We are a family of 3 and moved to the US around 3 years back. I am an L6 software engineer. Managed to join Roblox a few months before the IPO. Before that, I was in a not-so-high-paying job. Right now TC is around 1M, factoring in RSU appreciation, and our monthly household take-home salary is around 16.5K after maxing out 401K. Expenses (excluding rent) are around 3K. That leaves around 13.5K per month for rent or mortgage, investments, and other discretionary expenses. Our net worth is around 600K, held in stocks and cash. Right now we are renting a SFH near Redwood city for nearly 4K a month. I am deliberately keeping my Roblox RSUs out of the equation here since I want to give them an opportunity to grow.
Given this scenario, does it make sense to buy a 2M home by making a 400K downpayment and entering into a mortgage that will cost me around 8K a month including the loan EMI, home insurance, and property tax put together? This will reduce my liquid assets to 200K and leave around 5K of investible surplus per month. Is this stretching my finances too thin, or does this sound alright? This is my first time buying a home so a little hesitant and unsure of things.
Looking forward to hearing the views of the blind community and learn from your experiences.
[Edit]: I am considering buying homes that have 2K-3K sq ft built-up area and > 6K sq ft lot size, in the Tri-Valley area with good school districts like San Ramon, Fremont, Pleasanton etc. The idea is to be able to settle down in the home for as long as necessary if the home prices dip in the near future, which seems very possible now.
#personalfinance #realestate #bayarea
Want to see the real deal?
More inside scoop? View in App
More inside scoop? View in App
blind
SUPPORT
FOLLOW US
DOWNLOAD THE APP:
FOLLOWING
Industries
Job Groups
- Software Engineering
- Product Management
- Information Technology
- Data Science & Analytics
- Management Consulting
- Hardware Engineering
- Design
- Sales
- Security
- Investment Banking & Sell Side
- Marketing
- Private Equity & Buy Side
- Corporate Finance
- Supply Chain
- Business Development
- Human Resources
- Operations
- Legal
- Admin
- Customer Service
- Communications
Return to Office
Work From Home
COVID-19
Layoffs
Investments & Money
Work Visa
Housing
Referrals
Job Openings
Startups
Office Life
Mental Health
HR Issues
Blockchain & Crypto
Fitness & Nutrition
Travel
Health Care & Insurance
Tax
Hobbies & Entertainment
Working Parents
Food & Dining
IPO
Side Jobs
Show more
SUPPORT
FOLLOW US
DOWNLOAD THE APP:
comments