Doc Holliday
WKR
- Joined
- Jun 15, 2016
- Messages
- 2,826
There are many variables that are personal to your unique situation. (Don't want you to answer these, just giving some examples):
What is your net worth?
What is your annual household income vs. annual expenses?
Do you have other sources of income (trust, pension, investment income, etc.) that are independent of a job? (if so, how much relative to your expenses)
What other liquid assets do you have to tap into should you have an emergency come up?
Do you or your wife have certain desires for the new house (new kitchen, pool, etc.) that may need to be addressed or is it turn key?
How new are the roof, HVAC, windows, etc. on the new house? If your HVAC system crapped out tomorrow would you be able to replace it without taking on any debt?
What other expected expenses/purchases/trips/dreams do you have for the next 5-10 yrs? I recall a post you had about buying land, so that is one example that could fall into that category.
You obviously have strong cash flow relative to the loan you are taking out if you are able to pay off the new house in 6-7 yrs, but then you also talk about not being able to get to it if you need it, so those are somewhat conflicting. Much more info is needed, that would be unique to your individual situation. What is "enough" money, cushion, net worth, etc. to one person might not be "enough" to someone else. Only you know where the possible chinks in your armor are, and what your goals and dreams are.
You are wise to consider your options and to get other perspectives, so that tells me whatever you decide will be the right move for you and your family. I may be at a similar crossroad soon, as we are considering selling our current house and upgrading as well. These are truly first world problems. Good luck!
What is your net worth?
What is your annual household income vs. annual expenses?
Do you have other sources of income (trust, pension, investment income, etc.) that are independent of a job? (if so, how much relative to your expenses)
What other liquid assets do you have to tap into should you have an emergency come up?
Do you or your wife have certain desires for the new house (new kitchen, pool, etc.) that may need to be addressed or is it turn key?
How new are the roof, HVAC, windows, etc. on the new house? If your HVAC system crapped out tomorrow would you be able to replace it without taking on any debt?
What other expected expenses/purchases/trips/dreams do you have for the next 5-10 yrs? I recall a post you had about buying land, so that is one example that could fall into that category.
You obviously have strong cash flow relative to the loan you are taking out if you are able to pay off the new house in 6-7 yrs, but then you also talk about not being able to get to it if you need it, so those are somewhat conflicting. Much more info is needed, that would be unique to your individual situation. What is "enough" money, cushion, net worth, etc. to one person might not be "enough" to someone else. Only you know where the possible chinks in your armor are, and what your goals and dreams are.
You are wise to consider your options and to get other perspectives, so that tells me whatever you decide will be the right move for you and your family. I may be at a similar crossroad soon, as we are considering selling our current house and upgrading as well. These are truly first world problems. Good luck!
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