Hello everyone,
We have been shopping for a bigger house over 1.5 years now and finally found a house (3000 sq ft) that would fit our needs. The asking price is 1.45 M but will go for 1.5M if we want to get it (competition is so high; but don't want to go beyond 1.5M). We live in VHCOL (NY/NJ). We really love this house (great location, well built, less than 10 yr old, low tax). can put down 20-30% of total cost comfortably. our initial target was 1.2-1.3M, little jittery about 1.5M.
we're in early 50s, and our total NW is about 3.5 M (includes 401K, taxable, company stocks, liquid cash (250K) but excluding 529 (200k for 2 kids). Our combined income is about 500K and expect it to be stable. We bought the current house for 630K (300K loan left @ 2.25% rate - we may rent it for 5k or sell it for about 850K). we thought of renovating current house but will cost us about 400K and needs to be out for 6 months for the project - not ideal given one of the kids is in high school. Our current monthly expense is 10K (includes private school tuition).
Can we afford it? Does it make sense financially?
Thanks for reading!
We have been shopping for a bigger house over 1.5 years now and finally found a house (3000 sq ft) that would fit our needs. The asking price is 1.45 M but will go for 1.5M if we want to get it (competition is so high; but don't want to go beyond 1.5M). We live in VHCOL (NY/NJ). We really love this house (great location, well built, less than 10 yr old, low tax). can put down 20-30% of total cost comfortably. our initial target was 1.2-1.3M, little jittery about 1.5M.
we're in early 50s, and our total NW is about 3.5 M (includes 401K, taxable, company stocks, liquid cash (250K) but excluding 529 (200k for 2 kids). Our combined income is about 500K and expect it to be stable. We bought the current house for 630K (300K loan left @ 2.25% rate - we may rent it for 5k or sell it for about 850K). we thought of renovating current house but will cost us about 400K and needs to be out for 6 months for the project - not ideal given one of the kids is in high school. Our current monthly expense is 10K (includes private school tuition).
Can we afford it? Does it make sense financially?
Thanks for reading!
Statistics: Posted by Panam@2016 — Tue Aug 06, 2024 8:03 pm — Replies 4 — Views 530