Buying $1.5 million home - can we afford it?

[Anonymous]

Anonymous wrote:Maybe I'm simple minded because I'm not from dc and live in a simple, small town. But what does a $1.5 million home have to offer that a $750,000 home doesn't? It just seems so downright silly to me. You obviously have some concerns if you need to seek out advice on this. So why would you spread yourself thin over what, the difference in moldings? Heated floors in the garage? A gazing pool? What of these material things could possibly justify it?

It's the difference between a 25 minute commute and an 80 minute commute. Or a condo and a SFH. Or a close-in tear down or a close-in 5 BR house.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Maybe I'm simple minded because I'm not from dc and live in a simple, small town. But what does a $1.5 million home have to offer that a $750,000 home doesn't? It just seems so downright silly to me. You obviously have some concerns if you need to seek out advice on this. So why would you spread yourself thin over what, the difference in moldings? Heated floors in the garage? A gazing pool? What of these material things could possibly justify it?

A $750,000 house here is a tear down. $1.5 won't be anything too fancy either. It's probably very similar to the $600,000 house where you live.

+1

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Maybe I'm simple minded because I'm not from dc and live in a simple, small town. But what does a $1.5 million home have to offer that a $750,000 home doesn't? It just seems so downright silly to me. You obviously have some concerns if you need to seek out advice on this. So why would you spread yourself thin over what, the difference in moldings? Heated floors in the garage? A gazing pool? What of these material things could possibly justify it?

A $750,000 house here is a tear down. $1.5 won't be anything too fancy either. It's probably very similar to the $600,000 house where you live.

+1

Well if that's true, who needs all that? So silly. A $600K home is not "tear down," it's unnecessary nonsense luxuries. Maybe certain people just have different priorities, I guess. Mine isn't being house-poor to look good to all my friends.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Maybe I'm simple minded because I'm not from dc and live in a simple, small town. But what does a $1.5 million home have to offer that a $750,000 home doesn't? It just seems so downright silly to me. You obviously have some concerns if you need to seek out advice on this. So why would you spread yourself thin over what, the difference in moldings? Heated floors in the garage? A gazing pool? What of these material things could possibly justify it?

A $750,000 house here is a tear down. $1.5 won't be anything too fancy either. It's probably very similar to the $600,000 house where you live.

+1

Well if that's true, who needs all that? So silly. A $600K home is not "tear down," it's unnecessary nonsense luxuries. Maybe certain people just have different priorities, I guess. Mine isn't being house-poor to look good to all my friends.

Judgmental much? I think PP might be overshooting with $600,000 where you're from, so I'll give you an example. My commute is about 30-45 minutes each way depending on the day, the schools are decent but not great, and the area is low crime. Currently, we have three children in a two-bedroom 1100 square foot condo with no amenities (original 80's bathrooms, torn up floors, etc.). We are hoping to sell it for $500K when we move to an 1800-square foot, non-luxury condo that will cost almost $850K. By non-luxury, no fancy tiles, loads of carpeting, etc.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Maybe I'm simple minded because I'm not from dc and live in a simple, small town. But what does a $1.5 million home have to offer that a $750,000 home doesn't? It just seems so downright silly to me. You obviously have some concerns if you need to seek out advice on this. So why would you spread yourself thin over what, the difference in moldings? Heated floors in the garage? A gazing pool? What of these material things could possibly justify it?

A $750,000 house here is a tear down. $1.5 won't be anything too fancy either. It's probably very similar to the $600,000 house where you live.

+1

Well if that's true, who needs all that? So silly. A $600K home is not "tear down," it's unnecessary nonsense luxuries. Maybe certain people just have different priorities, I guess. Mine isn't being house-poor to look good to all my friends.

