We are thinking about buying a new house, but not sure if it makes sense. We currently own a very comfortable 3600 sq ft house, tiny lot, 15 minutes from work. Value ~1.1M, remaining mortgage 300k.
Family, (48,47,13,11) would like a bigger lot, pool, etc.
Looking at houses in the 1.7M range, about 10 minutes further from work (so 25 min commute).
Savings: 2M in retirement/non-retirement accounts including $250k 529 plans.
Income: 600k, pretty stable, no debt other than above mortgage.
Is this reasonable? It seems like a lot to me, but it seems manageable. Looking to others for either reassurance or to tell me I'm crazy to do this.
Thanks!
Family, (48,47,13,11) would like a bigger lot, pool, etc.
Looking at houses in the 1.7M range, about 10 minutes further from work (so 25 min commute).
Savings: 2M in retirement/non-retirement accounts including $250k 529 plans.
Income: 600k, pretty stable, no debt other than above mortgage.
Is this reasonable? It seems like a lot to me, but it seems manageable. Looking to others for either reassurance or to tell me I'm crazy to do this.
Thanks!
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