Analysts, when did you buy a house? (Those who don’t come from money)
I am 31, single, just crossed 8 figures NW recently, and live in a non-NY geography. Practically all the nice real estate options where I live are large houses, no luxury 1 bed tribeca condos or the like. Given the volatility of our career, analysts who bought houses, how did you think about it, in terms of purchase price, how much to put down, and also upkeep. I’m particularly worried about the upkeep / maintenance costs as a $4 million 7000 sq ft house on a large property presumably costs more in upkeep than the $4 million tribeca 800 sq ft condo as well.
Another point of contention is the split between vacation houses and my primary residence. My very well off PM and senior analysts at my fund live in modest primary residences but have a few very nice vacation houses. Personally I find myself trending toward this allocation as well as I don’t care too much where I live but I value having easy access to those vacation experiences. Especially since I’m single and my future partner will probably care a lot more about my primary residence than me, it makes sense to maybe just buy a “starter” home for now?
why not buy a nice house with full cash and just take nice vacations at top scale locations?
Bought a 1980’s townhome that was all original (had vinyl flooring beneath the tile) and had tile kitchen countertops. I was 23. Lived in it while I renovated it nearly to studs, was worth it. SoCal market. Was ~$450k when I bought it, 2 bed 2.5 bath
So we’re supposed to believe that you made $10m+ as a 30 year old but you can’t figure out how to budget for the purchase of a house? It’s pretty straightforward stuff my man
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