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Reply to "One Million Dollar house...talk me out of it."
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[quote=Anonymous]We pay $4200 rent on a 180k salary. No daycare but two kids in Catholic school. Its been doable, but only because we are completely forgoing any other expense apart from food and contractually obligated bills. Only reason we're doing it is because it's an 18 month required rotation for my husband to get promoted and the company paid for moving expenses and deposit. If you have the down payment and moving expenses in hand I see no reason why you can't handle that payment on a larger salary. A word of caution though. In the six months we've been here, the landlords have had to replace two major appliances, deal with tree roots in the plumbing, and remediate an infestation of carpenter ants. The house is only ten years old. The recommended savings rate for house maintenance is 1% of purchase price each year. Will you comfortably be able to save that on top of the sacrifices you will already be making?[/quote]
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