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Reply to "Buying $1.5 million home - can we afford it?"
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[quote=Anonymous]300k in HHI is really more like $160k in after-tax income from which you'll be paying your mortgage and expenses. My spouse and I bought a house for $1.4m at a time our HHI was "only" $500k, but we put $600k down thanks to savings and proceeds from our predecessor home sale, so the mortgage payment was entirely affordable. Do you plan to have money to furnish the house too? Big houses require lots of rugs, wall-hangings, chairs, sofas, tables, beds, lamps, etc. Big houses like require $20-25k to be repainted or to replace the roof shingles. And a new A/C unit is at least $5,000. Just sayin' -- plan ahead.[/quote]
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