Buying a house next year. Wife wants a big house. Thoughts?

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fanmail
Posts: 310
Joined: Thu Sep 20, 2012 5:54 pm

Re: Buying a house next year. Wife wants a big house. Thoughts?

Post by fanmail » Sat Apr 13, 2019 10:01 am

sergeant wrote:
Fri Apr 12, 2019 2:40 pm
fanmail wrote:
Fri Apr 12, 2019 6:44 am
Really surprised by the overwhelming number of people not only saying they don’t need that much space but that it would make them house poor. They could probably afford a 1MM house so 5-600k is not going to make them house poor or mess up their retirement. They also have a growing family and have people over frequently. A big house in a great school district that is affordable makes sense here.
Their property taxes on a million dollar home would be $35,000 a year. I think they would be making a mistake buying your recommended million dollar Mcmansion. I think they can afford the 500k home.

OP, is this Lakeway or Rough Hollow? I looked there but high taxes scared me off. I'm staying in California where my property taxes are reasonable. I pay $3500 a year on a home valued at 800k.
I did not recommending spending 1MM. I just stated they probably could afford it, but 500k is easily affordable for them, which was my point.

delamer
Posts: 7493
Joined: Tue Feb 08, 2011 6:13 pm

Re: Buying a house next year. Wife wants a big house. Thoughts?

Post by delamer » Sat Apr 13, 2019 11:00 am

stoptothink wrote:
Fri Apr 12, 2019 2:28 pm
srt7 wrote:
Fri Apr 12, 2019 2:12 pm
My recommendation is to get the "small" house because
- 3.5% in property taxes? And I thought 2.5% was high in Austin
I think many of the posts supporting buying the more expensive house are glossing over this. Texas property taxes make this a lot less comfortable financially than it appears on the surface.
The OP included property taxes in his monthly payment estimates.

JBTX
Posts: 4938
Joined: Wed Jul 26, 2017 12:46 pm

Re: Buying a house next year. Wife wants a big house. Thoughts?

Post by JBTX » Sat Apr 13, 2019 1:22 pm

Bacchus01 wrote:
Sat Apr 13, 2019 6:27 am
JBTX wrote:
Fri Apr 12, 2019 9:16 pm
Bacchus01 wrote:
Fri Apr 12, 2019 5:21 pm
JBTX wrote:
Fri Apr 12, 2019 4:24 pm
sschoe2 wrote:
Thu Apr 11, 2019 3:05 pm
More house is more cleaning, more maintenance, more utilities, more taxes, often longer time to sell. I believe in minimizing housing as costs balloon quickly the bigger you get.
Plus a bigger house will need more stuff to fill it up. Unlike the house the stuff doesn't not retain its value.

I have idea why somebody thinks they need a 4000+ Sq ft house.
Because they want to and because they can.
Well if it were that simple he wouldn't be starting this thread.

He better be certain he won't lose his job or then they will have to start liquidating investments. Best I can tell they are expending their entire amount of liquid cash and equivalents on this house down payment and I don't know where the money will come to fund inevitable desire to fill it up with nice stuff. Why buy a 4000 Sq ft house if you are going to put crap in it?
I wasn’t talking about the OP. I was talking in general.

Of course, my perspective is someone coming from a 5,400 sq ft house. I don’t think 4,000 sq ft is that big. I actually think 3,500 sq ft is about right for a family of 5.
I'd agree. We have 2600 with 4 and at times it would be nice to have 3200-3500. I could especially see that with 5.

sschoe2
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Re: Buying a house next year. Wife wants a big house. Thoughts?

Post by sschoe2 » Mon Apr 15, 2019 10:38 am

The house I bought is 1400 ft^2 and I think I bought too much house. I not using my 2 spare bedrooms nor the large basement rec-room and 1/2 bath. I am in the Kitchen/dining room/ small living room with TV space or I am in the bed or bathroom. I buy only what I really feel I need which isn't a lot.

With Illinois property taxes threatening to force people from their homes I see no reason to buy more house to shelter inanimate objects and feed the monster that is claimed to be our government. Just get a big old shed or rent a storage locker or don't be materialistic and buy so much stuff.

crazygrow
Posts: 110
Joined: Sun Apr 24, 2016 8:56 am

Re: Buying a house next year. Wife wants a big house. Thoughts?

Post by crazygrow » Mon Apr 15, 2019 10:48 am

We are a family of 8 - including kids ages 12,12,12,11,9 and 6. Our house is 4600sq. ft. in a MCOL area and honestly I wish we had less room. All the bedrooms and bathrooms are heavily utilized, as well as the kitchen, main family room, my office/exercise room and my wife's office (she works from home). But that still leaves us with about 1200 sq. ft that is hardly ever touched (the downstairs living area) and it usually just becomes a big mess.

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