Search found 18 matches

by Salmon
Wed Aug 23, 2017 3:37 pm
Forum: Personal Finance (Not Investing)
Topic: Can we/should we afford a $2M house?
Replies: 96
Views: 14647

Re: Can we/should we afford a $2M house?

Bumping this up. I updated my original post. Debt free now and savings are growing. Just an update - we are planning not to get this house for $2mil for a variety of reasons. No potential date for a home purchase yet. We will keep looking and only jump if we truly both want the place. What do I do w...
by Salmon
Sat Jul 15, 2017 6:20 am
Forum: Personal Finance (Not Investing)
Topic: Tips and advice from those who had their homes built
Replies: 13
Views: 1302

Tips and advice from those who had their homes built

We are considering building a new home from a national level builder. You pick land, and then a home design. The home design has many structural options and then you finish off with internals. One pays a premium for the internal but I suppose the benefit is that it goes in once the home is being bui...
by Salmon
Sun Jul 09, 2017 1:56 pm
Forum: Personal Finance (Not Investing)
Topic: Can we/should we afford a $2M house?
Replies: 96
Views: 14647

Re: Can we/should we afford a $2M house?

Dollar-wise, assuming your income remains as predicted and your jobs are intact, I agree it is certainly affordable. What is your best exit strategy should you need to move from your house (e.g. job transfer, loss of job, loss of income, etc.). You haven't been at your job very long, and even stabl...
by Salmon
Sun Jul 09, 2017 1:53 pm
Forum: Personal Finance (Not Investing)
Topic: Can we/should we afford a $2M house?
Replies: 96
Views: 14647

Re: Can we/should we afford a $2M house?

On which side is the easement for lot 8? From what I was told, there is no actual easement on the lot. Behind Lot 8 (the narrow section of the lot), there will be a small pathway/road that will lead to the catchment area behind Lot 7. That pathway will be covered by greens by the builder so it won'...
by Salmon
Sat Jul 08, 2017 5:42 pm
Forum: Personal Finance (Not Investing)
Topic: Can we/should we afford a $2M house?
Replies: 96
Views: 14647

Re: Can we/should we afford a $2M house?

Had a meet with builder's agent. http://i.cubeupload.com/5DCDYL.jpg Lot 5 gets cut in half with easement and the builder agent does not recommend purchase. So that is out. Lot 6&7 out due to very high premium. That leaves lot 1,2,3,4,8 1 is out as 2 is available. 3 is out due to multiple roads behin...
by Salmon
Fri Jul 07, 2017 7:42 pm
Forum: Personal Finance (Not Investing)
Topic: Can we/should we afford a $2M house?
Replies: 96
Views: 14647

Re: Can we/should we afford a $2M house?

I am not sure if I can help but your situation is almost exaclty like mine...I am in healthcare also and so is my wife. We have two kids 3 and 5...and here is some advice from me to you. These are just my thoughts and my experiences. I also live in a high cost area (California) and this is my 5th y...
by Salmon
Wed Jul 05, 2017 1:07 pm
Forum: Personal Finance (Not Investing)
Topic: Can we/should we afford a $2M house?
Replies: 96
Views: 14647

Re: Can we/should we afford a $2M house?

knpstr wrote:I'd take $100K in cash and pay off my student loans.
I am putting in more and more. Just paid off $25K, so now the balance is about $75K. I will likely pay this off prior to getting the home.
by Salmon
Wed Jul 05, 2017 1:06 pm
Forum: Personal Finance (Not Investing)
Topic: Can we/should we afford a $2M house?
Replies: 96
Views: 14647

Re: Can we/should we afford a $2M house?

The current rental is just not an option as it very small and, with the baby stuff, getting very crowded. In terms of saving or spending, I have not sat down and done the math, but saving about $40k/month? I would guess. I realize the expenses/year will increase, but, on the flip side, there is the...
by Salmon
Tue Jul 04, 2017 9:56 pm
Forum: Personal Finance (Not Investing)
Topic: Can we/should we afford a $2M house?
Replies: 96
Views: 14647

Re: Can we/should we afford a $2M house?

