Hoping for some sound advice or just informed opinions on what to do, because neither my wife nor I have been in this situation.
Recently sold a house that we were originally planning to move into...but life happens, and after a year and a half of spending every weekend on improvements, were lucky enough to sell it for more than we purchased it. After everything, we've walked away with $45k in the bank from the sale, and have never had that kind of money in the bank.
Both of us have stable jobs that (thankfully!) have not been affected too much by the current circumstances. We've been paying down our current house by making extra payments for the last few years, and only owe ~$59k with a rate at 3.5% (our monthly payments are now about $400). We have two vehicles that are less than 5 years old, owing ~$12k on each, with loans at 2.7% and 3.25%.
Our plans are to eventually purchase another house (our current one is too small) and after a bit of renovation, rent out the house we are currently living in, but we aren't in a hurry to do so, especially given the current uncertainty of the economy in general and the housing market in particular.
What would you recommend we do?
Submitted April 25, 2020 at 09:32PM by CameraObfuscia https://ift.tt/2y1Cb5T
