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Reply to "How much to spend on real estate?"
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[quote=Anonymous]Assuming this is your first purchase, I would not be comfortable with a mortgage of over 800,000, meaning about 5,000 PMI. This means you could buy a 1,000,000 house with 200,000 down, or a 1.5 million house with 700,000 down (which you could do with your savings). If this is your first purchase, beware that even at high price points even if you put down a large down payment you can have extensive repair and work costs. Things like tree work, landscaping, painting, small fixes, small renos, and replacements add up quickly. Plan for 200K over the first few years of ownership at your price point/income, even if it house is "nice."[/quote]
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