[quote=AN][quote=sdcellar]
As far as being able to make a larger down payment is concerned (and not to gloat), I think it affords me the opportunity to be less cautious with my purchase decision. In contrast, the less you put down, the *more* every single dollar of that is at risk. Sure, I could be in an even better position if prices go down, but I won’t be out my whole down payment.
I give you grief because you’re a first-time home buyer and you think you’re keeping this house forever. You could, but it’s a less common scenario. And, even then, I’d say hey, maybe he means it, but I’ve also always sensed that you already have that move-up buy in the back of your head. Maybe you eliminated it (or never had it in the first place), but can’t say I’ve picked up on that.[/quote]
If anything, with a bigger down, you’re at even greater risk. The more you put down, the more risk you put on your money. If you put down 5% and the house drop 20%, you can walk away and you’d only lose 5%. But if you put down 50%, you’d be losing the whole 20% if you walk away. So, I don’t see what you mean by your first paragraph. If anything, I’d think you would be even more cautious, since it’s your money on the line and not someone else money.
Again, you love to give me grief, although you know very little about me. That’s fine by me, since I don’t really know you either. I just find it funny that you make those assumptions about me, then attack me based on those assumptions. Anyways, here’s to clear up some of those assumptions, like you, I’ll be living in this property for at the very least 15 years. I don’t plan to move up, but I don’t plan to retire in this house either. I said it more than once that I plan to pass this house down to my kids, even Brian have made fun of me for saying that, but you probably assumed I was BSing too. That’s probably why you haven’t picked up on it. BTW, the type of people who bought the houses in my tracts are not first time home buyers. Most of them are retiring in it. Although this is my first home, I’m not looking for a jumping point. It seems like you’re doing the same.[/quote]Fair enough on your first point, but since walking away has never been something I could ever see myself doing (and in this case, I’d have no choice), I didn’t even consider that.
Yes, Brian (and I) think your kids taking the house thing is a rationalization. Not sure Brian’s rationale, but mine is simple. I might not know you, but you certainly don’t know your kid(s). It remains to be seen how interested they’ll be in your house. It certainly wouldn’t be part of my “plan”. Possibility, sure, plan, not so much. For you, it seems like a major point (and, yes, I was just waiting for you to bring it up again).
On the rest, I guess we’ll have to see. You certainly seem to lust after other areas, so let’s see if you can keep that at bay for the next 15 years. My saying that would seem to be countered strongly by your comment here that you _don’t_ plan to move up, but then I guess I don’t understand why you’d move in fifteen at all then? Maybe you’re right and it’s just something that makes complete sense, but doesn’t fit in my unavoidably narrow worldview.
