Hi everyone. So a little backgroud here, 35 M, physician. Income 300. (Opportunities to do a lot of overtime but not counting it into this). Wifey is also getting into residency (so will be in the 70’s range for 3-5 year depends on whether she wants do fellowship or not). So for now the total house hold income is 380 with a significant increases after 5 years. We also have a 18 m old baby, who will need nanny.
So we have 2 options
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We really like the house. It’s a townhouse 4 bed. 2.5 bath, No HOA with beautiful backyard that is fenced in, finished basement w 2 parking garage, excellent public school. 10 minutes walk to the grocery store (big deal since my parents will be living with us from time to time and they can’t drive.). The entire neighborhood is in pristine condition even though there is no HoA to enforce it. This house is priced at 800k. It’s basically almost a single family home but w attached walls. I can see this will be my forever home unless we need to change jobs plus the location is closer to highways and pretty much 30 minute to all major surrounding good spots. Mortgage including tax is closer to 5400
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Closer to my workplace, 10 min drive. 3 bedroom 2.5 bath small ranch house, single family home priced at 550k. Poor schooling district. One thing for sure is, if we end up buying this, it will be a temporary 3-5 year thing after which we will definitely move, might use it as a rental or sell it at that point Mortgage will be around 3650.
I always wanted to start with a smaller home and eventually use that as a future income generating property however the starter home prices have increased significantly since covid and between a small temporary 550 k purchase vs a long time 800 k purchase, the latter looks more sense.
So what would you do if you were in my situation?
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source https://www.reddit.com/r/RealEstate/comments/1jbrz25/should_we_buy/
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