Reply to Buying $1.5 million home

Forum Index » Money and Finances

Reply to "Buying $1.5 million home - can we afford it?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous]Currently in the market to purchase a $1.4m-1.5m home in a very nice suburban area close to the beltway.

HHI: 300k (not including bonus ~$50k)
Downpayment: ~250k
Financed in part through 30-year VA loan

I'm looking at a 10 year minimum term of ownership, and view this a good investment opportunity given current historically low interest rates and seeing that most of the homes in this price range are still significantly below their pre-market crash prices ($500k+ below high market value in some areas).  [b]Currently approved for financing, and it appears we'll be able to balance the budget barring any major unexpected costs. [/b] However, finances will be very tight at least until our two toddlers are out of daycare in another 2 years, although spouse and I are both under 40 and would reasonably expect our incomes to rise in the coming years.

Good idea, or are we crazy?[/quote]

What would you consider a "major unexpected cost"? Medical bills? Car accident/replacing a vehicle?

As for daycare - do you have twins who are both finishing daycare at the same time? Why not wait until then to purchase a home at this price, or buy something slightly less expensive? I can't imagine that you can't find something decent in the $1mil range in NOVA.[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics