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06.03.20, 14:26 PM General Topics
10 replies
How much over budget would you go for a house that hits every single thing on your wish list? Assume that the budget was not pushing any limits of affordability [ Reply | Watch | Flag ]
General Topics 06.03.20, 02:26 PM Flag
 

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For me, would depend on how long you’re planning to stay in it and certainty of income / funding. Eg - if DH / I were doctors (high, stable, and predictable income) with 1 DC but planning a second, I would 100% get a house that’s big enough that we wouldn’t need to upgrade in a few years. [ Reply | More
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General Topics 06.03.20, 02:33 PM Flag
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In this Econ you, under budget. In good times, my mortgage person tells everyone to stay under the jumbo limit. [ Reply | More
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General Topics 06.03.20, 02:41 PM Flag
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That would depend on why I set that budget, where it is and whether the house is priced right. [ Reply | More
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General Topics 06.03.20, 02:53 PM Flag
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We set the budget because it would be a 2nd home and we wanted it to be a "no feel" cost- basically, we could service the mortgage and taxes, max out our 401ks and still save at least 20% of post-tax base income without having to change any of our habits (we currently save about 50-55% of our net base income, so basically the mortgage and taxes would come from that) [ Reply | More
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General Topics 06.03.20, 03:06 PM Flag
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In that case I would not want to go over budget. [ Reply | More
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General Topics 06.03.20, 03:10 PM Flag
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The alt is we can put more down to lower the monthlies [ Reply | More
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General Topics 06.03.20, 03:30 PM Flag
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For an investment property, we went 200k over budget because it was the perfect house for our needs [ Reply | More
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General Topics 06.03.20, 02:58 PM Flag
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for me it wouldn't be as much about my personal budget but more about if the house was overpriced for what it is. [ Reply | More
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General Topics 06.03.20, 03:15 PM Flag
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I definitely don’t think it is, but the current owners bought it (in 2005) at a 70% increase of the previous sale price (just 1 year prior). They currently have it listed at $50k more than they bought it for, so I’m not sure how much further down they would be willing to go unless they become desperate. [ Reply | More
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General Topics 06.03.20, 03:28 PM Flag
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you need to take a look at the comps and make a decision based on that. [ Reply | More
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General Topics 06.03.20, 03:32 PM Flag
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