Cold feet making an offer on house

Google / Eng
Noogler111

Go to company page Google Eng

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Amazon
 Noogler111
Jan 22 28 Comments

I’m very nervous to make an offer on a 1.6M house ( high tax area NY) with 20% down.

TC 420K (260 base +bonus) NW 1.3M including retirement accounts.

First time home buyer and spooked by the commitment of 60K+ mortgage and $30k property taxes per year. But we’re a growing family and I want more space for my kids(and remote work) than what city can provide. I plan to live in the house for >10 years.
#housing

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 TOP 28 Comments
  • Go for it, 1.3 is doable with your income level
    Jan 22 8
    • New
      SpacsHtr

      New

      SpacsHtr
      More comfortable at 4x really also depend on property tax rate. That can be a killer
      Jan 22
    • Handshake / Eng
      y’allsuck

      Go to company page Handshake Eng

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      Goldman Sachs, Perkins Eastman
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      TC || GTFO
       y’allsuck
      Yeah not disagreeing with you I think OP should increase their downpayment by another 10-20% at least. Just thought your comment was funny haha
      Jan 22
  • Handshake / Eng
    y’allsuck

    Go to company page Handshake Eng

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    Goldman Sachs, Perkins Eastman
    BIO
    TC || GTFO
     y’allsuck
    Back of napkin calculation for a 1.3 mil mortgage - something like ~9k monthly payments with taxes and insurance. Doable with your current TC but you mentioned kids - what happens if one of you stops working?
    Jan 22 11
  • Uber
    saulgdman

    Go to company page Uber

    saulgdman
    It' doable. Inflation is on your side and rates are still not bad (they will rise) If you plan on staying 10+ years it'll be fine. Damn those taxes are high!
    Jan 22 3
  • Google
    Jtanx8

    Go to company page Google

    Jtanx8
    Your family’s well being is far far far more important than money. If you love the house then go for it. You will regret living your golden years in a small apartment. No money can justify that.
    Jan 22 0
  • New
    SpacsHtr

    New

    SpacsHtr
    I would be nervous. 260k base. Put more down if possible
    Jan 22 0