Never a better place to get advice on such a big commitment as reddit! Married, 3 kids, in a small place now looking to buy a house outside of town.
We put in an offer at $640k and the sellers countered at $650k but now having second thoughts overall. I make $135k gross base, bringing home just under $8k per month in the bank account. Wife does not work. We have saved about $200k for a downpayment. However, rates are at about 4.7% (up a lot, probably to continue rising with Fed actions) and I feel our budget will be strapped if I go all in. Its an excellent house. 65% chance we will be here for the next 3 years at least. House is barely on the market, listed at $660k. The offer is due Sunday, 12pm eastern. An extra $10k isn't much in the grand scheme, its the overall amount of $650k I'm nervous about.
Current state: Spending $1k (everything included) in a 2 bedroom (kids all in one bedroom), great commute to work, kids and family still pretty happy
Submitted December 08, 2018 at 10:56PM by not-a-robot-1 https://ift.tt/2rqMmKr
