As a Notary and Certified Loan Signing Agent, I support people during the closing process of buying and selling their luxury homes and commercial properties.  Because I work in the Luxury Real Estate Estate industry I get a million questions I can't legally answer as a notary and loan signing agent. One question in particular is this one: “How much do I need to make to buy a home for $500,000?” Although I am not a loan officer I have researched this question and below is the best answer I've seen on the topic I've asked other loan officers I work with if this answer is correct. They assured me it was. 

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Below is the answer from Joe Parsons

Originating mortgages in the SF Bay Area for 34 years from Quora.com

 

Joe Parsons

San Francisco Bay Area resident since 1972. Grass Valley resident (Sierra Foothills) since 2020. Guitar picker, photographer, glider pilot, distance runner, and occasional writer of racy fiction.

Follow Joe Parsons on Medium: Joe Parsons – Medium. publish additional content there that doesn’t appear on Quora.

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First off I must say I do not believe in telling someone that their bills should be a certain percentage of their income. In my opinion, the amount of money one allocates to housing expenses is a personal decision. What you spend on the things you want, well that's your business, it's your money and your choice. I'm only answering a question I repeatedly get as a notary public and loan signing agent working in the luxury real estate industry presenting loans and notarizing for homes in the $500,000 -Million+.

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The reality is that one person might be very comfortable allocating 50% of their income to a house payment, while another might not value a home the same, or their finances may make them only able to pay 30%. It is always a matter of one’s comfort level and the other expenses a buyer might have. In addition, the credit score will determine the rate a borrower will get. For instance, a buyer might carry no debt at all but have tuition for their three children amounting to $3,000 a month. Or, student loan debt payment from law school or medical school that is $10,000 a month. 

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Joe says lenders approve loans based on the borrower’s debt-to-income ratio (DTI). They calculate it by adding up the buyer’s total house payment including taxes, insurance, and mortgage insurance if any, plus other monthly debt payments. They divide the total by the borrower’s gross monthly income to arrive at the debt-to-income (DTI). A borrower with a $7,500 monthly income, a $2,500 house payment, and a $500 car payment would have a debt-to-income (DTI) of 40% (3,000 / 7,500 = .40).

Lenders can approve loans up to a debt-to-income (DTI) of 50%. That means someone earning a salary of $7,500 would be able to pay $3,750 for their total house payment plus monthly debt service.

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Here are some examples Joe gives to break this down:

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1. The monthly payment for a $500,000 home with a 20% down payment will be about $2,450 with a 30-year loan at 3.75%. A buyer with $500 in other monthly debt service would have to document income of at least $5,900 to qualify at a 50% debt-to-income (DTI)​.

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2. The same house with 10% down would have a monthly payment of $2,800 including monthly mortgage insurance of $115. Lenders require mortgage insurance (PMI) when the loan amount is more than 80% of the home’s value. With the same $500 in other monthly debt payments, the buyer would need $6,600 in income to qualify at a 50% debt-to-income (DTI).

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3. With 5% down and $500 in other debt service, the buyer would need about $7,000 in income to qualify.

Owning a luxury home is a dream come true for many people. A spacious living space, top-of-the-line amenities, and a luxurious lifestyle – what else could you ask for? However, with great luxury comes great responsibility, especially when it comes to maintaining your home. The upkeep of a luxury home can be quite hard, but with the right tips and tricks, it can be a breeze.

 

Tip #1 Invest in The Right Cleaning Supplies

Protect yourself – Lots of cleaning products contain bleach, acid, and other abrasive ingredients that can be harmful. Beware not to let cleaning products mixed together. Some combinations can be dangerous such as chlorine bleach and ammonia which can produce poisonous gases. Ensure that the room is properly aired out when using cleaning chemicals.

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Tip#2 Schedule Regularly Maintenance

Scheduling regular maintenance checks with your electrician, plumber, and HVAC technician can prevent minor problems from becoming major headaches. Professionals recommend scheduling these checks at least annually, although you may need to have them more often depending on your home’s age and condition.

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Tip# 3 Invest in High-quality Appliances

Luxury homes are known for having top-of-the-line appliances that make daily life more convenient and enjoyable. However, with great appliances comes great responsibility for their upkeep. Investing in high-quality appliances, like stainless steel refrigerators, stove tops, and dishwashers, can ensure they last longer and look newer. In addition, following the manufacturer’s instructions for cleaning and maintenance can prevent breakdowns and malfunctions.

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Tip# 4 Maintain Your Landscaping

A luxury home isn’t complete without breathtaking landscaping. Whether you have a small garden or a large estate, maintaining your landscaping can be time-consuming but well worth it. Regular trimming of trees, bushes, and hedges can prevent overgrowth that can damage your home’s exterior. In addition, watering your plants and grass regularly can enhance your home’s curb appeal and protect its value.

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Tip # 5 Hire a Professional Cleaning Services

Cleaning a luxury home can be overwhelming and time-consuming, especially if you have a busy lifestyle. Hiring a professional cleaning service can save you time and hassle by ensuring your home stays clean and organized. In addition, these services can also perform deep-cleaning tasks that are difficult to do on your own, like deep carpet cleaning, washing high windows, and sanitizing your home. 

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Proper maintenance of your luxury home is essential for retaining its value and beauty for years to come. Regular maintenance checks, proper cleaning, and landscaping, timely repairs, and the engagement of a professional property maintenance team can ensure that your luxury home remains the epitome of luxury living for years to come. With these tips and tricks, you can increase the longevity of your luxury home.

