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Reply to "Obnoxious Coworker Blathering About My Addition"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]$400k on top of the house price means you are very wealthy. [/quote] Not really, realistically speaking. It’s not much different than buying a bigger house. Except op probably originally bought their home years ago and has a low mortgage with a low interest rate. So the $400k addition means they keep the original low mortgage and get a bigger house for less than it would cost to move up to a bigger home. [/quote] yep. it’s pretty normal. we bought at 700k 10 years ago and could now afford a 1.1 mil home if we sold. By doing an addition instead OP is financing a smaller %% at the higher interest rates and avoiding moving/closing costs. And presumably likes their current neighborhood and schools. [/quote]
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