Reply to Afford $1.8M on 300K?

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[quote=Anonymous][quote=Anonymous]OP, check this out, nice house in a great location, excellent schools and mortgage will be around 6200. You will have your wishlist plus some savings and peace of mind.

https://www.redfin.com/VA/Falls-Church/2024-Wellfleet-Ct-22043/home/9476465[/quote]

But OP wants 4,000 sq. ft. and 3-4 bedrooms + 4 offices.

OP, I really think you need to talk to a financial adviser. I'm married to one (not shilling, I promise) and he has a CFP designation and an MBA. I don't understand all the financial stuff, but luckily, I don't have to. I do know, however, that a 4,000 sq. ft., $1.8 million house is totally unrealistic on a $300k HHI.

Also, your kids are in late elementary, and these next few years are going to go fast. And then you'll have kids in college and beyond. What are you going to do with all those empty offices? One idea is to rent an office in a coworking building ... it would surely be cheaper in both the short term and long term, as well as a better use of space.

I'm positive you can afford a somewhat more expensive house, or a nice addition, but you should not forego saving entirely just to live in a home that would be considered very large even in less expensive areas. And you really need to be investing beyond the 1% interest account. If you want to invest in real estate, invest in some rental properties, not your primary residence. Your primary residence should not be viewed as your primary investment.[/quote]

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