Tighter budget? Go big or stay on the smaller size? What have you done?

Yo! Posting for honest responses. Understand it’s all opinion based. Hoping to hear from people who have opted to go smaller on their home to have more spending money and people that have opted to go bigger and be on a tighter budget for a few years.

My husband and I are in an unique position:

We own our home. 350k, 121k equity. We are renting it out, profit about $400 month.

Net income after taxes 7k a month. We have 250k savings and investments. We are trying to buy a home at the top of our price range before November (I am pregnant and that’s my due date).

Home price 585k, $2750 mortgage with insurance & taxes.

No debt.

Left over from the purchase would be roughly 120k after closing costs.

So 7k a month 2700 a month mortgage 120k savings/investments. Other property would remain a rental.

I am making myself insane going back and forth about the mortgage ration to income. Our option if we don’t buy is to move home and put a small addition on our current house. The trouble is it will cost more out of pocket but be smaller than if we purchased a home at 585k. But our mortgage is low as hell, 1k a month. With the addition it would only jump to around $1700 a month.

Every day I go back and forth with what we should do and I could really use hearing from people who have gone one way or the other. For people that sprung to buy their dream home but live on a tighter budget, what has that been like for you? For people that kept things smaller, are you happy having more spending money or do you wish you sprung for a larger home?

All thoughts and comments appreciated even the wild ones.

Edit: we live an hour and a half outside a major city. Prices for a 585k home get you about 2500 square feet. Current home is 1000 square feet, with addition it would be about 1600.

YOLO Hawk Queen

submitted by /u/HawkqueenYOLO
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Yo! Posting for honest responses. Understand it’s all opinion based. Hoping to hear from people who have opted to go smaller on their home to have more spending money and people that have opted to go bigger and be on a tighter budget for a few years. My husband and I are in an unique position: We own our home. 350k, 121k equity. We are renting it out, profit about $400 month. Net income after taxes 7k a month. We have 250k savings and investments. We are trying to buy a home at the top of our price range before November (I am pregnant and that’s my due date). Home price 585k, $2750 mortgage with insurance & taxes. No debt. Left over from the purchase would be roughly 120k after closing costs. So 7k a month 2700 a month mortgage 120k savings/investments. Other property would remain a rental. I am making myself insane going back and forth about the mortgage ration to income. Our option if we don’t buy is to move home and put a small addition on our current house. The trouble is it will cost more out of pocket but be smaller than if we purchased a home at 585k. But our mortgage is low as hell, 1k a month. With the addition it would only jump to around $1700 a month. Every day I go back and forth with what we should do and I could really use hearing from people who have gone one way or the other. For people that sprung to buy their dream home but live on a tighter budget, what has that been like for you? For people that kept things smaller, are you happy having more spending money or do you wish you sprung for a larger home? All thoughts and comments appreciated even the wild ones. Edit: we live an hour and a half outside a major city. Prices for a 585k home get you about 2500 square feet. Current home is 1000 square feet, with addition it would be about 1600. YOLO Hawk Queen submitted by /u/HawkqueenYOLO [link] [comments]

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