Tweet
Hello everyone! I have read these forums for a little while and have found them very helpful. I was wondering if I could get some advice from y'all.
Here is the situation...my wife and I are looking at purchasing a home. We have lived in the area for one year and have been saving up for our downpayment. Thanks to some diligent saving and a generous gift from our parents, we have $50,000 available for a downpayment. Our annual gross income is $96,500 and we have no debt at all. Our current rent is month-to-month and is $1000.
Here is the problem: the area that we live in has (what we would consider) very expensive house prices. For example, a decent starter home would cost at least $250,000. While we think we can afford a place like this right now, we are not extremely comfortable with purchasing a home for this much money. We would like to save more for future expenses like college, retirement, business school - and the big one - moving to one income someday.
How do you guys gauge how much money you can spend on a home while being able to maintain savings in other areas? Thank you so much for all of your help!
Here is the situation...my wife and I are looking at purchasing a home. We have lived in the area for one year and have been saving up for our downpayment. Thanks to some diligent saving and a generous gift from our parents, we have $50,000 available for a downpayment. Our annual gross income is $96,500 and we have no debt at all. Our current rent is month-to-month and is $1000.
Here is the problem: the area that we live in has (what we would consider) very expensive house prices. For example, a decent starter home would cost at least $250,000. While we think we can afford a place like this right now, we are not extremely comfortable with purchasing a home for this much money. We would like to save more for future expenses like college, retirement, business school - and the big one - moving to one income someday.
How do you guys gauge how much money you can spend on a home while being able to maintain savings in other areas? Thank you so much for all of your help!
)
Comment