household tc 250k. no kids but planning to start a family asap. is getting a 1 mil house 5br a good idea right now considering its just the two of us?
You should really try to stick to 2x your salary. That way you aren’t house poor and can save
Yes. I bot a 4bd 2500sqft for me and wife in 2014. Will be buying another 4bd 2300sqft house in 2020 near the ocean for me and wife plus offspring.
1 mil on 250k is fine lol
Max 3x salary !! Anything more than that is trouble . You didn’t mention how much downpayment you have saved ? If you have 30-40% ready then it’s different ballgame 😀
Around 300k downpayment saved. 172k in vested stocks and 130k savings
All debt paid off and have around 30k in 401k
Things to keep in mind about a house: - It's never just the mortgage; rent covers a lot of stuff your mortgage payment doesn't. - PMI is throwing money away; make sure you can put enough down to avoid it. - Better to start small and build equity faster than to take out a huge mortgage for a family you don't have yet. - If you can, get a mortgage from a place that won't sell it to another bank.
All good points. I’d also add that you can deduct interest (up to 750k of mortgage now I believe I haven’t checked recently) and your real estate taxes (though these are now severely limited by the SALT $10k limit after the “tax cut”). It also depends on the market. In Bay Area or Seattle where things are expensive and things move quickly, get the min you need u less kids are imminent. If you’re in a cheaper market try to understand for market and where the opportunities are, what the resell market it, etc. for example in Pittsburgh apartments are harder to move than 4VR houses especially in suburbs. We chose to build a 4BR house for my wife and I for this reason and sold the house in under 39 days when we relocated (very rare for that market and price range).
You don't need to be near a good elementary school at least until your kid is in kindergarten. Find a home that is affordable because with children comes other costs, and you never know which city you will be in some 4-5 years later.
750k
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If only there was a search engine in which you could find thousands of entries about this exact question. Sorry I couldn’t help more OP but good luck on your quest.