Planning to purchase a home in 2.3~2.5m range I have ~1.3m liquid in savings and 1m+ in stocks/RSUs and primary home mortgage 400k left (equity in current home @ 1m) TC(combined) : ~600k Planning to put 50% down of purchase price Based on my scenario, what is the max home price I can afford. Looking at places in Cupertino/Sunnyvale/South Los Altos/Saratoga
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Age? How are you at 600k dang
That's not a lot for two people
@SWiP Some of you guys grew up privileged as fuck and it shows
My advice is to spend 0.1% of your TC to hire a solid financial planner. Real talk.
Yes I did financial planning. Maxed out on 401ks, got 17yrs 1.2m whole life insurance as the planner suggested. Also was planning to move some to money market funds , bonds & ETFs but saw the stock market picked up again so invested again in stocks
I mean, your q on this thread is a good one to ask your financial planner to get their take on your risk/reward threshold đ
Why not 20% down?
I want to keep the EMI half of one persons salary @ 50% down. Worst case even if one person loses job we still can manage with kids classes after school etc
Can't you still pay out of your down payment fund to keep it liquid and take advantage of leverage?
You can easily afford 3M home. Buy a nice custom home in Saratoga. You may get a starter in Los Altos. Neighborhoods are much nicer compared to Cupertino and Sunnyvale. Congrats on the impressive savings at 34.
Savings OP wonât have once they are house poor
Humble brag
Nope. Just a brag. It lacks humble attributes.
I never understand why would someone put more than 20% down specially in a buyerâs market when there are not multiple bidding offers specially in expensive areas like Cupertino, Los Altos, etc and lose on the opportunity cost of using the $$ for something else. As long as you have 6 months of rain day balance, every other penny should be invested somewhere. And if you are thinking a downturn will come after Nov, then better off load up some $$ in high interest yield savings account to buy discounts stocks or a rental property in cheaper market rather than putting 50% down !!
2 to 2.5M is entry price in Cupertino, Saratoga and Los Altos, there is heavy bidding and homes go 100K to 200K above asking.
How is this a buyers market? The bay has been a sellers market for a long time. If you have competing offers and someone puts 20% down and the other puts 50% down itâs pretty obvious which bid will prevail.
Seriously? Nothing came up when you typed âhome affordability calculatorâ in your favorite search engine?