Reply to Max house price with $350k HHI

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]New poster here.  OP -- this gives me hope.  Our HHI is just a bit lower ($325K), and we are hoping to either put an addition on our small house or buy a bigger house.  Our current mortgage is $300,000 (small house), but we're now in a position where we'd like to get more space.   It's good to know someone with a similar HHI can swing a mortgage of $700K or more.

Just curious -- do you have babysitting costs as part of your expenses? (That's a big one for us at the moment because our HHI is from two full-time workers.)  We've got two kids --6 and 8.  My DH is happy with our little house, but I would really love more space.   (Also OP, not to make you feel bad at all, but your retirement savings seem a bit low for your HHI.  Is that becaude you have a pension in the future?) Thank you![/quote]

We are at $300k Hhi and a mortgage of $350, and are doing a $350k extension. It's almost exactly what you describe above financially. [b]Posters will tell you that you shouldn't do an extension remodel, but in our experience your $ goes further this way. We can't find a house we like for $350k more than our current one - more like $500 or $600, and with $350k we are all but gutting the house. [/b]It gets us what we want/what works for us and makes the home a house we can stay in for 20+ years as the kids grow (currently 4 and 7).

Posting just to say your plan sounds reasonable. [/quote]

This is true. Some tedious people pipe up on every thread to tell people not to add on and that they should only consider knocking down or buying new. It's really not always the best choice but they don't seem to understand that. We just finished an extensive addition and are thrilled with the results. We got the house we want for easily $100,000 less than a new build would have been. At our age, that's not an insignificant difference. [/quote]

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