost you a lot of money to keep it up. Living in a SFH for someone on a fixed salary (and no silver spoon in mouth or trust in their name), takes a lot of money after the monthly mortgage and taxes are paid up.

You don't need most of this. In fact, a lot of it is actively harmful to the soil. To the extent OP wants to do some or all of this, 90% can be done herself for the cost of supplies. I cut my own grass, leaf blow, fertilize, and trim the shrubs. I'm a woman. It's not that hard.

However, it is fair to say that you can spend 1% or more of your home's value in annual maintenance. You have to have monthly cushion to account for this or you'll find yourself in a world of hurt.

[Anonymous]

Anonymous wrote:Single mom is better off in a town home. It takes a lot of work to maintain a SFH. A LOT!!! If you must pay for everything (mowing, fertilization, aeration, potentially irrigation expenses, leaf collection, mulching, tree and shrub service, pest control subscription, gutter cleaning, occasional landscaping and so many more) it will cost you a lot of money to keep it up. Living in a SFH for someone on a fixed salary (and no silver spoon in mouth or trust in their name), takes a lot of money after the monthly mortgage and taxes are paid up.

Np here and 100% agree! Having moved from a townhome to a single family home as our family grew, there are sooo many more expenses in a single family home. Also , in that price range, you’ll be getting an older home with an older home which is likely have a lot of issues and require a lot of maintenance.
I’d definitely go for a newer townhome in your situation.

[Anonymous]

Anonymous wrote:Hi, I have about 600K saved up and would like to buy a house. I am a single mom of 2 young elementary school kids, currently living at my parents place (paid off) in Arlington. The houses I’m looking at in Langley school district are around $1.1-1.4M range, townhouses and SFH. I make $200K and have been pre approved for 1.45M with 5.25 ARM rate for 5 years. Do you think I should put down all my money or just 20%, obviously putting down a bigger chunk will lower my monthly payment. Or should I just put down 20%? The SFH are in the 1.3 to 1.4M range, is that stretching it (about 7-8K) monthly payment. I don’t have any other debts. I have it all currently invested in a brokerage account.

I thought we learned our lesson with ARMs in 2009? No to this

[Anonymous]

Anonymous wrote:A 1M mortgage is 5x your income. We were always told 3x should be the max. I would personally stay closer to 600k max. I’d put down as much as you can afford while still setting aside an emergency fund. You don’t want to be in a bind if your HVAC goes or you need a new roof. Or you get laid off.

Op, these blanket rules of thumb assume a certain rate environment. I would use take home pay and compare it to the mortgage payment using these multipliers. Remember that taxes can change every year

[Anonymous]

Anonymous wrote:

Anonymous wrote:Idk 🤷‍♀️

Dear GOD!!!!! You are an idiot. Preapproved for 1.4 M means that you earn enough to pay the mortgage on an 1.4M house so the bank will give you that amount of loan.

It also assumes that you will not save for emergency, not for school, not for college, not for retirement, not for groceries,childcare, braces, winter coats, milk, toilet paper etc - and pay the entire amount you make for mortgage.

That is what it means. What work do you do that pays you $200K? Because it does not seem like it required a college degree. How did you end up being a single mom of 2 kids?

This is a bit uncalled for. We don’t know where she came from and if she even grew up in a house

[Anonymous]

We live in Langley pyramid. I would not recommend moving here on that income unless you come from family money.

200k isn’t enough to maintain that mortgage. Assume you will need some childcare. Activities cost money.

[Anonymous]

It is hard to believe that someone with the wherewithal to save $600k and choose to live with their parents would consider taking on a risky mortgage for half their gross earnings.

Absolutely they can afford a nice home, but not at that price point. I would want a PITI at 4K/month as a max with substantial money kept aside for emergencies.

[Anonymous]

Haven’t read everything. OP you need to look at your annual budget and see how much you spend and whether there is space for the mortgage plus insurance plus taxes. Or, if you’re willing to make the trade offs. If you haven’t been tracking spending for at least a year, start now. Nobody can tell you what you can afford. Only you know (or can find out) what you spend and if the mortgage payments you are considering fit that. If you want to post your budget here, you will be feedback.

A lot of posters are reacting bast on your states income if $200k. If you receive child support on top of that, that could make a big difference in what you can afford, so you should share that info.