My wife (27) and I (31) are at a major financial crossroads and don’t know what to do. We will be collecting a windfall check in 2 weeks to the tune of 330k (+-). This windfall check will not require taxes to be paid. We live in a low COL area and only owe 13k on our starter home. Total combined debt otherwise is 18k. (Student loans and vehicle)
We have outgrown our starter home (1,000 sq ft and 1 bathroom) and planned to move before the windfall came to be. Starter home estimated selling price is 170k. We own a decently successful business and live well within our means.
Option 1: We have the opportunity to purchase 62 acres of rural land to build a homestead for 230k but then would have to sink a couple hundred thousand more into building a home. Not to mention tractor, 4 wheelers to navigate land, and improvements to the land. We would sell our current home. We’ve always wanted a homestead but it’s a lot of money.
Option 2: Stay in our current home and pay off the mortgage and other consumer debt. Spend 80-100k to upgrade our home and property to satisfy us and throw the rest at investments. We don’t love it but it’s logical.
Option 3: Sell our home, throw all of the money into investments, and move in with her parents until the housing market corrects and we can buy an existing house for a fair price later on. Financially, this is the most comfortable option but how long can you really live with you in-laws before you want to pull your hair out?
Side note, no matter which option we choose, we are paying off every cent of debt that we have. So what do we do Reddit?
Submitted April 10, 2021 at 08:09PM by WhiskeyTangoGolfer https://ift.tt/323lh2j
