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Reply to "How did you afford your $1M plus home?"
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[quote=Anonymous][quote=Anonymous]From all I've read, taking money out of your 401k - even for a first time homebuyer - should really be a 'last resort' sort of thing. I was considering it, but now I think we will rent for another year and save, while continuing to contribute to our 401ks at least at the level where we will get the employer match.[/quote] no it shouldn't even be an option. Taking money out for a real emergency (loss of income, medical expenses and so forth) is not the same as taking money out because you want a house you didn't save for and can't afford. As i have said 100x before..if you cant afford to save for a home then you can't afford to buy a home. What people don't realize is that saving for a downpayment is a small task in the world of home buying. Any homeowner can tell you that you also need to save and have money on hand for unexpected home expenses and repairs that come up (new roof, furnace dying, basement flooding and so forth.)[/quote]
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