Reply to How did you afford your $1M plus home?

Forum Index » Real Estate

Reply to "How did you afford your $1M plus home?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous]We make $280 HHI and can afford it. We save save save save save.

You CAN buy a million dollar home if you don't think of yourself as the kind of people who can afford a million dollar home. We live modestly, but after 7 years of working, we have over $600k in assets. We also lost money on the last place we sold, so we don't have that equity to rely on when we buy our next place. I have family money, but we don't touch it. We also don't live like we're poor, but we don't spend our money unwisely or use it to buy tons of "stuff."

Definitely helps that, like 11:21, we saved a ton before our two kids were born and DH is very very cautious about spending. But even with two small kids, we still save a ton of money by not spending carelessly. [b]We could afford up to $1.2M and comfortably make our mortgage payments, but DH won't even consider it. In fact, he's hoping that the home we buy is closer to $850K than $1M so that we have some cushion.[/b] [/quote]

I find people like you inspirational, but I'm a little confused ... are you currently in the $1M home, or that's to come in the future?  What are your current housing costs or what were they while you were doing most of this saving?  I'm hoping that your answer will be even higher than our current costs so I can eliminate that as an excuse for why we cannot do the same.  Am I right in thinking that the way you will be affording an $850K - $1M house is because you will have a huge downpayment so your monthly carrying costs are lower?  I've often thought this is something we should try - really building up savings for a downpayment.  We make a $240K HHI, but after our (modest) mortgage, retirement, college savings, school loans, daycare, and other living expenses, we don't save a ton.[/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