Reply to Would you buy a 1.2 million dollar home

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[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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This.

Even in the case of a job loss, I’d assume the other spouse could get a job pulling in 3k per month.  Heck , one could babysit at night and pull in at least 1k per month.  So 7k - 3k(spouse gets a job)- 1k (unemployment) = 3k.   Means OP can live 30 months not even working.

The people who are warning op he might lose his job, not be able to find one and need a roof and AC replaced at the same time are nuts.  Most people wouldn’t own a home by these standards.

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