Hi all,
I have a rather unique situation as I am looking to purchase my first home. My wife and I are very fortunate and combined have ~$1.1M in a brokerage account, and ~200K in retirement accounts. We are both 27 with no kids and looking to purchase our first home, both with full time jobs. I recently switched professions and combined we will make $160K, which will (should) be the lowest amount we will make in the foreseeable future. I would consider both of our careers stable. My dilemma is figuring out how much to put down/if we want to find a house for the long term, rather than a "starter" home for the next few years. Most of the homes in the area that I would look into living for the longer term are in the 800K+ range (up to $1M), while the starter homes would mostly be in the $500-600K range. I guess I am just looking for thoughts on how to approach the situation and if selling a larger portion of my brokerage as a down payment would be reasonable with current interest rates - thinking $600K, leaving me $500K left in the individual account, or just purchase the starter home and pay it off in a short period of time and keep more money in investment account. Appreciate any ideas/advice on the situation.
Thanks
I have a rather unique situation as I am looking to purchase my first home. My wife and I are very fortunate and combined have ~$1.1M in a brokerage account, and ~200K in retirement accounts. We are both 27 with no kids and looking to purchase our first home, both with full time jobs. I recently switched professions and combined we will make $160K, which will (should) be the lowest amount we will make in the foreseeable future. I would consider both of our careers stable. My dilemma is figuring out how much to put down/if we want to find a house for the long term, rather than a "starter" home for the next few years. Most of the homes in the area that I would look into living for the longer term are in the 800K+ range (up to $1M), while the starter homes would mostly be in the $500-600K range. I guess I am just looking for thoughts on how to approach the situation and if selling a larger portion of my brokerage as a down payment would be reasonable with current interest rates - thinking $600K, leaving me $500K left in the individual account, or just purchase the starter home and pay it off in a short period of time and keep more money in investment account. Appreciate any ideas/advice on the situation.
Thanks
Statistics: Posted by Cheesedip — Tue Dec 03, 2024 8:27 am — Replies 1 — Views 50