Would you buy a house for 615k if you were us? UPDATE: under contract
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Re: Would you buy a house for 615k if you were us?
Very impressed & inspired with your savings rate and discipline to maintain that for the last 7 years despite having kids in that time frame. Congrats on the new house (if you get it). I'd worry about a 3 car garage though, seems like all that space will lead to expensive toys
Re: Would you buy a house for 615k if you were us?
I think people who plan to work from home as a long term thing should invest in a proper office space.
I also personally see great value to having a guest room. I'm also a sucker for a neighborhood pool - you will meet the new neighbor kids there easily.
I would probably buy the new house.
I also personally see great value to having a guest room. I'm also a sucker for a neighborhood pool - you will meet the new neighbor kids there easily.
I would probably buy the new house.
Re: Would you buy a house for 615k if you were us?
Appreciate this comment. It cost us ~70k to grow our family. Best money we have ever spentblueberrypi wrote: ↑Wed Mar 22, 2023 9:09 am Very impressed & inspired with your savings rate and discipline to maintain that for the last 7 years despite having kids in that time frame. Congrats on the new house (if you get it). I'd worry about a 3 car garage though, seems like all that space will lead to expensive toys
Yes DH is a car guy so we would like to have the extra space for the distant future. Right now it’s room for kids bikes, scooters and a home gym (folds into the wall) we currently have in our very tight 2 car garage.
Re: Would you buy a house for 615k if you were us?
Thank you for the ongoing comments. I am reading each one and appreciate everyone taking the time. Today my parents offered some assistance if needed. We did not ask and realize this is a very generous offer. They are currently retired and this would not hurt their retirement in any way.
I am still struggling with this being a want versus a need. I think as we know we plan to move eventually there are benefits now:
1. More time for us to enjoy with the kids while they are living at home
2. We have been able to take our time and find a house that fits our needs. Our neighborhood can have up to 5 unrelated people living in a house and seems to be moving towards rentals. Don’t want to be forced to move.
3. Parents and in laws are in their late 60s/early 70s. In great health but are sleeping on a couch and small twin bed and really don’t stay longer than one night at a time due to this. Would love for them now to have a room to stay longer stretches versus waiting.
I am still struggling with this being a want versus a need. I think as we know we plan to move eventually there are benefits now:
1. More time for us to enjoy with the kids while they are living at home
2. We have been able to take our time and find a house that fits our needs. Our neighborhood can have up to 5 unrelated people living in a house and seems to be moving towards rentals. Don’t want to be forced to move.
3. Parents and in laws are in their late 60s/early 70s. In great health but are sleeping on a couch and small twin bed and really don’t stay longer than one night at a time due to this. Would love for them now to have a room to stay longer stretches versus waiting.
Last edited by Lrt12 on Wed Mar 22, 2023 10:30 am, edited 1 time in total.
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Re: Would you buy a house for 615k if you were us?
#3 is a big one. That would sway me.
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-- Randy Bo Bandy
Grammar and spelling matter. |
Quoting the OP isn't a necessity.
Re: Would you buy a house for 615k if you were us?
Sure it's more of a want than a need. You could make that same argument about the place you live in now. But, if you can afford it (you can) while still saving (you will), why not? It would make meaningful differences in several ways to your family's comfort. I say do it and enjoy it.
Re: Would you buy a house for 615k if you were us?
$3400 PITI on $16K+/month gross income? You are so good to go it's not funny. Go ahead w/o thinking.
Re: Would you buy a house for 615k if you were us?
Didn't read all the responses, but chiming in here that we did exactly what the OP is proposing to do, 14 years ago. At that time we had been living in a 3bed 2ba 1400 sq. ft. townhome, $200k odd in value. We then moved to a $600k single family home, 0.8 acres, 4 bedroom 2.5 bath, 2800 sq ft (and 3300 sq ft if we include finished basement space) for both (a) better reputed school district, and (b) additional room for parents when they visit.
Our combined salary was also about $200k ($140k for me, $60k for my wife) about then. Mortgage rates were similar too, 5% odd, and $3,400 PITI sounds just about right what we paid on our first mortgage (refinanced multiple times since then, paid off in 2019).
Yes we did have to buy all those riding lawn mower etc. after we moved in.
We did come out ok, yes we afforded it without really feeling any pinch.
We are in NJ, so not a "low or no tax state", if that matters.
