My wife and I are 35 and 30 years old. We recently built a beautiful home, and our combined annual income is about $341,000. We max out our 401(k) retirement contributions every year and built the home within a responsible budget.
We had approximately $200,000 in equity from our previous home, which we used toward the down payment on this new home. We also received a $50,000 builder incentive, which we used to buy down the interest rate. Rates started dropping shortly after we had the incentive signed in writing, so I think that combination helped us secure a strong rate. We are now locked.
We have two young kids, ages 8 months and 3 years, and we expect some expenses to ease once they are both in kindergarten. We completed a budget analysis before purchasing the home, but I still cannot help but ask: How did we do? Did we get a good deal?