Reply to Buying $1.5 million home

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Reply to "Buying $1.5 million home - can we afford it?"

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[quote=Anonymous][quote=Anonymous]OP, how much do you expect your incomes to increase, and how fast?

My inclination is that this is crazy. But 3 years ago when our income was similar to yours (doubled now), we opted to make a lot of compromises for a less expensive house in a less nice area.  Now, the higher priced home we were looking at instead has appreciated by almost half, and we are making enough that it would no longer even be tight.  In the meantime, we don't like where we live, our house doesn't serve our needs, and it hasn't appreciated as much as the other house would have.

There were a couple factors, on the flipside, that I liked more about the home we're in.  But in retrospect, given that we knew our incomes would be increasing, I think we would have done better to buy a more expensive home that fit our longterm needs better.[/quote]

This is us, except we grew out of the smaller cheaper house. I'm nervous about the leap and mortgage we pay now but  the reality is we would be paying a lot less today if we were more bullish 7 years ago when we looking, [/quote]

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