{ "media_type": "text", "post_content": "Planning to buy townhouse of 550K. HHI pre tax 360K. No debt. Maxing 401k for both myself and spouse. HCOL. Am I being too conservative? What budget should I keep?", "post_id": "60fcc2a871afcc002121bc34", "reply_count": 12, "vote_count": 1, "bowl_id": "5a5242b78e26290018502ca0", "bowl_name": "The Real Estate Bowl" }

Planning to buy townhouse of 550K. HHI pre tax 360K. No debt. Maxing 401k for both myself and spouse. HCOL. Am I being too conservative? What budget should I keep?

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No such thing as “too conservative” here if you like the house and can see yourself in it for 7+ years. Get a 15 yr mortgage and knock it out!

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Same, but 300k HHI

What HCOL has townhouses for $550k? Doesn't sound HCOL to me

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Jersey has plenty of 2-3 bed/~900 sqft condos

Not conservative. Just take the leftover and get aggressive with other investing. Being house poor is a huge mistake and very limiting.

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Dude great idea - get the house - 30 yr mortgage, contain to save $ and in another 3-4 years buy another house and rent this house out and start your real estate profile.

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If you plan on renting it out in the future, don’t spend too much on the house as you’ll be very upset if the renters don’t take care of it well

Nothing wrong with being conservative, as long as you’re happy with the house and don’t feel like you’re settling for much less than what you truly want/ need. I personally hate moving, renovating, and think the home buying process is very exhausting. Every time you move to a new house, you almost have to make some changes to the furnitures as they might not work for the new house, and then probably have to change some fixtures too. If I had the money I’d personally prefer to buy what I think I’d live in for many many years, instead of planning to upgrade / upsize every 6 years. It totally depends on what’s important to you! Some people love making the change and doing house projects so it might be better to buy small as it’s a smaller financial commitment and easier to sell when you’re ready for a change

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No such thing as too conservative, but don't also price yourself too low. If it's what you want, absolutely get it. My wife and I just bought a place for $700k, on a HHI of $240k, but we also put in a sizeable down payment and plan to stay in the place for 10+ years.

What city OP?

NJ

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