Reply to Would you buy a 1.2 million dollar home

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]We are you, only at $325K. We paid 1.1 mil, PITI 4500 per month. This is one income. 30 year mortgage. We're less than a year into it and are facing sudden unemployment. We have 2 years of savings liquid to live off of until job is replaced. If you don't have a huge savings to cover sudden unemployment (and it can happen to anyone at any time), don't do it. Like you, debt free, kids in public schools, monthly costs are about 7K with all expenses) I regret buying this house now and will sell and downsize in two years - lesson learned.

Even if we didn't lose the job, we now understand as first time buyers how much influence our real estate agent and mortgage broker had over how much we'd spend on a house. Maybe you are way more experienced than we are and can pull it off. If you're really young and have great job prospects and savings, with plenty of working years left, then maybe it's right for you?[/quote]

If you only have 7k of monthly fixed expenses, why can’t your employed spouse pay the bills while the other looks for a job?[/quote]

They only have one income.[/quote]

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