Judgmental much? I think PP might be overshooting with $600,000 where you're from, so I'll give you an example. My commute is about 30-45 minutes each way depending on the day, the schools are decent but not great, and the area is low crime. Currently, we have three children in a two-bedroom 1100 square foot condo with no amenities (original 80's bathrooms, torn up floors, etc.). We are hoping to sell it for $500K when we move to an 1800-square foot, non-luxury condo that will cost almost $850K. By non-luxury, no fancy tiles, loads of carpeting, etc.

Jeez, where are you, Bethesda? My commute is 30 minutes into DC and we have 4000 sf on an acre and in all 9 school districts through HS. We paid $700k about 7 years ago.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Maybe I'm simple minded because I'm not from dc and live in a simple, small town. But what does a $1.5 million home have to offer that a $750,000 home doesn't? It just seems so downright silly to me. You obviously have some concerns if you need to seek out advice on this. So why would you spread yourself thin over what, the difference in moldings? Heated floors in the garage? A gazing pool? What of these material things could possibly justify it?

A $750,000 house here is a tear down. $1.5 won't be anything too fancy either. It's probably very similar to the $600,000 house where you live.

+1

Well if that's true, who needs all that? So silly. A $600K home is not "tear down," it's unnecessary nonsense luxuries. Maybe certain people just have different priorities, I guess. Mine isn't being house-poor to look good to all my friends.

Judgmental much? I think PP might be overshooting with $600,000 where you're from, so I'll give you an example. My commute is about 30-45 minutes each way depending on the day, the schools are decent but not great, and the area is low crime. Currently, we have three children in a two-bedroom 1100 square foot condo with no amenities (original 80's bathrooms, torn up floors, etc.). We are hoping to sell it for $500K when we move to an 1800-square foot, non-luxury condo that will cost almost $850K. By non-luxury, no fancy tiles, loads of carpeting, etc.

Jeez, where are you, Bethesda? My commute is 30 minutes into DC and we have 4000 sf on an acre and in all 9 school districts through HS. We paid $700k about 7 years ago.

We're in NoVa - where are you with 4000 sf on an acre? What we're paying and asking are completely middle of the road for our area (and surrounding - Alexandria, Arlington, etc.).

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Maybe I'm simple minded because I'm not from dc and live in a simple, small town. But what does a $1.5 million home have to offer that a $750,000 home doesn't? It just seems so downright silly to me. You obviously have some concerns if you need to seek out advice on this. So why would you spread yourself thin over what, the difference in moldings? Heated floors in the garage? A gazing pool? What of these material things could possibly justify it?

A $750,000 house here is a tear down. $1.5 won't be anything too fancy either. It's probably very similar to the $600,000 house where you live.

+1

Well if that's true, who needs all that? So silly. A $600K home is not "tear down," it's unnecessary nonsense luxuries. Maybe certain people just have different priorities, I guess. Mine isn't being house-poor to look good to all my friends.

Judgmental much? I think PP might be overshooting with $600,000 where you're from, so I'll give you an example. My commute is about 30-45 minutes each way depending on the day, the schools are decent but not great, and the area is low crime. Currently, we have three children in a two-bedroom 1100 square foot condo with no amenities (original 80's bathrooms, torn up floors, etc.). We are hoping to sell it for $500K when we move to an 1800-square foot, non-luxury condo that will cost almost $850K. By non-luxury, no fancy tiles, loads of carpeting, etc.

Jeez, where are you, Bethesda? My commute is 30 minutes into DC and we have 4000 sf on an acre and in all 9 school districts through HS. We paid $700k about 7 years ago.

Clifton or Rockville. 30 minutes at the dead of night no doubt.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Maybe I'm simple minded because I'm not from dc and live in a simple, small town. But what does a $1.5 million home have to offer that a $750,000 home doesn't? It just seems so downright silly to me. You obviously have some concerns if you need to seek out advice on this. So why would you spread yourself thin over what, the difference in moldings? Heated floors in the garage? A gazing pool? What of these material things could possibly justify it?

A $750,000 house here is a tear down. $1.5 won't be anything too fancy either. It's probably very similar to the $600,000 house where you live.

+1

Well if that's true, who needs all that? So silly. A $600K home is not "tear down," it's unnecessary nonsense luxuries. Maybe certain people just have different priorities, I guess. Mine isn't being house-poor to look good to all my friends.

Real estate is local. In this area, a $660k home could indeed be a falling apart, literally unliveable teardown, because the value is in the land. These are not necessarily very fancy homes, it's the location that drives the price. Location translates into time with your family, because it can mean the difference in multiple hours a week in someone's commute.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Maybe I'm simple minded because I'm not from dc and live in a simple, small town. But what does a $1.5 million home have to offer that a $750,000 home doesn't? It just seems so downright silly to me. You obviously have some concerns if you need to seek out advice on this. So why would you spread yourself thin over what, the difference in moldings? Heated floors in the garage? A gazing pool? What of these material things could possibly justify it?

A $750,000 house here is a tear down. $1.5 won't be anything too fancy either. It's probably very similar to the $600,000 house where you live.

+1

Well if that's true, who needs all that? So silly. A $600K home is not "tear down," it's unnecessary nonsense luxuries. Maybe certain people just have different priorities, I guess. Mine isn't being house-poor to look good to all my friends.

Judgmental much? I think PP might be overshooting with $600,000 where you're from, so I'll give you an example. My commute is about 30-45 minutes each way depending on the day, the schools are decent but not great, and the area is low crime. Currently, we have three children in a two-bedroom 1100 square foot condo with no amenities (original 80's bathrooms, torn up floors, etc.). We are hoping to sell it for $500K when we move to an 1800-square foot, non-luxury condo that will cost almost $850K. By non-luxury, no fancy tiles, loads of carpeting, etc.

Jeez, where are you, Bethesda? My commute is 30 minutes into DC and we have 4000 sf on an acre and in all 9 school districts through HS. We paid $700k about 7 years ago.

Clifton or Rockville. 30 minutes at the dead of night no doubt.

Nope, Falls Church, Vienna, Oakton, etc. can all be done in 30 minutes if you commute correctly.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Maybe I'm simple minded because I'm not from dc and live in a simple, small town. But what does a $1.5 million home have to offer that a $750,000 home doesn't? It just seems so downright silly to me. You obviously have some concerns if you need to seek out advice on this. So why would you spread yourself thin over what, the difference in moldings? Heated floors in the garage? A gazing pool? What of these material things could possibly justify it?

A $750,000 house here is a tear down. $1.5 won't be anything too fancy either. It's probably very similar to the $600,000 house where you live.

+1

Well if that's true, who needs all that? So silly. A $600K home is not "tear down," it's unnecessary nonsense luxuries. Maybe certain people just have different priorities, I guess. Mine isn't being house-poor to look good to all my friends.

Judgmental much? I think PP might be overshooting with $600,000 where you're from, so I'll give you an example. My commute is about 30-45 minutes each way depending on the day, the schools are decent but not great, and the area is low crime. Currently, we have three children in a two-bedroom 1100 square foot condo with no amenities (original 80's bathrooms, torn up floors, etc.). We are hoping to sell it for $500K when we move to an 1800-square foot, non-luxury condo that will cost almost $850K. By non-luxury, no fancy tiles, loads of carpeting, etc.

Jeez, where are you, Bethesda? My commute is 30 minutes into DC and we have 4000 sf on an acre and in all 9 school districts through HS. We paid $700k about 7 years ago.

Clifton or Rockville. 30 minutes at the dead of night no doubt.

Nope, Falls Church, Vienna, Oakton, etc. can all be done in 30 minutes if you commute correctly.

Where did you get an acre for $700k? Foreclosure in Oakton? And maybe 30 minutes to Roosevelt bridge if you have grandfathered hov hybrid.

