46 year old, DW is 41
Earnings $300,000. Married filing jointly with kids
Savings $30,000
VTI fund - $300,000
401k - $420,000 combined, IRA - $18,000
HSA $60,000
College savings - $130,000
Above is our financial state and we are buying house for $550,000 before putting a 5% down payment from our savings.
The issue is we plan to renovate the house and the construction is expected to cost about $400,000. (Single family home is a 1000 sq. ft and so need bigger space)
Should we wait to build the house or dive in to renovate. Does taking back to back loan make sense. What would be a good strategy
Earnings $300,000. Married filing jointly with kids
Savings $30,000
VTI fund - $300,000
401k - $420,000 combined, IRA - $18,000
HSA $60,000
College savings - $130,000
Above is our financial state and we are buying house for $550,000 before putting a 5% down payment from our savings.
The issue is we plan to renovate the house and the construction is expected to cost about $400,000. (Single family home is a 1000 sq. ft and so need bigger space)
Should we wait to build the house or dive in to renovate. Does taking back to back loan make sense. What would be a good strategy
Statistics: Posted by plansimmer — Sat Aug 17, 2024 6:47 am — Replies 0 — Views 101