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Should I buy my dream house

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DustinWx

Amen… Mercia
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Location
LickWX
Income: $300,000
Net worth$ 500,000

Equity in current house: $120,000

Left on current house: 168k

5.37 interest

998 payment

Should I buy my dream house or enjoy my low payment and try to become financially free?
 
How much is the new house? Current interest is 5.37, or that is the current 30 year if you get a mortgage? I haven’t kept up with rates. I know they have fallen some recently.
 
Will your dream house be there when you are financially free? I’m fairly financially conservative, but ultimately when I realized that the people I love won’t be here when I finally am “financially free” to so all the financially free things I would do with them when I was, I decided to live and love life for the day that’s provided. You can be responsible and do life. Do the house, man.
 
A 500k house isn’t a high priced house for 300k per year. Rates are also similar, id make the move if it’s a place you’re gonna spend several years. If it’s not the end all be all, you could easily save and buy that same house and still own the home you’re in with a 300k income.

Just my take.
 
J.C. said:
A 500k house isn’t a high priced house for 300k per year. Rates are also similar, id make the move if it’s a place you’re gonna spend several years. If it’s not the end all be all, you could easily save and buy that same house and still own the home you’re in with a 300k income.

Just my take.
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Great advice. If you can buy and rent yours out it’s a great way to build wealth
 
I’m just scared cause I got fired 6 months ago and while I enjoy what I’m doing now, my payments are almost nothing.

The renting thing has been top on my mind
 
DustinWx said:
I’m just scared cause I got fired 6 months ago and while I enjoy what I’m doing now, my payments are almost nothing.

The renting thing has been top on my mind
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When you have apprehensions about anything, it’s not time to make any major move.
 
DustinWx said:
Current 5.37. New would be 5.99

I want a 500k house
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With that income you are good unless you have crazy expenses like multiple baby mommas or hurricane chasing expenses.

That said, don’t make make any major purchases if you think your job is at risk.
 
DustinWx said:
Income: $300,000
Net worth$ 500,000

Equity in current house: $120,000

Left on current house: 168k

5.37 interest

998 payment

Should I buy my dream house or enjoy my low payment and try to become financially free?
Click to expand...
If you have a net income of 300k/year and only a net worth of 500k, you're probably living too large already. Cut back, pay off the debt, save for a couple of years, then buy your house.
 
My current job isn’t at risk, but just abnormal fear and anxiety.

I’ve only made this much for a few months.

Only made over 100k for 2 years.

So getting there. On track to hit one million in 2-3 years
 
My only worry for waiting is a drastic increase in housing prices
 
I would say if you’re comfortable with it go ahead. It’s an investment for the future. Sure , rates are high now but you can always refi in the future if/when they come down.
 
It’s nowhere as difficult as some make it out to be. We only get one go around at life. You can’t take money with you when you go. You only get one chance to make memories and your never guaranteed tomorrow. Do whatever your heart desires. A lot of people spend their whole life planning for the future only to get there and say wow look at all I have missed.
 
DustinWx said:
Income: $300,000
Net worth$ 500,000

Equity in current house: $120,000

Left on current house: 168k

5.37 interest

998 payment

Should I buy my dream house or enjoy my low payment and try to become financially free?
Click to expand...

Sounds like you already in your dream house…super cheap payment. It’s not worth the stress unless you need the space, better schools, closer commute…combination of things that make live much easier. Sounds like your payment would go to $2600-2700/month. If you were to invest that $1500 a month instead you would have a million dollars in 20 years.

I did the dream home thing when I was in my 20’s and the dumbest thing I’ve ever done. I’m in my dream home now…super cheap payment and 2/3 paid off.
 
KyloG said:
Sounds like you already in your dream house…super cheap payment. It’s not worth the stress unless you need the space, better schools, closer commute…combination of things that make live much easier. Sounds like your payment would go to $2600-2700/month. If you were to invest that $1500 a month instead you would have a million dollars in 20 years.

I did the dream home thing when I was in my 20’s and the dumbest thing I’ve ever done. I’m in my dream home now…super cheap payment and 2/3 paid off.
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Nope just me and wife, work from home . Don’t need. Just want
 
I'm in the land development business and I watch these things pretty closely. The name of the game has been price cuts the last six months and although they just cut rates half a percent I haven't seen that change a ton yet. You have time to think and a soft market atleast until spring. I wouldn't make any moves until after the election atleast.
 
DustinWx said:
My only worry for waiting is a drastic increase in housing prices
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I say go for it. I was in a similar boat and we pulled the trigger to get our dream house. We were comfortable and saving good but I wanted the kids to have land to play on and I was rotting in a small neighborhood having grown up on land. You’ll know it when you find the right one.
 
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