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Reply to "How much savings/income do we need to consider buying?"
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[quote=Anonymous][quote=Anonymous]I'm conservative so I would say buy once you have a 20% down payment saved plus an 8 month emergency fund (in liquid, apart from retirement savings). If you are more comfortable with risk, you could wait until you have 10% down plus a 6 month emergency fund. In the meantime, look at 2-3 bedrooms in neighborhoods you like and create a budget based on the price. Include new baby expenses and home repairs and see what you think. [/quote] I'm even more conservative and I'd suggest having all these things as well as a separate maintenance fund for your house. Stuff will happen that you need to pay for, and you don't want to have to pull from your emergency fund (which I personally think should be left untapped unless you lose your income or have a medical emergency). I would have at least $2K in this fund to start, and then I'd contribute to it on a monthly basis. Trust me, you WILL spend it, and quicker than you think. [/quote]
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