Our combined salary was also about $200k ($140k for me, $60k for my wife) about then. Mortgage rates were similar too, 5% odd, and $3,400 PITI sounds just about right what we paid on our first mortgage (refinanced multiple times since then, paid off in 2019).
Yes we did have to buy all those riding lawn mower etc. after we moved in.
We did come out ok, yes we afforded it without really feeling any pinch.
We are in NJ, so not a "low or no tax state", if that matters.
Re: Would you buy a house for 615k if you were us?
Buy it. Biggest regret I have with housing is being too conservative, at roughly your ages. I'm not advocating maxing out..... but you are not near that. If this is the house and neighborhood you love, you won't regret it. Just make sure it's in good condition and not a future money-pit.
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Re: Would you buy a house for 615k if you were us?
I live in a low cost of living area and our income is almost yours, not quite and I'm not even comfortable buying the house you have. I couldn't possibly fathom buying a 600k house. BUT, that's just me. We're all different. I can't help but think there has to be something in between for you?
Good luck either way.
Good luck either way.
Re: Would you buy a house for 615k if you were us?
Didn't have to read the OP's details; my answer would be a categorical "no" to spending that much on a house. Then again, I don't live where you live.
Re: Would you buy a house for 615k if you were us?
The number came in at 632,500. Really hard decision for me/us currently.
Re: Would you buy a house for 615k if you were us?
It sounds like you already have what you need. Your current home situation is a higher standard of living than 99.9%+ of families in the world. Any chance you can feel grateful for that fact alone?
Just because you can do something doesn't mean you should.
Just because you can do something doesn't mean you should.
"Learn from the past, live in the present, plan for the future"
Re: Would you buy a house for 615k if you were us?
Thanks for the comment. Feel very grateful for what we have every day. We have a great marriage, 2 kids, our health. Important to keep things in perspective.
Re: Would you buy a house for 615k if you were us?
Did you make a 'short-list' and are being asked for best and final, with $632K being the top offer at this point?Lrt12 wrote: ↑Tue Mar 21, 2023 11:17 am Really appreciate all the comments. The neighborhood is definitely a big difference in terms of what we are looking for long term. However we are close with some of the other young families on our current street so that is hard for me to leave. New house is only 5 minutes from our current house and also has young families but would need to meet people in the new neighborhood. We have placed an offer. There are multiple offers and we are not interested in a bidding war. The house came on the market yesterday and is very competitively priced. We will see what happens. Will update.
Re: Would you buy a house for 615k if you were us?
The house is ours for 632,500 if we want it.
Re: Would you buy a house for 615k if you were us?
You must be bidding against somebody else though, no? Is the realtor not offering the other party the ability to raise their offer? It's a little confusing as written.
I am picturing Lrt13 out there on another forum deliberating her decision, advising that forum that the realtor told her if she raises her bid to $633K it's hers.
Or is something else going on?
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Re: Would you buy a house for 615k if you were us?
You asked what others would do ... I would buy the house and send the kids to public school.
It seems like it would be a big improvement to have a guest room and study.
It seems like it would be a big improvement to have a guest room and study.
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Re: Would you buy a house for 615k if you were us?
It's possible that another bidder has already placed their best and final at <$632,500.wilked wrote: ↑Wed Mar 22, 2023 2:27 pmYou must be bidding against somebody else though, no? Is the realtor not offering the other party the ability to raise their offer? It's a little confusing as written.
I am picturing Lrt13 out there on another forum deliberating her decision, advising that forum that the realtor told her if she raises her bid to $633K it's hers.
Or is something else going on?
I would still recommend that you go for it!
Re: Would you buy a house for 615k if you were us?
To your question though - if it makes sense at $612K than it makes sense at $632k. It's only a 3% difference, not enough to make or break a decision (would be the equivalent of saying you want to buy a car at $30K but if it's $31K you are walking. Maybe useful in negotiation but in the broader scope, if you need a new car you need it whether it's $30K or $31K). That $20K will get lost in the noise after a few years.
Re: Would you buy a house for 615k if you were us?
The highest other offer had a cap at 630k. We accepted the counteroffer. We did not waive inspection so that is a next step.
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Re: Would you buy a house for 615k if you were us?
Congrats!! Exciting times.
If your outgo exceeds your income, your upkeep will be your downfall
Re: Would you buy a house for 615k if you were us?
