Reply to Is a nice big house really worth it when an older, smaller one is totally adequate?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]DH and I are looking to buy in an area where starter homes are $ 800k and the average sale price is $ 1.2M. We have 300k savings. We could actually afford the monthly payments on a 1.2M house (HHI 400k, no debt). I just hate the idea of spending 7k every month for 15 years when we could be spending 3k.

To those of you with older kids: how much stigma do your children experience if you live in a 1950s split-level instead of a 4000 sq ft home dating from the early 2000s? I am aware that the home is the nr. 1 status symbol. Would my child feel more self-confident inviting friends over to the 4000 sq ft home instead of the 1600 sq ft split-level or rambler? Is that worth 400k + interest + increased real-estate taxes?

Apart from the children, how much do you think your own standing in the community is affected by what kind of house do you have?

We plan to live in our next house for at least 20 years, so I do not consider it an investment. Even if we buy the more expensive house, the upkeep will have cost so much by the time we sell it that I do not expect to make any profit. [/quote]

You should speak to 3-4 lenders and get pre approved for a $800k-$1.4k property. For our $1.35k property we could have had $4.3k piti for a 10 yr I/O loan or $5.5k monthly piti for a 30 yr fixed.
We went for the long term house, no regrets.[/quote]

If you have the VA loan the no downpayment limit was bumped up to 820k and the rate is 3.25% no points with a credit at closing.[/quote]

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