We've been trying to build a house for about 10 years now. We were all set to get mortgage and break ground and then trudeu happened and we put the breaks on our plans. Long story short, but we've been putting money aside for a larger downpayment, but both wife and I have not had a raise in over 15 years.. So each year as stuff costs more, we can save less and less.. We are both finally getting a decent raise this year so we have hopes to maybe build this year..
OUr house would be 450,000- 550,000 dollars all said and done.. The goal is to build a house and not have a huge mortgage payment. We currently have about 90,000$ in a high interest savings account for the downpayment.
We own our current home, but have 150,000K left on the mortgage. Realestate salesmen have looked at our house and said we should take no less than 380,000$ for it. Realistically, I would be happy with 350,000$
I had a thought the other day.. Between wife and I, we have about 200,000$ in investment accounts.. I mentioned to the wife the other day, we could consider pulling all our investments out, combining it with our 90K savings so we have 290,000$ to put down on the new house build and build this year.. And then when our current house sells, we reinvest into our investment accounts.
Wife is terrified to consider draining our investment accounts...
I haven't looked into penalties to pulling out our investments yet, but I will.
Thoughts?
OUr house would be 450,000- 550,000 dollars all said and done.. The goal is to build a house and not have a huge mortgage payment. We currently have about 90,000$ in a high interest savings account for the downpayment.
We own our current home, but have 150,000K left on the mortgage. Realestate salesmen have looked at our house and said we should take no less than 380,000$ for it. Realistically, I would be happy with 350,000$
I had a thought the other day.. Between wife and I, we have about 200,000$ in investment accounts.. I mentioned to the wife the other day, we could consider pulling all our investments out, combining it with our 90K savings so we have 290,000$ to put down on the new house build and build this year.. And then when our current house sells, we reinvest into our investment accounts.
Wife is terrified to consider draining our investment accounts...
I haven't looked into penalties to pulling out our investments yet, but I will.
Thoughts?