Reply to Would you buy a 1.2 million dollar home

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]OP: it is one income which is likely to increase in the future. Not only savings. Would have another 100k insavings outside of 401k and 529’s. Not the only home we could buy, could spend less but don’t wants to move to far out of the metro area. [/quote]

$100K is not a lot in savings if you need a new HVAC or roof, or job loss.  You can spend that very quickly.  Or, what if you need a new car or someone gets expensive health issues.[/quote]

What? HVAC is 10K
Roof is like 20K
Job loss: How quickly is job replaceable? 6 months? Fine. 1 year? Fine. 
Healthcare issues: Insurance

100K is enough of a savings for shit to go south and they can keep building that up if they want, as nothing has gone south yet. That 1.2 mil house won't need an HVAC or new roof, anyway, or they won't buy it. If one of them gets cancer and can't work, presumably they have insurance for that. It's all a money game and we can't really answer OP's question without knowing all of their financial details and where the risk is.

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Most insurance has co-pays and deductibles.  Assuming this is a large house, a new HVAC would be $20K.  Our small house was 10K.  That's very risky, especially with three kids.[/quote]

Arguably a new AC isn’t a requirement.  They sell window units for $100 at Home Depot.

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