…I don’t know what your definition is of insanely wealthy is, but while I certaintly have no issues affording the home I don’t consider myself wealthy enough to blindy throw money away. This is a big decision for us and the difficult part is that it is a financial decision and a lifestyle decision. I am not approaching the home purchase as a personal ATM, which is partly what got the country into this mess in the first place. I would be more than happy with an average annual return of 1-2% over 10 years.[/quote]
Wow! If you really will only be happy with selling in the future for more than you paid, then you are essentially saying that you are only happy with the price if you don’t really have to pay it, in the end. Sh*$#t, if that were true, I could buy a $5 million house! (My house budget is $300K.)
What happens if, in the future, you must sell, and the house is worth 30% less than you paid? With that scenario, how much would you be comfortable paying? Personally, that’s the number I’d be targeting for my budget. Then find the best house for that price.
