Reply to $2M home w/ $160k HHI?

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Reply to "$2M home w/ $160k HHI?"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]What are the taxes on the home? At that price, they may Be like an income appropriate mortgage that will never end. So at local rates around here that’s $20k per year on taxes alone. Plus upkeep, dues, etc. Why be permanently house poor? Buy a million dollar house and keep some money in the bank. [/quote]

One million home will really make you house poor cause it requires constant attention. 2 million gets you something more decent.[/quote]

This was us.  We just sold our house for $1M on the Hill.  The roof was on its last leg, although we did everything we could to maintain it while we were there - the inspector even noted how well maintained it was despite the age.  I would cringe every time the roll-up garage door was opened, hoping it wasn't the last time - we'd had it serviced over the years, and the service person who was also the original installer told us it was almost 20 years old.  Stairs and flooring were really beat up.  Bathrooms needed updating and it was on our list of to-do's for so long, but after having lived through kitchen and other renovations, we just never got around to tackling it.  We installed all new appliances when we moved in about 7 years ago, but they were basically the cheapest of the nice-looking models, and starting to have issues.  We preferred to something nicer and newer, as opposed to putting more money in a house that we no longer worked for us - no basement, very little outdoor space, poor storage, etc. [/quote]

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