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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Ignore current pandemic, this is far enough away to not need to consider.

We have a big down payment of $640k, which is all of our cash on hand.  Healthy TSPs of about $800k.

We are both SES so make around $400k HHI

It seems like we could afford a $1.65M house, using that big down payment to bring down our monthly payment.  Taxes would be a bit high but we are looking in Arlington so taxes are relatively low anyways.

I am floored to even think about spending this much, but to keep our constraints of commute and school we end up looking at $1.25M homes that need a bunch of renovation (new kitchen and bath, who knows what else, easily $250k or more on a 80 year old house) or just getting a newer home at $1.65M and not having to do any renovation.

Am I missing something?  I hate spending this much, but we have lived with our kids in an apartment for all these years to save up this down payment and finally with pandemic we need to get a SFH but not kill ourselves with a commute (we won’t be teleworking 100% in our roles, guaranteed).[/quote]

I think you've made a lot of bad decisions, honestly. You lived in an apartment for years to save up a massive down payment that is completely unnecessary. You should have bought a property many years ago.

It is financially irresponsible to put all of your cash on hand into a home as a down-payment. There is no advantage to reducing your liquidity like that. I'd stay on the low end max $1.5 given your financial history.
[/quote]

Oh come on. Renting to save money is not a bad decision! They're in a great spot. I wouldn't put all my cash in a house either but overall they're fine. [/quote]

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