Reply to Buying $1.5 million home

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Reply to "Buying $1.5 million home - can we afford it?"

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[quote=Anonymous][quote=Anonymous]Maybe I'm simple minded because I'm not from dc and live in a simple, small town. But what does a $1.5 million home have to offer that a $750,000 home doesn't? It just seems so downright silly to me. You obviously have some concerns if you need to seek out advice on this. So why would you spread yourself thin over what, the difference in moldings? Heated floors in the garage? A gazing pool? What of these material things could possibly justify it?[/quote]
Yeah, it's pretty clear you're not familiar with the DC market.  Spend a few minutes on Redfin, and you'll see what's at each price point very quickly.

A $1.5M house in the DC area is likely to be built within the past 5-10 years, have all modern systems, open floor plan, and be around 3500-6000 square feet on a 1/4 to 1/2 acre lot.  A $750K house was probably is probably 25-50 years old, requires a lot more age-related maintenance, is probably 1500-3000 square feet, and is probably a ranch, split foyer, Cape Cod, or split level.  Our 1955 3 br/3 bath ranch cost $500K.

The big thing a $1.5M house buys you is a much shorter commute to DC, if that's where you work.  Difference between a 20 minute commute each way and 1 hour plus.  Even places that, on a map, are less than 20 miles out of DC can have a horrific, hour-plus commute.[/quote]

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