Thinking about buying a new house. Liked one in 1.4 to 1.5M range. We both work in the Seattle area (Seattle, Redmond). Combined base salary is ~250k. Combined estimated total compensation is between 360k to 400k. No kids yet, but in two years will have kids. Net worth: 425k (including 401k, HSA) 20% down payment. Monthly mortgage payment will be around 7k. Should we go for it? If not what should be the top limit? 1.3 ? 1.2? Monthly income from base pay 15k after tax. 7k mortgage, still 8k left for other stuff. We will save the bonus and stock part for investment.
No
No. Go cheaper.
Yes
Company checks out
Maybe.
Rule of thumb: Go off of your guaranteed income of salary only not TC. If your mortgage payment is over 1/3 your monthly income it's risky. I'd say no, go for cheaper property.
Sammamish and Issaquah are really overpriced and getting sold below list price (not new houses though) so think if you really wanna purchase now or may be waiting for few more months might be good idea.
Make sure you have some other investments in case of a recession. Maybe about 500k elsewhere if youâre putting 300k into the home.
If thereâs a slight chance youâll decide to have kids, donât do it. I pay for daycare more than my mortgage. Bought in Issaquah.
Only if you love sitting in traffic.
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Not idea about specific home ..but market has cool down and interest rate are low ..so good time to buy a home.