Reply to Just bought an $800,000 house on a $186,000 salary and now I'm panicking....

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Reply to "Just bought an $800,000 house on a $186,000 salary and now I'm panicking...."

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]It amazes me how many people on this board must be terrible with money and waste money on who knows what.  If you are one of those people, then you shouldn't buy that much house with your income.  If you are good with money and don't go crazy spending money you will be fine.  Our HHI is 170K with 2 kids and we just bought a 700K house (550K mortgage, 2,900 PITI).  It is about $500 more per month than our last house, so we are comfortable we can afford it.[/quote]
I totally agree. What do people need so much money to spend on? Our combined gross income is only $150000; we purchased a house for $800000 5 years ago which is paid off now. We sold our previous house and put a downpayment of $650000. We have 1 child that goes to public school. We are careful with money and don't spend it on frivolous things like going to Starbucks, nail salons etc.[/quote]

I like to take care of myself - nails, hair, skin, pilates, gym, barre. Looking and feeling good are not frivolous. [/quote]
priorities - priorities.
I'd rather have a house I like then spend money on pilates, gym and barre. Hiking and biking is free.

PS didn't read the whole 13 pages, but I did same thing as OP - bought $785K house in my late 30s on under $200K HHI 7 years ago. It was a bit tight at the beginning with 4.5K monthly payments,  but now we're fine. Income grew overtime, rates went down, initial set-up costs went away.
[b]Everything s possible if you set your mind and stick to your goals.[/b][/quote]

+1. Why stop at an $800k house? How about 2million? Your income will increase. Just make a budget!
[/quote]

Yes, on this forum people will tell you the stories of how incomes went up and everything worked out. You will not hear the sad stories where things did not work out. It's a dumb idea to buy more house than you can afford currently based on the hopes that incomes will go up in the future. Bad financial planning and irresponsible if you have a family. Some people are living in a bubble or believe they are invincible. Just look at around at all of the covid-related job loss. Do you think your job is bullet proof or you will always earn as much as you do now?[/quote]

If it doesn't work out, you sell the house and downsize to a smaller and more affordable place. You make it sound like people regularly overextend and then end up under a bridge. [/quote]

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