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It doesn't make sense to rent until you find a new place because house hunting takes long time & you will put yourself under pressure to find a new place. Better live where you are at and look for house slowly. 5 year plan might be too long, give it 1-3 years to find a new place.
Hate to be a "me too" but I also think living in the current house is wisest.
The fun part of that is that the two of you will come up with a wish list of things you want in your next house -- and you know there will be a next house before long.
If you can keep the current house as a rental once you move, it's a real step towards building wealth. We did that when we bought a much bigger house 20 years ago. Now I'm remodeling the original house to put it on the market. I expect it to sell for just under $1 million.
Remember: Money gives you options. Sometimes it's the option to retire early, sometimes it's the freedom to stop working for the man and start your own business, whatever, but it's always better to have choices.
I would do everything possible to move out of the house where you are living as soon as you can, and either buy or rent something else that is larger and in a good neighborhood. I would not pay for a new house with cash, though I would not put less than 20% down, either. You can invest the rest if you know what you are doing. Under no circumstances would I touch any monies that are in a retirement account.
Right now most markets are still seller's markets, but that is likely to change sooner rather than later. You are likely to get a better price on the sale of your current home now (spring and summer are usually the best times to sell), even if you only do minor repairs to the roof unless you live somewhere with a very depressed market where no one wants to buy.
(Disclosure: I live in the San Francisco Bay Area where there are multiple offers on every home that comes onto the market, and we don't have to fix our roofs to sell, either.)
How soon do you plan to get married, and is it already a fixed date or is it possible to change the date, if it is already fixed?
I would probably stay in the house and take a year to settle into marriage. You can figure out where you really want to live. It's a lot to plan a wedding, get married and sell your house all at the same time.
I agree. Wait and see about your wife's job and decide on a location and price for a new home. Decide how soon you want to start your family, and how much driving you want to do. Also investigate any tax implications in your are regarding the sale of an owner occupied home vs a rental investment.
I agree. Wait and see about your wife's job and decide on a location and price for a new home. Decide how soon you want to start your family, and how much driving you want to do. Also investigate any tax implications in your are regarding the sale of an owner occupied home vs a rental investment.
Very good advice. You can take a big tax hit if the house you sell isn't your residence. Good luck, you are a planner, and responsible...really good values to have.
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