Reply to How Much House Can We Afford? HHI 215K

Forum Index » Money and Finances

Reply to "How Much House Can We Afford? HHI 215K"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous]Shoot for a nice 500K townhouse.  You're starting out.  You don't need to worry about schools that much yet -- many years down the road.  You won't have the pressure of the huge mortgage.  You will have options later on.  Ideally, you would have more saved for a downpayment.

Tell your realtor $500K and he/she will surely show you the ones b/t 5-600.  They ALWAYS increase from what you tell them.  [/quote]

This is our exact same HHI, and we have a $415k mortgage, but our house is worth quite a bit more because it was our second home and we had a lot of equity built up in the old one. We moved from an area with less desirable schools to one of the better school districts in the area when our kids were late elementary school.

At our HHI, I wouldn't want much more of a mortgage than we have, assuming kids. Your childcare (and other kid) expenses will eat up a shocking amount of cash. And now that our kids are older, all the money we spent on daycare goes straight to college savings. IOW, once you have kids, you can kiss thousands goodbye every month, LOL. You don't want to be house rich and cash poor.

Buy something small and relatively inexpensive in commutable area, build your equity. You won't need to think about schools for 6-8 years, even then you may find that your local elementary is okay. It's in the middle school years that you will likely start feeling very choosy. That's a long, long way off for you. Think "starter home."[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics