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Having 129 Base salary , wife doesn’t have job anymore , saving 40k , 401k saving 25k , is it advisable to put all my cash saving 40k and buy a house worth 450k. I live a simple life , car loan .....

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Tell your wife to get a job

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Tell your wife to get a job

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likehelpful
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TBH it seems boring. Live a little. Go see the world. There is more to life than counting pennies and buying mcmansions.

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You do not need the house. Do not buy it.

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Don’t forget it’s going to take serious cash to furnish it - furniture, blinds, lawnmower, linens, etc. That stuff adds up very fast.

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It’s crazy! We had a deck, patio and basic landscaping in the front and back yard: $65k. I just about choked.

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Unless your wife is going to work or you are going to pull down a lot more $, this is a bad decision. Look for something less expensive or wait until you have more in the bank. Don’t minimize the cost to maintain, heat, upgrade, and repair.

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450 is a lot on a single income there. IT’s also really important to know what region you’re in and how far you are from city center as that can impact your valuation with market fluctuations. Big houses are a dream to own. Also.a lot to heat, manage, and resell.

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Wait a bit and continue to save. What’s the rush? Don’t wipe out your savings to get into a house. The mortgage is only one part of the financial responsibility of owning a home.

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Where do you guys live? Is 450K considered to be decent where you’re in?

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I am assuming you max your retirement funds every year? If so, step one is done. If you buy this house, how much of your monthly income is tied up in it? (Mortgage, property tax, insurance, etc). Also, if it’s just you and your wife, 5 bedrooms seems excessive unless your plan is to have 3 kids in life.

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Market is good here it will appreciate by at least 4 percent every year

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Guaranteed OP. Prices can’t go down....

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Budget to splurge a little and enjoy life and create memories with your wife. This year wife and I went to single income and it can be stressful but well worth it to just pick up and leave without having to figure out her work logistics. Also, don’t know where you live, but $450K won’t buy you a mobile home here...not joking

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Same in LA. The mobile homes here go for $600k - $990k 🤣

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Weird flex, but okay.

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I’d strongly caution against clearing out your savings. It’s incredibly important to still have an emergency fund - rule of thumb is having 3-6 months of your all in costs. If you lose your job tomorrow or run into any anticipated medical (or other) expense and you had drained your savings, how would you sustain yourself until you found a job? Too risky. Wait it out. Alternatively, buy a starter home or at least one that is much less than $450K, I’m talking no more than $300K, keep half your savings and put down maybe $20K on a house or condo. You’ll have to pay PMI likely since it’ll be less than 20% down payment but might be worth it to you. Good luck

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Our starter home is now an income property. We bought a modest home (not anywhere close to a dream home), lived in it for 8 years and fixed it up while saving as much as possible for the next house. Then we were able to buy our current 5br house (when our kids needed more space) and keep the first home to rent. The rent is 2x the mortgage and we were able to put a sizable down payment towards the current house to keep our mortgage relatively low. If we had stretched ourselves to get into the “dream” house initially, there is no way we would have been able to afford an income property.

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.......paid off , don’t eat outside , no abroad vacation , camping and gym is my life , read books and talk to my parents ....

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How is build to new . I will be spending 45 percent of my salary ( after 401 contribution ) in my house that is inclusive of mortgage , heat , water , internet and electricity , insurance

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You will not be able to get a loan at 45% of your income. Why do you need a 5 bedroom house? For consultants owning a home is really over rated since we are never home. It is expensive rent to keep furniture. Buy something smaller and continue to save, see the world and enjoy life!

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Interest rates are low id do it. I make less money than that and one bedroom condos are about the same price. I decided I’ll just get something that’s more in the range of 300-350 so I’m not feeling house poor. You already save in so many other ways I project you’ll be fine. If you’re about to have kids maybe wait

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I am a first year analyst and have 20k in saving. Where is all your money?

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I sponsored my brother’s MBA 100k

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