I am going to be a first time homebuyer. I’m torn between getting a nice home with a nicer mortgage or a small home with a small mortgage. My husband and I have a combined income of $120k/year. The house would be for us and my two kids. A smaller home (townhouse) would end up being around $1,000/month mortgage. A larger home would be around $2,000/month. 30 year mortgage at an estimated 3.5-4% interest rate. I love the idea of having a comfortable sized home to relax in but I’m also in love with the idea of saving money for later. Which is a better option in the long run? Saving an extra $1,000 a month or investing in a larger home? The house market is pretty stable in my area at the moment. But who knows what the future will hold.
Edit: thank you all so much for your input and advice! My husband and I have a lot to think about and will definitely be adding some of these into our discussion. FYI- this is why I love reddit :)
Submitted June 05, 2018 at 11:18AM by whorax121 https://ift.tt/2JwKN8m
