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

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[quote=Anonymous][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.  You don’t really belong.  Stop.  [/quote]

Why would neighbors care if you rent out an asset? If it’s there why not make money off of it?[/quote]

In neighborhoods with houses of $2 million, trust me when I say that there would be a huge stigma to renting out the basement.  Your neighbors will look down on you and assume you are house poor.  Trust me, as I speak from personal experience (as the person who was house poor).[/quote]

And ? [/quote]

And . .  . do you really want your neighbors looking down on you for buying a house that you could not afford (since you need to rent the basement.)

And . . . do you really want random people living in your basement as renters, even if you rarely see them?  It's for people who are financially strapped or bought too much house or whatever.  [/quote]

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