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Real Estate
Reply to "Can we afford a monthly mortgage payment of $4900?"
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[quote=Anonymous]Excellent point about property taxes! In MoCo they seemed to have gone down, but they will go up again --- honestly, I think they will likely jump up significantly in the next 3 years or so --- so you might want to factor that in (perhaps ask what the taxes were 2 years ago to get a ball park on what they might be when home values go back up again). And if you are looking at a million dollar home, then I'm guessing you will live in an area where camps and activities are more costly. We live way out in Olney and pay thousands each summer for decent camps --- I'm guessing camps in your neck of the woods are even more costly. And activities are expensive. Music lessons, karate, dance = cha ching. Lacrosse gear and team costs are in the $500 range (for a short spring season). This might sound like an odd question: if you are religious and plan to go the formal education route (hebrew school, etc.) then you should brace yourself for those costs as well. And I won't even go into the house-related expenses for a million dollar home. Although you should think about heating and a/c costs (likely to be much more than what you pay now). How high are the ceilings? How many windows? How drafty? [/quote]
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