Hey everyone, I’m part of a family of four and we’re looking at a forever house in a desirable area with a medium cost of living. The house is a 2024 build and is listed at $2.5 million. We’re planning to put down $750k as a down payment. The total annual PITI for a 15-year fixed mortgage comes out to around $210k, which would be about 26-27% of our gross annual household income. I’m 40 and should be able to retire comfortably between 55-60. The house seems to have everything we could need. I just want to know if there’s anything I’m missing here before we make a decision.
Sure why not. I’ll assume you’re a doctor and make enough salary and it’s easy to get work
Kris said:
Sure why not. I’ll assume you’re a doctor and make enough salary and it’s easy to get work
Being that $210k is only 26% to 27% of gross, they’re pulling in $825k/year or so
@Flann
Yeah that’s about right, likely a dual income household, and some income might be from investments or vesting stock
A dog. You are missing a dog
Chen said:
A dog. You are missing a dog
This is so true. A cat could do some perimeter guarding too and keep the property free of rodents
Chen said:
A dog. You are missing a dog
This is so true. A cat could do some perimeter guarding too and keep the property free of rodents
And to let that dog know who is boss
Honestly, at that income level it really doesn’t matter… that’s like asking someone if they want to buy a forever sandwich
Posts like this are why people don’t take most people seriously here lol. Either a fake post or just someone here to self brag
I’m sure you didn’t mean to, but this comes off as a bit tone deaf for this forum. You lay out how the numbers work for you and it’s clear you can afford it. What kind of advice are you looking for with the limited info you’ve provided?
@Zen
Is $2.5 million a discount off asking price?
Teegan said:
@Zen
Is $2.5 million a discount off asking price?
No, but the house has been on the market for 115 days. It’s a reputable local luxury builder. This is about $550/sqft, which is pretty high around here. It has a 0.45 acre yard and a saltwater pool. Plus, it’s in a good school district since we have two kids under six
If you love the house and can afford it, then go for it. Just be aware of the impact of the pandemic on local prices and buyer patterns. Did prices spike mainly because of interest rates, or was remote work the main driver?
@Beck
It’s a booming medium-sized city that has seen crazy growth over the past 8-10 years, so it predates the pandemic. I have not seen any signs of it slowing down. We’re planning to stay here for at least 20 years if not more
How big is the lot and how close are your neighbors? Have you checked to make sure you’re in the desired school district, or do you not care because of private school?
Charlotte said:
How big is the lot and how close are your neighbors? Have you checked to make sure you’re in the desired school district, or do you not care because of private school?
Also, are you ready to take care of this large expensive house for many years after retirement?
@Owen
Is the lot size typical for other luxury homes in the area that have sold at $550/sqft?