I move from Bay Area to West Bellevue for a new job at FB. Initially we set the limit to 2M, Then found a 2.68M house. We really liked it and the school is the best (Medina) for two kids. The monthly payment is 13000, if I put 30% down. My current home mortgage payment is only 3000. TC: 460+270. My savings can only cover 30% down payment because of low TC I had at MSFT. I feel I am stretched to the max. Will you buy this house in my situation?
Do keep property taxes and maintenance expenses that come with a big house in mind. There are tangibles and intangibles with a house purchase. See what among them is most important for you. Also, don't expect to reason about these kind of indulgences to yourself or anyone else. It is not going to be possible!
Thank you for the advice. 13000 includes property tax.
Your monthly take home is what like 36k? I'd try to keep it a little lower, if the market drops will your TC shit the bed too?
If tech jobs are the only sources of income, you're betting too much on keeping the jobs if there's a downturn in tech.
Not if they can't make the payments anymore... Or their kids could get super stressed from the competitiveness and go nuts.
I can see what you mean. my high school was one of the top in the state and it definitely stressed the hell out of a lot of people. but also helped elevate a lot to really good schools and great scholarships. just depends on the kids makeup I guess
BUY
Yes you can afford it
What were houses in Detroit worth in the 1980s?
Few things to consider 1. Value Proposition for you and your kids in buying this home. Kids bright future? 2. You can always pre-pay the loan if you have more capital 3. Right now, cost of credit capital (4%) is cheap. 4. Do you have savings of your 6 months of payment after your initial down payment? 5. Let’s take worst case scenario. You lose your job and you can’t make payments. You can always sell or borrow against your home equity. But, that means you are accumulating more debt. 5b. The other option is to sell your house. What is the worst case downside price of the house? You can think about that.
My family did this and it devastated them from 1M+ net worth to 300k in debt and no assets.
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What’s your net worth?
1M
Personally I wouldn’t but I am more risk adverse as far as debt is concerned. I own my place out right and it’s half my net worth