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Money and Finances
Reply to "how the hades did you save a six figure deposit?!"
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[quote=Anonymous][quote=Anonymous]We didn't. People on this board act like not putting 20% down equals irresponsible disaster. We put 7% down, most from a gift, and now have about $250 k in equity. Yes, we bought at a good time and we're lucky, but we also knew we had fairly stable jobs, were going to live here at least 3-5 yrs (it's been 7), and could comfortably handle the monthly payment. I think the last thing is the big part- make sure you can handle the payment. [/quote] +1 I put down 20k on a 390k house (admittedly, in 2009). We sold the house for 625k. After taxes and expenses, that doesn't leave me with quite 200k for my next down payment, but I'm actually renting in a new place for now. If I bought a million-dollar home here, it would be way more than I need. i'll probably save 100k for a downpayment and sock the rest into college accounts and an index fund.[/quote]
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