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  • House?

    My wife and I have a combined income of 925k.  We have 128k of student loans (at 3% interest) and 260k of practice buy-in debt (at 5% interest).  We fell in love with a house for 1 million.  We are house people, unlike some on this site.  Our home is very important to us.  What would you do?

     

    Wife's income will rise in 1.5 years, and our total will be closer to 1.2mil/year.

  • #2
    Yes you can buy this house. Most regulars on this site are homeowners, but support getting your financial house in order before buying a physical home. Given your income and limited other debt, you’ll be fine.

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    • #3
      buy the house if you love it.

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      • #4
        You could afford to pay off both loans in the next year and still probably afford that mortgage

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        • #5
          I think OP might be overestimating how much of a bunch of real estate Debbie downers the regulars are.

          1x mortgage -- you're not going to get anyone to tell you this isn't doable.

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          • #6




            We are house people, unlike some on this site. Our home is very important to us. What would you do?
            Click to expand...


            Most here are not anti-house people, just not for people who have no means to buy or have huge debts or plan to live a short time and yet want to buy.

            You don't check any of the boxes. So go ahead and buy. Just make sure you know what the expenditures will be ( including utilities, taxes and home upgrading).

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            • #7
              My only caveat is the job security situation.  You can easily afford this house.

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              • #8
                I'd hold off.  if you're really house people you'll probably want something nicer in a few years

                 

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                • #9
                  Buy.  It'll make you happy.

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                  • #10
                    I don't know.  A house that might take a whole 30 months to pay off?  Sounds risky.

                    Seriously OP, if the rest of your finances are reasonable, you can pay off this house faster than a lot of Americans can pay off the couch and TV they are financing.  If you've done the math, have the pertinent insurance boxes checked, and your income is even reasonably stable, I vote you enjoy the house.

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                    • #11
                      Is this your first house?  On the financial side you can easily afford it as you have a very big shovel (income).

                      The questions that are more important to ask are does it need a lot of work?  Is it in the right location for convenience of commuting and your favorite activities?  Does it work for your current and future family in the long run, so you can stay put?

                      We moved every year or two when we were students and during residency plus fellowship, it was a big pain. When we finally bought our family home after 1 year of attending salary it was for the long run.  That longer time horizon tends to give you the best chance that the home purchase will work out very well financially.  Plus it is nice being settled in a comfortable home with a long time horizon.

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                      • #12
                        I'm having a hard time viewing this as a serious question.

                         

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                        • #13
                          Maybe just a humble brag?  Where else can you talk about money without being gauche?

                          So Cozmopak is a young guy who has worked hard and is now making almost 1MM per year between him and his spouse.  Way to go man, congratulations on all of your hard work and success!!!

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                          • #14
                            what a dilemma

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                            • #15
                              Yes.

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