Reply to How would you handle buying a SFH in this situation?

Forum Index » Real Estate

Reply to "How would you handle buying a SFH in this situation?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous]Responses here are blatant trolling or ridiculously conservative/illogical.

No, someone in their early 30’s with over 1M net worth is not poor.

No, they do not need an 8k/ month mortgage since they have way more to put down than most people buying a 1M house at this age. We’re talking 3-4k a month, completely doable on 250k salary, and they have 30+ years left to work to build up retirement savings and college savings.

People here are dumb as rocks [/quote]

The big issue, as alluded by a few other posters, is that this is one income. I don't know what tech really means here. He does make an excellent income for someone in his early 30s and that implies room for growth but tech is a field I know nothing about so I don't what his growth potential is like, or his ability to quickly find a new job if he gets unexpectedly laid off. On a single income I would not want to be trapped into a large mortgage and I'd also like to keep as much in easily accessible funds for the same reason rather than tying it all up in equity.

I have a smallish house I want to sell and upsize but between a 2.7% mortgage and that I'm also a single income household, I have held back. I like sleeping easily at night also knowing if I get laid off, the mortgage is affordable and there's plenty of money in the bank to tide things over till I find another job, even if it takes a year. In OP's feet, I would not be looking to upsize until wife is back in the workforce, bringing in the security of a second income. [/quote]

Job stability is really the only concern. The numbers are fine.

However, I also don’t think it’s good to live in fear of a job loss and allow that to dictate how you live life. I too have held back due to fear of job loss that never materialized.

You can mitigate this by reducing fixed expenses, ie no car loans, big down payment for a low monthly mortgage. Honestly he could just save a few more years and pay cash if a 60% down payment is already being considered.

If s*** really hits the fan but you have a paid off 1M house you still have a lot of options and flexibility. [/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics