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

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]We spent slightly less (1.8) and make slightly more (~$200) and it’s tight but doable. Maintenance costs are the biggest unknown and you definitely pay a wealth tax having an expensive home. Quotes for home repairs are always high. This year we had to replace a few windows, gutters, and a water heater. About $15K.

If I had an even more expensive house and even less income it would feel impossible. The definition of house poor....
[/quote]

I’m interested in hearing more. We make 2x the amount and are springing for $2M. We expect to eventually rent out the basement for $2k, but not relying on that to pay the mortgage or daily expenses.  I know it will be tight for a while, just curious if you regret your purchase. Every which way I calculate it, and looking at worst case scenarios, we can make it work. [/quote]

If you are factoring our renting the basement you really can’t afford it.   Also very tack to live in such a neighborhood and turn your place
Into a multi family unit.  Your neighbors will hate you.  [b]You don’t really belong. [/b] Stop.  [/quote]

I'm pretty sure the neighbors will look at me and think that, no matter if we rent out the basement or not.  [b]No, I will not stop.  [/b][/quote]

We rent our basement (legally, as in we went through the whole permitting process). We live in a neighborhood where there are no houses less than $1.3. Our tenants are quiet, respectful, do not have cars (we're by the metro) and likely largely invisible to our neighbors. I don't care if anyone thinks less of us because we have a nice basement apartment (which adds value to the house, btw, since its legally done) that we rent out to a couple of college students....[/quote]

but you probably live in a legacy “normal” neighborhood where a lot of people bought when it was still middle/upper middle class? If OP is paying $2 mil for a McMansion then it’s a totally different vibe. [/quote]

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