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Hi guys :) Glad to join fishbowl and this community. Guys I have an offer of 14.41 ctc from a big 4 (11 is fixed).
Technology-Microsoft Dynamics 365(I am a functional consultant in SCM and HR; Relevant exp: 3 yrs & Total exp: 4 yrs).
My interviews in IBM are done and I am waiting for the salary discussion with HR.
What is the likely offer that I am going to get? Any idea? (My expectation is 16.5 lpa ctc). I will adjust my expectations as per replies here.
Any response is highly appreciated :)
When does HCL pay annual bonus? Which month?
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What should be the designation for 6.8 yrs experience as lateral hire at HCL? HR and promised to give Senior Tech Lead but on offer letter it is just Tech Lead. When asked now they are stating like finance payroll team are saying that Senior Tech Lead can be offered only for 7.5 yrs experience. HCL Technologies
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You'll be fine. With that base and that down payment, monthly payment shouldn't be a problem.
Sounds like you could swing it. Having the cash and no debt definitely helps. Condos tend to have less maintenance cost than single family homes. My only thought is 800k is pretty pricey for a condo - which market are you in?
Chicago
I bought a 800k house with HHI of 230k TC. It should be a cake walk with just your base
How much is the HOA?
Condo HOA fees are always high because it's paying regular maintenance (which is sometimes not done to the quality or timing expectation of the residents) and on top of that, the fees for the property manager to organize and book the maintenance.
That's a $6,425 payment with 200k down and 6.5% interest rate. That's a high cost for Chicago. Unless it was a 3 bedroom you like, I'd wait or look for another place.
Federal Reserve came with the objective facts - the numbers.
These numbers are certainly strong, and you don’t have to wait for an income increase before buying. One of the best ways to think thru the options of buying in real estate is evaluating that this is a decision which can be un-made. You decide you don’t want the property? You can sell it, make back your cash, and possibly even a profit. Just so long as you’re buying a smart deal. A great realtor can help ensure you’re buying at a strong price that would allow you to “un-do” the decision. What you do need to do is target what is a comfortable monthly payment for you personally. Many of my clients (I’m a senior mortgage consultant) can afford more than they’d like to spend, and rather than pouring every spare dollar into a mortgage, you want to ensure you’re setting yourself up with a plan to meet your other financial goals too. I highly recommend allocating a large emergency fund (for risk-averse thinkers) for the literal net that that provides from the funds you’ve already saved, and then decide if - within the Chicago market specifically - you’d rather own a property you live in, or, continue to rent where you live but buy an investment property. Your first home purchase doesn’t have to be a primary residence!
Yes, because low inventory remains that severe of a problem. If the purchase price is a true market value they’ll be able to sell.
Would this be your primary residence? Technically you can make this work, but honestly after living in an expensive house around that and now in a $500k condo (similar market to Chicago), I don't really notice any real difference. I think there is a huge diminishing marginal utility in the $450k-$900k range and then houses in the $1.5M+ can be extremely nice (but not affordable or worth it necessarily).
Not an expert in real-estate but it might be worth buying a spot for ~$500k and renovating the kitchen to your express liking.
Anywhere but Chicago, that’s ok, but the high HOA and property taxes are killer.
I have about the same comp, both base and total comp and to spend about $6,500 a month on just the home seems a bit much. I would not feel comfortable for two reasons (1) significantly reduces my savings rate and (2) I wouldn’t feel like I had flex to do the things I want like travel etc and help family if needed. After taxes and 401k (7.5% of salary) my take home is about $10,600 so assuming you are similar. What are your other expenses like? Prob at least 2-3k a month so looking at 80-90% of disposable income gone just off standard monthly expenses - let’s factor in “what if shit happens”? Cause let’s face it shit always happens. Where is the flex? Just seems a bit tight for me.
With an extra 100k in variable comp, your savings rate and what if shit happens is covered.
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