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Reply to "First time homebuyer: lower-price condo or stretch for rowhouse in DC?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Op here — our income is 235k now. Partner is lawyer so has more income potential than I. We have just over 200k saved. [/quote] Early 30s lawyers? So is he on cusp of making partner or something? You income seems low for senior associate so unclear where you think lawyer salary bump will come from?[/quote] Clerking. [/quote] Stretch. If you plan on upgrading, you’d have to sell the condo and pay for both buyer’s and seller’s agent which means you’d lose more in the long run on transaction costs. HOA is also a huge waste and condos are harder to resell. I’m assuming you’ve talked to the bank and have a pre qual letter for $850K so you have $200K DP plus reserves. Your partner should be pulling in a lot more income if he is currently clerking (assuming he goes into biglaw after and collects his clerkship bonus), which means you can very comfortably afford the mortgage on just one salary. [/quote]
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