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biondablonde t1_j2blsxp wrote

Reply to comment by Tenmaru45 in Can I afford a new home in this market? by Tenmaru45

You have sufficient equity in your current home to cover the down payment on a larger/more expensive new one, most likely, but given that you are a sole breadwinner for a family of 7 I don't know that I would feel comfortable spending more than you are now. Given interest rates, you'll pay quite a bit more monthly for the same size loan you have now anyway. If you change locations, can you get a larger place for around the same price? How many years before your spouse intends to re-enter the work force (if ever)?

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Tenmaru45 OP t1_j2dgpgv wrote

That's what I'm thinking too. Maybe we if move more into the country, but then again getting more land than what we have now will probably counter any savings not living in a nice area of the city.

Depending on homeschooling etc., wife may not enter back into the workforce for at least 17 years.

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