First time home buyer here and i’m at a crossroads. About to put in an offer for a new development condo in long island city (2bdrm, 850sq ft, ~950k). After downpayment and closing costs, i’ll essentially be starting at zero or whatever my wife and i save up between now and when we move in (~6 months).
The estimated monthly costs come out to roughly 5k (3.6k mortgage, 1.4k taxes + common charges). My wife and I bring in about 11.5k a month and are hoping to have a baby in the next year, am I making a big mistake here? Any advice is appreciated!