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re: Percentage of net worth "invested" as equity in your primary residence?
Posted on 1/15/14 at 2:51 pm to LSU Jonno
Posted on 1/15/14 at 2:51 pm to LSU Jonno
Does the inheritance and equity in your current house cover your future down payment? If you could put down 50% with just that money, I would do it.
Just make sure you (and the wife) understand all of the expenses in owning a larger/nicer home in a fancy neighborhood. Not just increased property taxes/utilities, but funiture expenses, maintenance/upkeep of nice landscaping/sprinkler systems/other stuff like that, and most importantly, not trying to keep up with the neighbors regarding cars/material things.
Just make sure you (and the wife) understand all of the expenses in owning a larger/nicer home in a fancy neighborhood. Not just increased property taxes/utilities, but funiture expenses, maintenance/upkeep of nice landscaping/sprinkler systems/other stuff like that, and most importantly, not trying to keep up with the neighbors regarding cars/material things.
1
Posted on 1/15/14 at 7:48 pm to Ric Flair
quote:Yes. I'm talking about putting a down payment down on a house that is 50% of the house price and about 25% of my inheritance or 15% of my total net worth.
Does the inheritance and equity in your current house cover your future down payment? If you could put down 50% with just that money, I would do it.
I haven't factored in what little equity I have in my current house. I know I'm not upside down, but past that, I could walk away with a $5k check or a $25k check depending on the market, how fast I want the house to sell, and if I sell it myself or hire an agent.
Expenses understood and already budgeted in.
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