As long as it’s not the house from the movie the Money Pit.
Is this really the one you want? Is there something better out there?
Is this really the one you want? Is there something better out there?
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Re: Would you buy a house for 615k if you were us?
Hope the inspection goes well. Sounds like you will be fine.
In my area of the country those who were overly conservative on housing and young did themselves a disservice over the last decade.
Many of my peers are now pushed out of the housing market altogether or in a similar situation like you locked in to a cheap living arrangment but not having the ideal home for the next step of their life.
IMO the best time to own a bigger and generally more expensive house is when kids are home.
I don't understand why everyone wants to keep these bigger homes to maintain their whole lives after the kids are gone. I would like to sell off RE when my kids leave and simplify.
We are involved with rentals as well so maybe I am biased but keeping 30 year fixed debt on a primary loan is a powerful tool early on in ones life. Same idea with making your move now and watching that payment feel much smaller in a decade.
In my area of the country those who were overly conservative on housing and young did themselves a disservice over the last decade.
Many of my peers are now pushed out of the housing market altogether or in a similar situation like you locked in to a cheap living arrangment but not having the ideal home for the next step of their life.
IMO the best time to own a bigger and generally more expensive house is when kids are home.
I don't understand why everyone wants to keep these bigger homes to maintain their whole lives after the kids are gone. I would like to sell off RE when my kids leave and simplify.
We are involved with rentals as well so maybe I am biased but keeping 30 year fixed debt on a primary loan is a powerful tool early on in ones life. Same idea with making your move now and watching that payment feel much smaller in a decade.
Re: Would you buy a house for 615k if you were us?
Nothing smaller is being built. There are a lack of starter homes to downsize too.broncocountry25 wrote: ↑Wed Mar 22, 2023 3:37 pm Hope the inspection goes well. Sounds like you will be fine.
In my area of the country those who were overly conservative on housing and young did themselves a disservice over the last decade.
Many of my peers are now pushed out of the housing market altogether or in a similar situation like you locked in to a cheap living arrangment but not having the ideal home for the next step of their life.
IMO the best time to own a bigger and generally more expensive house is when kids are home.
I don't understand why everyone wants to keep these bigger homes to maintain their whole lives after the kids are gone. I would like to sell off RE when my kids leave and simplify.
We are involved with rentals as well so maybe I am biased but keeping 30 year fixed debt on a primary loan is a powerful tool early on in ones life. Same idea with making your move now and watching that payment feel much smaller in a decade.
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Re: Would you buy a house for 615k if you were us?
Agreed that not a lot of new small inventory is being built. There is for sure in my area many different condos and townhomes you could downsize to from a big family home. Many people end up not wanting to do that and now those houses are needed by the younger generations but we do not have enough.rockstar wrote: ↑Wed Mar 22, 2023 4:02 pmNothing smaller is being built. There are a lack of starter homes to downsize too.broncocountry25 wrote: ↑Wed Mar 22, 2023 3:37 pm Hope the inspection goes well. Sounds like you will be fine.
In my area of the country those who were overly conservative on housing and young did themselves a disservice over the last decade.
Many of my peers are now pushed out of the housing market altogether or in a similar situation like you locked in to a cheap living arrangment but not having the ideal home for the next step of their life.
IMO the best time to own a bigger and generally more expensive house is when kids are home.
I don't understand why everyone wants to keep these bigger homes to maintain their whole lives after the kids are gone. I would like to sell off RE when my kids leave and simplify.
We are involved with rentals as well so maybe I am biased but keeping 30 year fixed debt on a primary loan is a powerful tool early on in ones life. Same idea with making your move now and watching that payment feel much smaller in a decade.
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Re: Would you buy a house for 615k if you were us?
Very simple...Happy wife happy life. AND you can afford it. Yea things will cost more to take care of a bigger house but it should be fine. Life is short...enjoy the fruit of your labors some.
Re: Would you buy a house for 615k if you were us?
If you need to spend a lot of money to make your wife happy, you’re better off divorced since you’ll be broke either way.Johny Fever wrote: ↑Wed Mar 22, 2023 4:46 pm Very simple...Happy wife happy life. AND you can afford it. Yea things will cost more to take care of a bigger house but it should be fine. Life is short...enjoy the fruit of your labors some.
Re: Would you buy a house for 615k if you were us?
