You can afford it based on your assets, but you will need to be actually frugal with your income, which maybe you aren't doing now. I would hesitate to make that purchase myself.
Pleasing your spouse is important but it's worth examining what is being asked for and whether there is a less expensive way to achieve it.
How much of the ask for the house upgrade is about status and how much is about location/community? The latter is worth prioritizing and spending for- finding a neighborhood where you are all comfortable and have more interaction. Status..... Not so much. If you want to be financially independent, one sign you are on the right track is that your peers think you don't spend enough or have the things that signal how much you make.
In addition to the large loan, a single family home also comes with higher maintenance costs (yard) and higher utilities (bigger space to heat/cool, less efficient design with no shared walls). Sounds like your gas expense will also increase (longer commute for spouse, maybe more driving for shopping/socializing). Make sure you also budget for this not just the mortgage.
3000 sqft sounds a bit large to me for a family of 4. Could you find a smaller SFH or a townhouse in the neighborhood you would like to be in? That way you can get what seems to be the key benefit at lower cost.
Pleasing your spouse is important but it's worth examining what is being asked for and whether there is a less expensive way to achieve it.
How much of the ask for the house upgrade is about status and how much is about location/community? The latter is worth prioritizing and spending for- finding a neighborhood where you are all comfortable and have more interaction. Status..... Not so much. If you want to be financially independent, one sign you are on the right track is that your peers think you don't spend enough or have the things that signal how much you make.
In addition to the large loan, a single family home also comes with higher maintenance costs (yard) and higher utilities (bigger space to heat/cool, less efficient design with no shared walls). Sounds like your gas expense will also increase (longer commute for spouse, maybe more driving for shopping/socializing). Make sure you also budget for this not just the mortgage.
3000 sqft sounds a bit large to me for a family of 4. Could you find a smaller SFH or a townhouse in the neighborhood you would like to be in? That way you can get what seems to be the key benefit at lower cost.
Statistics: Posted by Tamarind — Sun May 05, 2024 8:22 am — Replies 21 — Views 1778