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How do you clean a luxurious home in a $500,000 to multi-million dollar property? 

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Leather
Frequent dusting is also key with regard to cleaning natural leather. Coated leathers should be dusted regularly with a cloth, and washed every six months or so with saddle soap. A few general guidelines apply to both kinds of leather:

• Follow cleaning directions from the manufacturer
• Test any cleaning method on a small area before using it everywhere
• Never dry wet leather near a heat source
• Avoid harsh cleaners and excessive water, which can leave satins and remove dye and lubricants
• For any valuable leather article or serious cleaning problem, consult a professional, such as a dry-cleaner who specializes in cleaning leather

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Light fixtures
To clean a wall or ceiling fixture, first turn off the switch and have a stepladder in arm’s reach. Remove any grilles, shades, shields, globes, light bulbs, or light tubes. To wash the removable parts, fill the sink with hot water and add some washing-up liquid. Put a towel or rubber mat on the bottom of the sink to prevent damage. Immerse the pieces – except for the light bulbs or light tubes, because of the ends that go into the sockets. To wash the fixed parts, use a cloth or sponge dipped into the same cleaning solution and squeeze until it’s as dry as it can get. Wipe the fixture, being careful not to get any moisture in the socket or on the wiring. Rinse the sponge or cloth in clean water and wipe the fixture with it again. Dry everything with another cloth and reassemble the fixture.

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Glass furniture
Imagine you are cleaning a horizontal mirror and you will get the general idea for cleaning glass-topped tables and similar items. Apply the cleaning solution – 1 part white vinegar, 4 parts water from a spray bottle directly onto your cloth, then rub into the glass. To avoid fingermarks, do not hold onto the table as you clean. Also, be mindful that glass can easily be broken. Clean glass furniture as the final stage of your room clean.

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Fireplaces
Ironically, fireplace cleaning is simpler during the wood-burning season and becomes trickier when it is not in use. Throughout the fire-burning season, cleaning will mostly consist of taking out some of the ashes from time to time. The fireplace will actually work best when a thin layer of ash remains.

 

Hardwood Floors

Many homeowners love hardwood floors not only for their look and durability, but also because they’re simple to clean — at least relative to carpet, tile, and many other surfaces. But maintaining spick-and-span hardwood floors isn’t quite as simple as it may seem, which leaves many homeowners wondering: What’s the best way to clean hardwood floors, anyway?

 

Remove debris regularly

Your first line of defense is to remove dirt and debris as quickly and often as possible. Even the smallest specks of dirt act like sandpaper, and can scratch the floor’s surface and make it look dull. So make sure to vacuum or sweep regularly — ideally once every two to three days, or more for high-traffic areas. If you vacuum, use the hard surface setting on your machine, which turns off the beater bar and lowers the vacuum to the floor for better suction power.

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Wipe spills immediately

Hardwood floors may look impervious to spills compared with carpet, but certain substances can actually eat away at the top coat of polish on your floor. Some common offenders include milk, mustard, and pet urine. So if your pet isn’t fully house trained, make sure to pick up after accidents pronto.

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Mop the right way

A damp (but not sopping) mop can also help keep a hardwood floor clean, provided you use the right cleaner (more on what not to use next). Most wood floor installers or manufacturers recommend cleaners that contain isopropyl alcohol, which dries quickly and are available at home supply stores.

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To make your own solution for a monthly clean, add a capful of white vinegar to a gallon of water, which will help dissolve grease and grime on the floor, but not strip the finish. To remove shoe scuffs, rub marks with a tennis ball, which cleans without scratching the finish.

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Whatever you do, do not clean wood floors with a steam mop. “Steam is horrible for wood floors. It opens the pores in woods and damages the finish, causing irreversible damage to any wood floor.”

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Use the right cleaning products

Wood is probably the easiest floor covering to keep clean, but you have to use the right cleaning products. In fact, contrary to what you might think, he adds, “anything that says ‘polish’ or ‘shine’ indicates you’re adding a layer of something to the floor, and it’s not a protective coating.”

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The result? Your floor might look shiny right after you’re done, but it will quickly smear and look dull (prompting you to clean your floors again). So when in doubt, stick with cleaning solutions recommended by a hardwood floor specialist rather than what’s being hawked at your average hardware store or grocery store.

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And if it still doesn’t look clean…

If vacuuming and mopping don’t restore the luster to your hardwood floors, it may not be due to a lack of elbow grease. Eventually, wood floors withstand enough damage that they should be refinished — meaning the top layer of wood is sanded down to remove marks, then covered with sealant. Hardwood floors should be resealed about once every 10 years, or every two to five years if they get substantial traffic from kids or pets.

Luxury vinyl flooring is easy to clean and maintain. Just follow these simple steps to keep your floor looking effortlessly beautiful for years to come. 
 

1. Sweep or vacuum up any dirt, dust, or grit once a week. 

2. Clean up spills immediately to prevent damage to the floor.

3. For the occasional deep clean, mop with a damp mop and a solution of soap and warm water. Never use a wet mop.

 

Here are some other helpful maintenance tips to prolong the life of your floor. 
 

• Use felt pads under chairs and furniture legs to prevent scratching of the flooring surface.

• Place doormats at all entrances to prevent tracked-in dirt, rocks, moisture, and other debris.

• Avoid using rubber-backed mats as they can stain the flooring surface over time.