Spacious 2500 square foot home in Walnut Creek going for $1.3million. I put an offer for $1.4million, seller says it’s promising. NW: $450K TC: $330K Down payment + closing costs: $300K Monthly payment is roughly 40% of income post tax No kids / dependents 7 YOE
Are you founding Paper St Soap Company with some Berkeley students? Why such a big house? The more surface, the more can break and the more can be robbed.
I would not do it for myself but I support your decision
About to spend life saving on a 2500 square foot home when you’re single with no kids. Nice
I’m married…
Go for it, you can afford and help you to save some money on taxes.
Do it and rent out some rooms... it will pay for itself.. should be fine as long as you are single
Housing market is crashing. Do you really need to overbid?
Crashing is a bit extreme verbiage. 👀
Agree. I like the term "correction" better :)
You can afford it if you have been pre-approved. Your financial says so. The question is more about why and what kind of home are you buying at this market. Is it the one on Dee?
I guess the post headline is misleading. I’m more concerned if investing 40% of my paycheck into my house is worth it.
Lender will always pre approved you to the highest. This can be around under 40 or close to 50%. My advice is do NOT get too close to the limit they give you. How do you know your limit? Calculate your monthly mortgage with the rate they give you. Are you comfortable with the payment? House is the largest investment for some people, really dig in of what you re getting into. Long term planning. That's why it also depends on the house you re buying. If the house is the one on Dee, dont buy this one and not at 1.4mil. The market is changing and be very choosy when you can.
Go for it! RE is a good long term investment
No, that's a bad decision, just because you can do it doesn't mean you should
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you can with no kid, but do you plan to have kid? you should still be safe im 400k TC with 1 kid, 1.3M house and Im doing okayish