Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:DH and I are early 40s, two kids, HHI 300k gross. We have a downpayment of 300k set aside but are only interested in single family homes that are not total teardowns. We are priced out and have stopped looking.

DH interviewed for a higher paying job this summer but didn't pass the second round. I'm earning the max I can earn with my qualifications. Kids in public school and we are renting right now.

Are we the only ones in this situation?

What do you consider a tear down?

A house that requires more than 100k of rehab work after purchase or cannot be rehabbed without being torn down to the foundation.

The realtor we looked at houses with showed us two of these. Then he told us to ask our parents for another 200k so he could put us into a house for 1.1.

We have credit scores over 800.

A big part of the problem is this expectation that everybody needs to spend $100k plus on a sparkling new kitchen and bathrooms, and let's redo the floors while we're at it.

Some of you need to learn to live with dated kitchen cabinets for a few or even 10 years. Splurge on a new stove if you want.

This. Buying a home (or in OP's case upgrading to a SFH) in a HCOL area requires either A) a lot of money or B) sacrifices. Renting a SFH was a poor decision, OP. You should have stayed in the condo and lived on a strict budget until you could afford to buy a SFH. If you're in your 40's now and you have kids, then you had years to figure this out and save.

I lived very cheaply with roommates and saved for a home. DH did the same. We each bought before we met. We lived in my home with dated everything and fixed it up as time and money allowed. We each bought a home, then got married, then had kids. You can switch the order of marriage and buying a home, but it's really hard to save for a SFH when you're paying for childcare and don't have a high HHI.

If you're really serious about buying a SFH, then you need to cut your costs to save more. Spending a lot on renting a SFH when your HHI is $300K and you already have kids makes it hard to save for a SFH.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:DH and I are early 40s, two kids, HHI 300k gross. We have a downpayment of 300k set aside but are only interested in single family homes that are not total teardowns. We are priced out and have stopped looking.

DH interviewed for a higher paying job this summer but didn't pass the second round. I'm earning the max I can earn with my qualifications. Kids in public school and we are renting right now.

Are we the only ones in this situation?

What do you consider a tear down?

A house that requires more than 100k of rehab work after purchase or cannot be rehabbed without being torn down to the foundation.

The realtor we looked at houses with showed us two of these. Then he told us to ask our parents for another 200k so he could put us into a house for 1.1.

We have credit scores over 800.

A big part of the problem is this expectation that everybody needs to spend $100k plus on a sparkling new kitchen and bathrooms, and let's redo the floors while we're at it.

Some of you need to learn to live with dated kitchen cabinets for a few or even 10 years. Splurge on a new stove if you want.

This is so true. I am guessing that these "tear downs" are perfectly fine houses, but OP has the HGTV virus. Get off of Instagram and buy a nice, normal house. There are options. You are not "priced out" of anything but unrealistic fantasies.

OP - it's hard. I feel for you. We did an adjustable rate mortgage 8-9 yrs ago and when rates dropped we had perfect timing so that we have never had to pay much for our $1.1M home. Maybe look into adjustable rates. We figured it was worth a shot. Legally your rate can't exceed a certain amount. We just got really lucky but I don't think 7% rates right now is helping you.

FWIW we have 2 kids too and no I would not move to places a lot if these posters are suggesting. I'd rather keep renting until I couldn't. You all seem to still be saving and making HHI. Who cares if you are living in a rental or if it's small? You just have to make it work for you. I'd rather save that money for a place I love.

Anonymous wrote:

Anonymous wrote:https://www.realtor.com/realestateandhomes-detail/8902-Albert-Stewart-Ln_Silver-Spring_MD_20910_M58777-80695?from=srp-list-card

https://www.realtor.com/realestateandhomes-detail/3112-Lee-St_Silver-Spring_MD_20910_M65814-73486?from=srp-list-card

https://www.realtor.com/realestateandhomes-detail/10019-Pratt-Pl_Silver-Spring_MD_20910_M55914-55086?from=srp-list-card

https://www.realtor.com/realestateandhomes-detail/1702-White-Oak-Dr_Silver-Spring_MD_20910_M60685-82320?from=srp-list-card

What is with the plugging MoCo, PP? Are you a MoCo realtor?

No, I am a MoCo resident who is familiar with Silver Spring, trying to help OP.

Anonymous wrote:

Anonymous wrote:https://www.redfin.com/MD/Bethesda/9225-Vendome-Dr-20817/home/10911834

3.65 percent Assumable mortgage, zoned for Whitman and pretty close in.

Some VA mortgages etc buyer can take over mortgage and keep rate.

This is a big house and if you go to DC or Tysons short drive

Umm this is a 1.7 million dollar home. Even with the 300k down payment OP would have a mortgage of 1.4 million dollars on a 300k HHI. That’s not in any way a financially responsible decision.

The sellers also have a loan balance of $240k. So if OP can put down $1.46MM to cover the difference to assume the loan, than it will be a small monthly payment.