I'd do it. When our kids were young, we lived in houses that were 2,400; 1,700; 3,000; and 3,300 sq ft. I much preferred having the extra space in the larger houses.
But it's not just that. A lot of people here will disagree, but we definitely saw a correlation in the quality of our neighbors improve with the cost of the houses in the neighborhood. And the quality of the schools.
I'd do it in a heartbeat if I were you. If not to that house, at least to something in the 2,500+ sq ft range in a nice neighborhood.
But it's not just that. A lot of people here will disagree, but we definitely saw a correlation in the quality of our neighbors improve with the cost of the houses in the neighborhood. And the quality of the schools.
I'd do it in a heartbeat if I were you. If not to that house, at least to something in the 2,500+ sq ft range in a nice neighborhood.
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Re: Would you buy a house for 615k if you were us?
Agree to disagree...he wont be broke as he can afford this and if it happens to please his wife also even better.rockstar wrote: ↑Wed Mar 22, 2023 4:51 pmIf you need to spend a lot of money to make your wife happy, you’re better off divorced since you’ll be broke either way.Johny Fever wrote: ↑Wed Mar 22, 2023 4:46 pm Very simple...Happy wife happy life. AND you can afford it. Yea things will cost more to take care of a bigger house but it should be fine. Life is short...enjoy the fruit of your labors some.
Re: Would you buy a house for 615k if you were us?
Good luck on whatever you decide, OP.
My anecdote: Mid-30s, DD is 2, planning for another this year, and a rambunctious doggo. Went from a perfectly nice 1,850 sq.ft. 3br/2ba last year to a ~3,700sq.ft. 5br/3.5ba last July. We bought for $600K and put 20% down. PITI is $3,200 and represents about 18% of our take-home base compensation (after maxing 401(k)s, benefits, etc.), so it doesn't feel like a stretch to us.
Couldn't be happier with the extra space. My parents (who are similar ages to yours by the sound of it) live in a neighboring state and stay with us when they come to visit, also. I realize that may be a fleeting situation in the grand scheme of life, but if there's anywhere that I'm going to splurge it's on the place where we spend a large portion of our time. No regrets. Financial priorities reflect individual values.
My anecdote: Mid-30s, DD is 2, planning for another this year, and a rambunctious doggo. Went from a perfectly nice 1,850 sq.ft. 3br/2ba last year to a ~3,700sq.ft. 5br/3.5ba last July. We bought for $600K and put 20% down. PITI is $3,200 and represents about 18% of our take-home base compensation (after maxing 401(k)s, benefits, etc.), so it doesn't feel like a stretch to us.
Couldn't be happier with the extra space. My parents (who are similar ages to yours by the sound of it) live in a neighboring state and stay with us when they come to visit, also. I realize that may be a fleeting situation in the grand scheme of life, but if there's anywhere that I'm going to splurge it's on the place where we spend a large portion of our time. No regrets. Financial priorities reflect individual values.
Re: Would you buy a house for 615k if you were us?
OP congratulations and best of luck to you and your spouse. We just bought a house and now packing to move and selling our current home so can empathize with your situation.
Bogleheads Wiki: https://www.bogleheads.org/wiki/Main_Page
Re: Would you buy a house for 615k if you were us?
OP is THE wifeJohny Fever wrote: ↑Wed Mar 22, 2023 5:01 pmAgree to disagree...he wont be broke as he can afford this and if it happens to please his wife also even better.rockstar wrote: ↑Wed Mar 22, 2023 4:51 pmIf you need to spend a lot of money to make your wife happy, you’re better off divorced since you’ll be broke either way.Johny Fever wrote: ↑Wed Mar 22, 2023 4:46 pm Very simple...Happy wife happy life. AND you can afford it. Yea things will cost more to take care of a bigger house but it should be fine. Life is short...enjoy the fruit of your labors some.
Mid-40’s
Re: Would you buy a house for 615k if you were us?
TLDR...Yes, I'll buy this house at this price if I were you. I'll not 2nd guess.
"Know what you own, and know why you own it." — Peter Lynch
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Re: Would you buy a house for 615k if you were us?