But today? That would be $1.2m for the land.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Maybe I'm simple minded because I'm not from dc and live in a simple, small town. But what does a $1.5 million home have to offer that a $750,000 home doesn't? It just seems so downright silly to me. You obviously have some concerns if you need to seek out advice on this. So why would you spread yourself thin over what, the difference in moldings? Heated floors in the garage? A gazing pool? What of these material things could possibly justify it?

A $750,000 house here is a tear down. $1.5 won't be anything too fancy either. It's probably very similar to the $600,000 house where you live.

+1

Well if that's true, who needs all that? So silly. A $600K home is not "tear down," it's unnecessary nonsense luxuries. Maybe certain people just have different priorities, I guess. Mine isn't being house-poor to look good to all my friends.

Judgmental much? I think PP might be overshooting with $600,000 where you're from, so I'll give you an example. My commute is about 30-45 minutes each way depending on the day, the schools are decent but not great, and the area is low crime. Currently, we have three children in a two-bedroom 1100 square foot condo with no amenities (original 80's bathrooms, torn up floors, etc.). We are hoping to sell it for $500K when we move to an 1800-square foot, non-luxury condo that will cost almost $850K. By non-luxury, no fancy tiles, loads of carpeting, etc.

Jeez, where are you, Bethesda? My commute is 30 minutes into DC and we have 4000 sf on an acre and in all 9 school districts through HS. We paid $700k about 7 years ago.

Clifton or Rockville. 30 minutes at the dead of night no doubt.

Nope, Falls Church, Vienna, Oakton, etc. can all be done in 30 minutes if you commute correctly.

2010 was Great Recession so you got some lucky timing.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Maybe I'm simple minded because I'm not from dc and live in a simple, small town. But what does a $1.5 million home have to offer that a $750,000 home doesn't? It just seems so downright silly to me. You obviously have some concerns if you need to seek out advice on this. So why would you spread yourself thin over what, the difference in moldings? Heated floors in the garage? A gazing pool? What of these material things could possibly justify it?

A $750,000 house here is a tear down. $1.5 won't be anything too fancy either. It's probably very similar to the $600,000 house where you live.

+1

Well if that's true, who needs all that? So silly. A $600K home is not "tear down," it's unnecessary nonsense luxuries. Maybe certain people just have different priorities, I guess. Mine isn't being house-poor to look good to all my friends.

Judgmental much? I think PP might be overshooting with $600,000 where you're from, so I'll give you an example. My commute is about 30-45 minutes each way depending on the day, the schools are decent but not great, and the area is low crime. Currently, we have three children in a two-bedroom 1100 square foot condo with no amenities (original 80's bathrooms, torn up floors, etc.). We are hoping to sell it for $500K when we move to an 1800-square foot, non-luxury condo that will cost almost $850K. By non-luxury, no fancy tiles, loads of carpeting, etc.

Jeez, where are you, Bethesda? My commute is 30 minutes into DC and we have 4000 sf on an acre and in all 9 school districts through HS. We paid $700k about 7 years ago.

Clifton or Rockville. 30 minutes at the dead of night no doubt.

Nope, Falls Church, Vienna, Oakton, etc. can all be done in 30 minutes if you commute correctly.

PP here. I have young kids - I can only commute after doing drop-offs, and my boss expects my butt in the chair from 9-6. That equals more expensive housing.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Maybe I'm simple minded because I'm not from dc and live in a simple, small town. But what does a $1.5 million home have to offer that a $750,000 home doesn't? It just seems so downright silly to me. You obviously have some concerns if you need to seek out advice on this. So why would you spread yourself thin over what, the difference in moldings? Heated floors in the garage? A gazing pool? What of these material things could possibly justify it?

A $750,000 house here is a tear down. $1.5 won't be anything too fancy either. It's probably very similar to the $600,000 house where you live.

