Reply to How much house can we afford?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Hit send too soon. 300,000 income is new in past three years. Have saved all of retirement during that time and will continue that saving pattern. (About 45k a year)   A lot of our money is going to retirement savings at the moment, to answer another poster.

Posters who say we are having too many children, please refrain from these comments. Children are a blessing and we are not concerned about this aspect of our financial
Plan, just giving the info about why we want a bigger house for kids and hosting holidays and out of town family. Thanks. [/quote]

They are a blessing if you can afford to take care of them. Otherwise it can a burden to both the parents and the children. Currently, your 90k (20k in savings and 70k in equity) still leaves you with a negative net worth considering you have 100k in student loans and 5k car debt. You will most likely have to exhaust most if not all of that money to sell and buy leaving you with no savings, 105k in non mortgage debt with 4 kids. What happens in case of an emergency? Unexpected medical costs? What if someone loses their job? Will you then exhaust your retirement? What if you have to unexpectedly pay for full time daycare for 4 kids? How many years will it take to build a savings back up while throwing money at the student loan, a higher mortgage, and higher daycare costs?

All of this risk for more space.[/quote]

Thank you this is a point I neglected to discuss. Working spouse is in a highly in demand medical field with zero threat of job loss (constantly being recruited if so) and we are protected by significant amounts of disability insurance and lots of life insurance if anything happens to either spouse. This is another area of signifying expense in our budget. Thank you for your concern about this.  [/quote]

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