Well I hope she is happy...LOL...my bad...but yes I would buy that house....mortfree wrote: ↑Wed Mar 22, 2023 5:51 pmOP is THE wifeJohny Fever wrote: ↑Wed Mar 22, 2023 5:01 pmAgree to disagree...he wont be broke as he can afford this and if it happens to please his wife also even better.rockstar wrote: ↑Wed Mar 22, 2023 4:51 pmIf you need to spend a lot of money to make your wife happy, you’re better off divorced since you’ll be broke either way.Johny Fever wrote: ↑Wed Mar 22, 2023 4:46 pm Very simple...Happy wife happy life. AND you can afford it. Yea things will cost more to take care of a bigger house but it should be fine. Life is short...enjoy the fruit of your labors some.
Re: Would you buy a house for 615k if you were us?
Read about half of the responses. We are older but have two young children, earn about the same and live in 1750 sq'. I would buy your house tomorrow for non-financial reasons. Buying this house now is a huge bummer with rates so high, but you'd be running to purchase if rates had decreased to 6.5%. You face a problem of perspective and increased costs. I appreciate how you think in terms of annual saving. As others have noted, this move-up will be more expensive than projected. That's ok. You are locking the wife into employment, imo, but that's ok if the wife is ok. You are locking the husband out of "reinventing himself" as a rock guitarist but that's ok.
Here's what I've found:
We have great neighbors but I still would love a bigger lot than our .26 acre. You can always, over time, xeriscape the larger grounds to cut maintenance. Year one, you can let part of the lawn go and buy a 5 pound bag of low maintenance seed or some such and save time and water. Ask me how I know....
You are asking a first world question so I'll give a first world answer. Your house is going to shrink every year you live in it until the first year your oldest leaves for college. This is happening at a much faster rate than we expected. Every day I am grateful we live in the neighborhood, in our house, in our county. And every day I wince at the noise level from our 6 y.o. son and hide in the garage over some non-urgent project, or my wife drives around the block finishing a call because the house isn't big enough. I have been all over south Asia, the middle east, north Africa, and parts of S. America. I know people cram more into less and are happy and lead loving lives. I want more space.
Here's what I've found:
We have great neighbors but I still would love a bigger lot than our .26 acre. You can always, over time, xeriscape the larger grounds to cut maintenance. Year one, you can let part of the lawn go and buy a 5 pound bag of low maintenance seed or some such and save time and water. Ask me how I know....
You are asking a first world question so I'll give a first world answer. Your house is going to shrink every year you live in it until the first year your oldest leaves for college. This is happening at a much faster rate than we expected. Every day I am grateful we live in the neighborhood, in our house, in our county. And every day I wince at the noise level from our 6 y.o. son and hide in the garage over some non-urgent project, or my wife drives around the block finishing a call because the house isn't big enough. I have been all over south Asia, the middle east, north Africa, and parts of S. America. I know people cram more into less and are happy and lead loving lives. I want more space.
Re: Would you buy a house for 615k if you were us?
Looks like you are moving forward with the purchase alredy; wanted to add that it will be fine.
I've also bought a 700K home on 170k salary (with 250K down) in mid 30s, and doing fine.
I've also bought a 700K home on 170k salary (with 250K down) in mid 30s, and doing fine.
Re: Would you buy a house for 615k if you were us? UPDATE: under contract
I was able to lock a rate last night at 6.125% for a 30 year fixed rate. Lender credits ~1500 then was offered an additional 1,000 to quickly complete tasks last night. So, credits will offset loan costs. Putting 20% down which, after closing costs, should leave us about 35k from the sell of our current home. Some of that will go to touching up paint at our current house and paint at the new house. The only furniture we plan to purchase soon is a bed for the guest room. Loan estimate showing monthly payment of $3440 so right around my initial estimate. Our taxes and insurance are only $367 combined per month so that helps. The appraisal was waived so hoping this confirms what we think which is we got this house at a good price.
Going through waves of feeling okay then stressed but I suppose that is normal for a big purchase.
Again appreciate everyone’s input and for taking the time to post their personal thoughts/experiences.
Going through waves of feeling okay then stressed but I suppose that is normal for a big purchase.
Again appreciate everyone’s input and for taking the time to post their personal thoughts/experiences.
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Re: Would you buy a house for 615k if you were us?
Is there any way to kill that old terrible adage on this board? Women actually think it is more ridiculous then men do (at least in the case of my wife).rockstar wrote: ↑Wed Mar 22, 2023 4:51 pmIf you need to spend a lot of money to make your wife happy, you’re better off divorced since you’ll be broke either way.Johny Fever wrote: ↑Wed Mar 22, 2023 4:46 pm Very simple...Happy wife happy life. AND you can afford it. Yea things will cost more to take care of a bigger house but it should be fine. Life is short...enjoy the fruit of your labors some.
