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I also have a large salary discrepancy between me and my husband where I make a lot more. When we were looking at houses back in 2015 I was more comfortable spending more than he was and I was more eager to upgrade the house. Therefore, I also took on paying more of the mortgage as a result. Most other things we split 50-50 but if it’s something I really want that he can’t afford then I need to cough up the cash.
Yep, that’ll be the case here. Whatever my husband makes is extra, but not factoring that into my projections. I’ll be the only one paying for the mortgage, but just wanted to see if it’s a decision that’s absolutely nuts or something that’s doable but hard.
Mentor
The fact that you’re in CA with some of the countries lowest property taxes makes this much more doable, if that helps
It helps, thank you ❤️
Ha, let’s address the salary delta. Why so big? What does he do?
Stay put…
D1, you have quite the imagination. Hope you put it to better use for the world than you did here!
Mentor
That rate is a golden anchor and it would be really really really hard to get me to move away from that.
Best of luck!
Not possible, pretty sure it’s against HOA. It’s a condo.
Going from 3% interest rate to 6% is not a good idea. Too many uncertainty in todays market.
Spot on, SPM 1! I think we’ll be ready to move on in about 5-6 years at which point the house will likely be valued in the early to mid 3 mill (if not, more). I think it’ll be totally worth it by then.
Seems quite risky, especially being it will be tight already and if you lose your job, then you will really be in a whole lot of trouble.
For comparison, we are a one income house hold, but our HHI is north of $1M, the risk of me losing my job has prevented us from upgrading from our current $1.5M house. I am probably on the other side of the risk spectrum, but you get the idea.
Hmm don’t do it
Coach
How will this new house change your life? Is it really something you need? Or just a want.
OC neighbor here. OP, keep your current condo when you buy the new property. Rent it out and continue to build wealth through the equity gained over time. There are few markets like ours where property values consistently appreciate while property tax is capped (prop 13). Don’t let go of the low mortgage rate and that prop tax benefit. Make them work for you!
P.S. Over the past 25 years, we’ve done this 3 times; converted our primary to a rental when moving up. I just retired early and we are living off the rents. My husband also made about the same as yours. DM me if you want to chat.
Is there a reason for mentioning your husbands income and highlighting the income discrepancy? Is that relevant here to your potential purchase?
A lot of people in this bowl post what they make and their partner, it’s pretty basic info and it’s very relevant info when making a multi million $ purchase. It also makes this a high risk purchase because if OP gets laid off, the partner can’t carry the mortgage and a family of 5.
OP shouldn’t be ashamed to post her income. Let’s stop picking on women. It feels like you’re belittling an adult bc of the gender. I’ve never seen this reaction when men post their partner has lower income. We can agree to disageee, I still think it’s relevant info.
My remaining mortgage is 650k; hoping to use equity as down payment and looking into pulling home equity credit line to buy new house first. There’s risk, but think it’ll pay off because the developer is currently selling lots similar to the new house for 2.9 mill so the new house is a steal.
Subject Expert
Do you have 3 to 6 months of an emergency fund saved away on top of your down payment?
Is the new house completed? Or still being built? Would you have to cover 2 mortgages for a period of time?
Nope.. explored that option and we simply can’t afford it. If we went that route, it would be out of pure greed and to keep that unicorn 2.99%.
Off topic question, but I’m also in your area and stuck at 250k salary. What do you do that you make so much so consistently??
That being said, I doubt you get laid off. Considering you’re in lock step with salary as well, I say go for it and adjust your living expenses until your salary gets you back up to your normal lifestyle
How does the 12-13k compare to your other expenses and savings/retirements? You mentioned 3 kids - does the 12-13k mortgage allow to save up for their college?
How easy would it be to rent your current home and cover expenses? If you can swing it, I’d consider doing that especially if you think it will keep appreciating in value.
Why move? Is there a specific reason? Not only are you paying significantly more monthly, but your interest rate will be dramatically higher causing you to pay much more for the new house over time. Stay put and invest the additional funds available in the market. Develop a large nest egg and retire early. I suggest you consult with a financial planner.
It sounds like you’re in HCOL (California) with 3 kids and 1,200 sq isn’t enough space for the family. It’s reasonable to want a larger space. But is there option C..where your husband finds another job and helps towards making this feasible? Even if he works in non profit he can find something higher paid.
Your current interest rate is excellent! Think twice before you give that up!
If you don’t need to move, wait. The market will change so much after the election and with the feds lowering rates.
What do you think will happen to home prices if mortgage rates go down?