+1

Well if that's true, who needs all that? So silly. A $600K home is not "tear down," it's unnecessary nonsense luxuries. Maybe certain people just have different priorities, I guess. Mine isn't being house-poor to look good to all my friends.

Judgmental much? I think PP might be overshooting with $600,000 where you're from, so I'll give you an example. My commute is about 30-45 minutes each way depending on the day, the schools are decent but not great, and the area is low crime. Currently, we have three children in a two-bedroom 1100 square foot condo with no amenities (original 80's bathrooms, torn up floors, etc.). We are hoping to sell it for $500K when we move to an 1800-square foot, non-luxury condo that will cost almost $850K. By non-luxury, no fancy tiles, loads of carpeting, etc.

Jeez, where are you, Bethesda? My commute is 30 minutes into DC and we have 4000 sf on an acre and in all 9 school districts through HS. We paid $700k about 7 years ago.

Clifton or Rockville. 30 minutes at the dead of night no doubt.

Nope, Falls Church, Vienna, Oakton, etc. can all be done in 30 minutes if you commute correctly.

Where did you get an acre for $700k? Foreclosure in Oakton? And maybe 30 minutes to Roosevelt bridge if you have grandfathered hov hybrid.

But today? That would be $1.2m for the land.

Nah, I know a couple people that bought an acre in Vienna in the past 2 years for around $750k. Granted those were teardowns, but as far as land costs we aren't up to 1.2m an acre just yet. If you are within a mile or two from the Vienna metro and commute on 66 you can be in Foggy Bottom in 30 minutes. I do it every day. 6:30 am departure and 4:30 pm return. Some days it can stretch to 40-45 mins, but usually it's 30-35.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Maybe I'm simple minded because I'm not from dc and live in a simple, small town. But what does a $1.5 million home have to offer that a $750,000 home doesn't? It just seems so downright silly to me. You obviously have some concerns if you need to seek out advice on this. So why would you spread yourself thin over what, the difference in moldings? Heated floors in the garage? A gazing pool? What of these material things could possibly justify it?

A $750,000 house here is a tear down. $1.5 won't be anything too fancy either. It's probably very similar to the $600,000 house where you live.

+1

Well if that's true, who needs all that? So silly. A $600K home is not "tear down," it's unnecessary nonsense luxuries. Maybe certain people just have different priorities, I guess. Mine isn't being house-poor to look good to all my friends.

Judgmental much? I think PP might be overshooting with $600,000 where you're from, so I'll give you an example. My commute is about 30-45 minutes each way depending on the day, the schools are decent but not great, and the area is low crime. Currently, we have three children in a two-bedroom 1100 square foot condo with no amenities (original 80's bathrooms, torn up floors, etc.). We are hoping to sell it for $500K when we move to an 1800-square foot, non-luxury condo that will cost almost $850K. By non-luxury, no fancy tiles, loads of carpeting, etc.

Jeez, where are you, Bethesda? My commute is 30 minutes into DC and we have 4000 sf on an acre and in all 9 school districts through HS. We paid $700k about 7 years ago.

Clifton or Rockville. 30 minutes at the dead of night no doubt.

Nope, Falls Church, Vienna, Oakton, etc. can all be done in 30 minutes if you commute correctly.

2010 was Great Recession so you got some lucky timing.

I suppose it was part luck. I had another house I had to unload at a loss (bought in 2005), but the loss was small compared to the deal I got on the new place. You can call it luck, but I call it being prepared to strike at the right time.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Maybe I'm simple minded because I'm not from dc and live in a simple, small town. But what does a $1.5 million home have to offer that a $750,000 home doesn't? It just seems so downright silly to me. You obviously have some concerns if you need to seek out advice on this. So why would you spread yourself thin over what, the difference in moldings? Heated floors in the garage? A gazing pool? What of these material things could possibly justify it?

A $750,000 house here is a tear down. $1.5 won't be anything too fancy either. It's probably very similar to the $600,000 house where you live.

+1

Try $300,000