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Re: Would you buy a house for 615k if you were us?
Well said.stoptothink wrote: ↑Wed Mar 22, 2023 6:35 amMy response to the question would have been much different a few years ago, when mortgage rates were half what they are today. Also, OP asked "would YOU buy a house at 615k if you were us"? We're in a similar family situation (but better financial situation) and IMO this home upgrade is clearly a want (the current home sounds like it meets their needs fine - it's bigger than ours) that we wouldn't feel comfortable stretching for.
Technically, OP can absolutely afford it, but we wouldn't do it.
I make roughly 80% what OP makes on a single income, live in a 2,500 sq ft house with my wife (pregnant with twins) and 4 kids (8, 6, 4, and 2), and also send our kids to private (Catholic) school. I want to move, but I would not feel comfortable pulling the trigger. We're gonna try to make this place work for a couple years and see how it goes.
(I do have a generally lower asset level than OP, and no prospect of a pension, so that might sway me more toward purchasing.)
“The strong cannot be brave. Only the weak can be brave; and yet again, in practice, only those who can be brave can be trusted, in time of doubt, to be strong.“ - GK Chesterton
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Re: Would you buy a house for 615k if you were us? UPDATE: under contract
It’s natural to have some doubts but you should be just fine with your monthly housing costs making up a relatively small portion of your gross income. You’ll still be saving a good percentage so try not to worry that your savings rate won’t be quite as high going forward.Lrt12 wrote: ↑Thu Mar 23, 2023 8:02 am I was able to lock a rate last night at 6.125% for a 30 year fixed rate. Lender credits ~1500 then was offered an additional 1,000 to quickly complete tasks last night. So, credits will offset loan costs. Putting 20% down which, after closing costs, should leave us about 35k from the sell of our current home. Some of that will go to touching up paint at our current house and paint at the new house. The only furniture we plan to purchase soon is a bed for the guest room. Loan estimate showing monthly payment of $3440 so right around my initial estimate. Our taxes and insurance are only $367 combined per month so that helps. The appraisal was waived so hoping this confirms what we think which is we got this house at a good price.
Going through waves of feeling okay then stressed but I suppose that is normal for a big purchase.
Again appreciate everyone’s input and for taking the time to post their personal thoughts/experiences.
Not to be premature as I realize inspections are still to be done and it’ll take a little time to close the deal but, in any case, congratulations and I hope you enjoy your new home!
By the way, well done on locking in a rate close to 6% as they have been hovering around 7% lately.
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Re: Would you buy a house for 615k if you were us?
Happy spouse, happy house. Both need to be happy.stoptothink wrote: ↑Thu Mar 23, 2023 10:37 amIs there any way to kill that old terrible adage on this board? Women actually think it is more ridiculous then men do (at least in the case of my wife).rockstar wrote: ↑Wed Mar 22, 2023 4:51 pmIf you need to spend a lot of money to make your wife happy, you’re better off divorced since you’ll be broke either way.Johny Fever wrote: ↑Wed Mar 22, 2023 4:46 pm Very simple...Happy wife happy life. AND you can afford it. Yea things will cost more to take care of a bigger house but it should be fine. Life is short...enjoy the fruit of your labors some.
--Randy Bo Bandy
Grammar and spelling matter. |
Quoting the OP isn't a necessity.
Re: Would you buy a house for 615k if you were us? UPDATE: under contract
Congrats on being under contract.
You made the correct decision. Yes the interest rate is higher than ideal, but they will eventually come down and you can refinance. You also make enough that you can shove a portion of your savings into paying it off.
Based on what you wrote you can afford it and the house will increase your quality of life. It is SOOO much nicer to be in a home with proper space for everything rather than work off the kitchen table, rather than have the guests sleep on a pull out etc. The guests you want may also visit more often if their accommodations are comfortable and they don't feel like they are putting you out being there.
Don't stress, just look forward to it and enjoy! Good decision.
You made the correct decision. Yes the interest rate is higher than ideal, but they will eventually come down and you can refinance. You also make enough that you can shove a portion of your savings into paying it off.
