Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Hello, I would like some advice from collective wisdom for buying a property.
I am considering to buy a property in California, possibly in San francisco within the next year or two.
My current financial status. I have 1,500,000$+ for downpayment in the bank and no other debt. I am currently saving extra 4,500$ per month into my bank account after tax without selling any of vested stocks from my company. My job is pretty stable too at least for next 5 years. I am single and no immediate plan of getting married/having babies.
Housing preference. I plan to purchase a property with 2+ bedroom with 2+ bathroom. I will probably lend one of my rooms to tenants to keep some company and to get extra money.
My question. Should I buy an affordable home under the budget or should I take mortgage and buy a more expensive home. I am a normal person and would enjoy a good house at a good location, but also at the same time why bother borrowing money if I can afford a house I am okay with?
Should I buy a property which would cost me 7000$/month total (4,500$ + my current rent + rent I can possibly get from my tenants) or should I just buy a property that would cost me nothing monthly or cost me higher /month or lower?
It may sound funny but I also feel that paying back mortgage monthly actually could work as another motivation for working hard.
If you can get past the San Fran thing, you could pay cash and retire or take a years long sabbatical here (see link). This is primarily a lifestyle question and secondarily a wealth management question.
FreedomPenguin and MikeJaquish, I realized that you guys are right that this is not really a real estate question any more. I am lucky to have this question. Also, I started to look for a local Financial advisor. Thanks!
MrRational, 7000$ total/monthly cost is less than net weekly so I think I am good. I am saving all my stocks which is rising faster than housing prices.
Pfalz, yes.. but I am not mentally ready yet for retirement. :-D enjoy working and also prefer city life.
Why would you ever want a mortgage if you don't need one? You want to give a bank your money?
Buy a reasonable home with the cash that fits your needs and doesn't require a roommate (unless you want one for some reason but I don't know why you would lol)
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