OP. Can you afford it? Absolutely Should you buy it? I had a similar profile at your age and chose not to and it was one of the smartest financial decisions I ever made. You are spending $36,000 a year on the housing expenses with the million dollar income. As long as you and your family are reason...
by Salmon
Fri Jun 30, 2017 9:56 pm
Forum: Personal Finance (Not Investing)
Topic: Can we/should we afford a $2M house?
Replies: 96
Views: 14647

Re: Can we/should we afford a $2M house?

Has anyone used redfin to purchase a home?
by Salmon
Tue Jun 27, 2017 10:27 pm
Forum: Personal Finance (Not Investing)
Topic: Can we/should we afford a $2M house?
Replies: 96
Views: 14647

Re: Can we/should we afford a $2M house?

Is it wise to NOT use a buyer's agent in such a case? Would a buyer's agent add anything in this purchase? The development has sales agent that work for the builders. Do you think it is possible to negotiate a discount? Bringing my agent would mean loss of 3% commission - I can offer 4.5% to them an...
by Salmon
Tue Jun 27, 2017 10:25 pm
Forum: Personal Finance (Not Investing)
Topic: Can we/should we afford a $2M house?
Replies: 96
Views: 14647

Re: Can we/should we afford a $2M house?

Net worth of 900k considering a 2m house? I would say no, sure you have good income to afford it and 25% down but you are putting an enormous chunk into one asset on one region. Can you get it partially unfinished and complete that later when you have cash to pay it outright? Perhaps that might be ...
by Salmon
Tue Jun 27, 2017 10:19 pm
Forum: Personal Finance (Not Investing)
Topic: Can we/should we afford a $2M house?
Replies: 96
Views: 14647

Re: Can we/should we afford a $2M house?

I would have gone with 8 or 2. 8 provided you can have some privacy hedges/fencing.. also i'd pay attention to sunlight (east cost you don't get as much sun so you need to) north/south facing gives you good sun in the backyard . the ones with easement look much larger, they are worth considering du...
by Salmon
Mon Jun 26, 2017 10:31 pm
Forum: Personal Finance (Not Investing)
Topic: Can we/should we afford a $2M house?
Replies: 96
Views: 14647

Re: Can we/should we afford a $2M house?

To OP's question about building sites: in the second location, you say land as far as the eye can see. What does that mean? Who owns it, and what's going to happen with it? Unless there's an easement or restrictive covenant, I have to assume its going to become another neighborhood in the soonish f...
by Salmon
Sun Jun 25, 2017 7:42 pm
Forum: Personal Finance (Not Investing)
Topic: Can we/should we afford a $2M house?
Replies: 96
Views: 14647

Re: Can we/should we afford a $2M house?

Retiring @ 55 - sounds about right or at least drastically cutting back. Wife work: she genuinely enjoys what she does. From our conversations, she is open to working until the house is paid off majority or perhaps until the young one starts school. After that, she can work part time and still gene...
by Salmon
Sun Jun 25, 2017 4:07 pm
Forum: Personal Finance (Not Investing)
Topic: Can we/should we afford a $2M house?
Replies: 96
Views: 14647

Re: Can we/should we afford a $2M house?

Congrats on the success OP. The only feedback I can give is to account for delays in construction and cost for options and upgrades for your home. Just because you get to choose on materials and design, you will find that the developer will upsell you on everything way above market. And even so, yo...
by Salmon
Sun Jun 25, 2017 1:04 pm
Forum: Personal Finance (Not Investing)
Topic: Can we/should we afford a $2M house?
Replies: 96
Views: 14647

Re: Can we/should we afford a $2M house?

Thanks all for the varying input. Some additonal info: Job Stability: stable, we are in healthcare business Taxes: 40k/annum Consulting income: 95% tied to me Aspirations for financial Independence/early retirement: obviously FI would be nice, but that means something different to everyone. We have ...
by Salmon
Fri Jun 23, 2017 10:19 pm
Forum: Personal Finance (Not Investing)
Topic: Can we/should we afford a $2M house?
Replies: 96
Views: 14647

Can we/should we afford a $2M house?

First time, long time... We are in a very HCOL area. Below are some details of our situation: Age: 35 for both 1 very young child - 529 plan - put in 10K Current Rent: $3000/month Wife W2 income: $300K Husband W2 income: $400K (this will likely increase - but cannot be 100% sure) Consulting Business...