Should I buy home in south bay?
I’m considering buying a house with a small yard. I have 1M liquid investment that I can pull out this year. 1. Should I buy now or wait? 2. What price should I target and how much down payment should I make? I always like to buy things in cash but it seems 1M won’t get me something reasonable in south bay. TC: ~350k
Why buy all in cash? You can see if a 15yrs mortgage makes more sense for you.
Mainly for peace of mind, been try to optimize income vs expense, maybe I should change that.
Yeah, I suggest buying a 2-3M dollar home. Lots of very decent ones in the South Bay. Remember it’s an investment, an appreciating asset (in the long run).
OP, how old are you??
32
I am in the same situation and won't put down more than 30% and this is the right time if you wish to stay in that home for about 7 years or more. Try to keep your payments at a reasonable level and keep some low risk money if things do go south in next recession.
Are you also in Bay Area? It’s tempting to time the market right now so I’m wondering I should wait 1 or 2 years. Although home prices don’t drop much in decent places even in last crisis.
Timing the market is not going to help. Yes I m in bay area and do have a condo since 2013 here so I m not in as much hurry. I would suggest look for value and buy something that you can stay in 5-7 years.
Can I be your roommate? 😊
+1
Won’t be large enough to accommodate you :)
How much is your investment returning for you?
I’m struggling with the same question roughly. Everyone assumes leaving investments and getting a mortgage is best bc stock market has been up for the past 30 years. But it could tank or be flat for another 30. It has before. Dunno what to do I can’t make sense of the market
Interest rates are super low right now. Put down 20% and leave the rest in your investments. As long as you can make > 3.5% in your investments then it’s better to leave the majority of your money there.
I have 500k mortgage in a rental property currently, do you think I should cap my total mortgage to 1M to take advantage of tax deductions for mortgage interest?