Can I actually afford the dream home?
Looking at $459K new construction SFH from Pulte. 20% down and 5.5% special interest rate. Total payment would be $2612 a month. To purchase, I would need to pull up to $40K from savings (about half of what I have in savings) plus proceeds from townhome sale ($70K).
My take-home pay from FT job is $4550 a month, with additional sources of income including child support ($716/month but ex is inconsistent paying it) and self-employment side-hustle ($360/month before taxes). My adult daughter also lives with me and would be contributing, too, but I don't want to assume she'll live with me long-term, so not factoring those funds into the equation.
I think the home is a good investment, but the numbers are way beyond what I ever thought I would spend on a home. I started out with a budget of $300K, but found nothing in that price range, I've been increasing my budget and lowering expectations and I still haven't found anything (or have but offers were not accepted because of fierce competition and low inventory). I've also been having trouble getting a contingent offer accepted on resale homes.
I landed on this Pulte home because of the interest rate, their willingness to accept a contingent offer, and the appeal of not having to do massive repairs after purchase (as is the case with most resale homes I've offered and lost out on). It also checks all the boxes (4 bedrooms, office space, loft, yard, south-facing, excellent neighborhood). But can I afford it? Is the dream home actually just a dream?
EDIT: Can't afford it! Thanks for the reality check. Always a blast, real estate sub.