OP, if you’re willing to look further west to get more house for your budget, look at the Gainesville/Haymarket area.

https://www.zillow.com/homedetails/15007-Gaines-Mill-Cir-Haymarket-VA-20169/80602422_zpid/

https://www.zillow.com/homedetails/5758-Benford-Dr-Haymarket-VA-20169/12477362_zpid/

https://www.zillow.com/homedetails/6700-Grace-View-St-Gainesville-VA-20155/65225562_zpid/

Anonymous wrote:

Anonymous wrote:https://www.redfin.com/MD/Bethesda/9225-Vendome-Dr-20817/home/10911834

3.65 percent Assumable mortgage, zoned for Whitman and pretty close in.

Some VA mortgages etc buyer can take over mortgage and keep rate.

This is a big house and if you go to DC or Tysons short drive

Sorry, but in what world can somebody who puts $350k down on this house, with a HHI of $350k and two kids, afford $7,900 per month? Put the downpayment and 3.65% mortgage into the online calculator on the house's page, and that's what you get.

Two kids in that great public school and wife stays home then 350k might work. Maybe raid 401k borrow a boy from mommy. Hey get a tenant in basement

Anonymous wrote:https://www.redfin.com/MD/Bethesda/9225-Vendome-Dr-20817/home/10911834

3.65 percent Assumable mortgage, zoned for Whitman and pretty close in.

Some VA mortgages etc buyer can take over mortgage and keep rate.

This is a big house and if you go to DC or Tysons short drive

Sorry, but in what world can somebody who puts $350k down on this house, with a HHI of $350k and two kids, afford $7,900 per month? Put the downpayment and 3.65% mortgage into the online calculator on the house's page, and that's what you get.

Anonymous wrote:https://www.redfin.com/MD/Bethesda/9225-Vendome-Dr-20817/home/10911834

3.65 percent Assumable mortgage, zoned for Whitman and pretty close in.

Some VA mortgages etc buyer can take over mortgage and keep rate.

This is a big house and if you go to DC or Tysons short drive

Umm this is a 1.7 million dollar home. Even with the 300k down payment OP would have a mortgage of 1.4 million dollars on a 300k HHI. That’s not in any way a financially responsible decision.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:DH and I are early 40s, two kids, HHI 300k gross. We have a downpayment of 300k set aside but are only interested in single family homes that are not total teardowns. We are priced out and have stopped looking.

DH interviewed for a higher paying job this summer but didn't pass the second round. I'm earning the max I can earn with my qualifications. Kids in public school and we are renting right now.

Are we the only ones in this situation?

What do you consider a tear down?

A house that requires more than 100k of rehab work after purchase or cannot be rehabbed without being torn down to the foundation.

The realtor we looked at houses with showed us two of these. Then he told us to ask our parents for another 200k so he could put us into a house for 1.1.

We have credit scores over 800.

A big part of the problem is this expectation that everybody needs to spend $100k plus on a sparkling new kitchen and bathrooms, and let's redo the floors while we're at it.

Some of you need to learn to live with dated kitchen cabinets for a few or even 10 years. Splurge on a new stove if you want.

https://www.redfin.com/MD/Bethesda/9225-Vendome-Dr-20817/home/10911834

3.65 percent Assumable mortgage, zoned for Whitman and pretty close in.

Some VA mortgages etc buyer can take over mortgage and keep rate.

This is a big house and if you go to DC or Tysons short drive

Op here: thank you to those of you who suggested some communities in NoVa that I am less familiar with. We will be concentrating our efforts there and testing the commute for DH as we continue looking.

Anonymous wrote:
I think this is a lesson for you, OP.

Most people here raise families on less. A lot earn less and buy houses. We bought a 600K house on an 80K salary 10 years ago. We had saved for a massive downpayment over more than 10 years so our mortgage wouldn't be too high for us.

We made sacrifices, something you cannot quite grasp. It seems you expect to be handed it all on a silver platter. You can afford a number of homes in safe neighborhoods with decent schools on a 300K HHI. I don't want to call you a liar, but let's just say... you're lying to yourself.

I am not lying to myself. Just because I have different priorities than you do and am not willing to be house poor does not mean that I am a liar. Let's agree to disagree.

It wouldn't be DCUM without unwarranted character assignation, would it?

I think this is a lesson for you, OP.

Most people here raise families on less. A lot earn less and buy houses. We bought a 600K house on an 80K salary 10 years ago. We had saved for a massive downpayment over more than 10 years so our mortgage wouldn't be too high for us.

We made sacrifices, something you cannot quite grasp. It seems you expect to be handed it all on a silver platter. You can afford a number of homes in safe neighborhoods with decent schools on a 300K HHI. I don't want to call you a liar, but let's just say... you're lying to yourself.

Protip: Check out ashburn/brambleton and live near one of the park & rides to take the loudoun commuter bus into dc. Door to door 1 hr depending on where you work in dc.