Based on what you wrote you can afford it and the house will increase your quality of life. It is SOOO much nicer to be in a home with proper space for everything rather than work off the kitchen table, rather than have the guests sleep on a pull out etc. The guests you want may also visit more often if their accommodations are comfortable and they don't feel like they are putting you out being there.
Don't stress, just look forward to it and enjoy! Good decision.
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Re: Would you buy a house for 615k if you were us? UPDATE: under contract
As a wife and mother who works from home 100% and also has the grandparents stay for long stretches, I absolutely think you are doing the right thing. You will be amazed at how having the right home for your family will give you mental peace. One less thing to have constantly niggling at the back of your mind.
Congrats on the offer, hope everything goes smoothly and you’re settled in soon.
Congrats on the offer, hope everything goes smoothly and you’re settled in soon.
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Re: Would you buy a house for 615k if you were us? UPDATE: under contract
We're definitely outliers; same size family but smaller home than OP's current home, I WFH full-time and wife is hybrid (we have an ad hoc home office in our spare bedroom - our kids still choose to share a room), and my in-laws have lived with us for extensive periods of time (longest continuous stretch was ~6 months). I guess there were specific moments where more room would have been nice, but I can't say we ever really felt cramped. We probably will "upgrade" in the future because in-laws will be moving in with us permanently and we'd really like a basement so we can park both our cars in the garage (we have an extensive garage gym which leaves space for only one car - great if we could move it to the basement).lostinjersey wrote: ↑Thu Mar 23, 2023 12:39 pm As a wife and mother who works from home 100% and also has the grandparents stay for long stretches, I absolutely think you are doing the right thing. You will be amazed at how having the right home for your family will give you mental peace. One less thing to have constantly niggling at the back of your mind.
Congrats on the offer, hope everything goes smoothly and you’re settled in soon.
Either way, it's not like OP is stretching that much. It'll be fine.
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Re: Would you buy a house for 615k if you were us? UPDATE: under contract
As an initial naysayer, I am delighted to read the great news of your house purchase. Your parents riding in like the US cavalry at the last minute to help save the day- what a happy ending! Congrats to all.Lrt12 wrote: ↑Thu Mar 23, 2023 8:02 am I was able to lock a rate last night at 6.125% for a 30 year fixed rate. Lender credits ~1500 then was offered an additional 1,000 to quickly complete tasks last night. So, credits will offset loan costs. Putting 20% down which, after closing costs, should leave us about 35k from the sell of our current home. Some of that will go to touching up paint at our current house and paint at the new house. The only furniture we plan to purchase soon is a bed for the guest room. Loan estimate showing monthly payment of $3440 so right around my initial estimate. Our taxes and insurance are only $367 combined per month so that helps. The appraisal was waived so hoping this confirms what we think which is we got this house at a good price.
Going through waves of feeling okay then stressed but I suppose that is normal for a big purchase.
Again appreciate everyone’s input and for taking the time to post their personal thoughts/experiences.
Re: Would you buy a house for 615k if you were us?
Here’s a new one: happy wife leads to a broke life:)stoptothink wrote: ↑Thu Mar 23, 2023 10:37 amIs there any way to kill that old terrible adage on this board? Women actually think it is more ridiculous then men do (at least in the case of my wife).rockstar wrote: ↑Wed Mar 22, 2023 4:51 pmIf you need to spend a lot of money to make your wife happy, you’re better off divorced since you’ll be broke either way.Johny Fever wrote: ↑Wed Mar 22, 2023 4:46 pm Very simple...Happy wife happy life. AND you can afford it. Yea things will cost more to take care of a bigger house but it should be fine. Life is short...enjoy the fruit of your labors some.
Re: Would you buy a house for 615k if you were us? UPDATE: under contract
Absolutely made the right move.
This is "good" spending - not bad spending. People lose sight of the pluses to the quality of life improvements for the entire family.
Congratulations, hope all goes well with the escrow.
This is "good" spending - not bad spending. People lose sight of the pluses to the quality of life improvements for the entire family.
Congratulations, hope all goes well with the escrow.
Re: Would you buy a house for 615k if you were us? UPDATE: under contract
Asking for a portfolio review taking into account the increased expenses at the new house.
If anyone is interested would welcome comments there.
viewtopic.php?p=7215098#p7215098
If anyone is interested would welcome comments there.
viewtopic.php?p=7215098#p7215098