You can do want you want but, consider - Don't buy house now. Wait for the market to crash in a year or 2.
We have already reached peak and there is some slippage in prices.
The amount you save buying at fire sale prices versus top bubble prices might enable you to buy accessories you want.
Remember, when you are considering your mortgage borrowing, the interest rates may double or quadruple in the next 5/10 years so you might not be able to affordable it and be forced to sell.
Have you considered living in a multi generational house - like with an inlaw suite? And convert a garage to another living area? Or rent out the main house and live in the inlaw suite, making the renters pay the mortgage?
Also if the house is a fixer upper in some areas, contractors and workers are backed up 6months +++. Seems like some supplies have shortages, not sure about home renovation in particular. So factor that into the house you get.
On the flipside, we might be in a correction during a melt up. I personally believe that the S&P 500 will reach near 10,000 before the real crash. The price of oil is definitely going to put a hamper on the economy, but assuming this price hike in oil disappears before ruining everything, this downturn will quickly turn into a flaming rally into the ludicrous realm when oil prices reach sub-$100 and the fed stops rate hiking again (which they will). It doesn't mean the economy will get better, in fact it will probably be much worse at that point, but the price of everything will continue to skyrocket, including houses and the stock market.
You can do want you want but, consider - Don't buy house now. Wait for the market to crash in a year or 2.
We have already reached peak and there is some slippage in prices.
The amount you save buying at fire sale prices versus top bubble prices might enable you to buy accessories you want.
Remember, when you are considering your mortgage borrowing, the interest rates may double or quadruple in the next 5/10 years so you might not be able to affordable it and be forced to sell.
Have you considered living in a multi generational house - like with an inlaw suite? And convert a garage to another living area? Or rent out the main house and live in the inlaw suite, making the renters pay the mortgage?
Also if the house is a fixer upper in some areas, contractors and workers are backed up 6months +++. Seems like some supplies have shortages, not sure about home renovation in particular. So factor that into the house you get.
On the flipside, we might be in a correction during a melt up. I personally believe that the S&P 500 will reach near 10,000 before the real crash. The price of oil is definitely going to put a hamper on the economy, but assuming this price hike in oil disappears before ruining everything, this downturn will quickly turn into a flaming rally into the ludicrous realm when oil prices reach sub-$100 and the fed stops rate hiking again (which they will). It doesn't mean the economy will get better, in fact it will probably be much worse at that point, but the price of everything will continue to skyrocket, including houses and the stock market.