Reply to Won the bid on a 900k house and now I feel sick

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]In response to the OP, this would push me out of my comfort zone if I were you, but you have to decide what you can handle. There are always special circumstances for each situation. My wife and I make ~$300k combined and ~$900k is the top of our budget.[/quote]

Agreed.  We have a similar HHI and capped our search at $700K.  Now, we have pretty significant student loans and one child still in preschool, but also stable and upwardly mobile careers.  $900K is significantly above what we would have considered, even if we had been financed for that much, for all the reasons folks are sharing here.  [/quote]

+1, our situation almost exactly.  HHI $275, 1 preschooler, and we capped out search at 750k (bought for a little less than this).  We do have significant grad./prof. school student loans--without this we would've probably felt comfortable going to low $800s.  With 900K we would've felt house poor--especially since our vacations would probably be less frequent and not as nice.  We're planning for a Europe trip soon (travel abroad every few years, not very often) and[b] would not absolutely not [/b]be able to have nice, non-budget vacations with a 900K home.  Depends on what's important to you--at this HHI in the DC area with kids, it's difficult to have a posh home AND nice vacations.[/quote]

PP here--whoops, quickly typing on phone, didn't mean to come off as so adamant. :)

One other point that I think I failed to make above.  We are planning on stopping with our one child, and we would really like to expose her to the broader world out there.  We are both children of immigrants and this exposure is pretty high up on our list of priorities.  More so than having a spacious, airy home, although would love that too.  But at what we bring in, we find it difficult to have both, and to be situated in a good school district.  So we chose a lower-priced home in a good school district, with a little breathing room in our budget for travel, savings, etc.[/quote]

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