Reply to Won the bid on a 900k house and now I feel sick

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]OP That is a big mortgage for your income! And i am not as conservative as others on DCUM.

All that said please check in. There are 10 pages of replies but it looks like you posted and went away. [/quote]

Sounds very tight.  [/quote]

I agree as well.  The earnest deposit is not worth losing flexibility.  If you stay in the house, you are committing to doing whatever it is you are doing for at least the next 5-10 years. If thats okay with you then fine.

I am currently going through something similar. I recently bough in MoCo.  Even though we make good money, our mortgage is definitely too high, and now with two kids under 5, we have to pay 2x daycare, which is another mortgage. We do not max out anymore and finances after 2x daycare and huge mortgage are tight. If I could do it over, I would have bough half the house, or simply just rented until both kids became school aged.  You definitely want to have a 6-8month oh sh*T fund (something we can't save for right now timely) and you want to have at least 1% reserve for annual expenses for a home.

[/quote]

If it helps, we did this 8 years ago. It sucked for a while but it was worth it. We would never have been able to afford the home we bought and while we had some idea that we would want a lot more space when the kids got older, we didnt know exactly how important it would be. My kids are 11 & 14 stretching ourselves for a bigger home in a good location was completely worth it. Now we no longer have daycare, save a really good amount and our income has grown (not signicantly, but definitely enough). If we hadn't stretched definitely would not be as happy as we are today. [/quote]

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