Hi
I got great advice on this forum a while back. Now have a bit of a query and would appreciate any thoughts. Have an appt with a new financial planner in July but interested in responses here.
I'm 50, my wife 51. Both freelancers/ small business. Variable salaries.
Wife 30kish, Me this year 70k.
Two kids 16, 13. College Fund of 100k in fund. Cash of 160k. Mortgage paid off. House worth 500k but cannot sell as parents in law live on site in seperate house. My wife has a biggish inheritance in time. Both of us comfortable now with how things are.
Rental delivering €1050 per month after tax etc. Other rental delivering 1k per month after tax. Thats our cashflow/savings. Both of these are rentals of part of our house.
Our house is big, old, ok energy wise - kids will be gone in 5-6 years to college. We are now thinking we should look at buying a smaller house locally, easy to maintain, better energy, could retrofit etc. We see houses for 250- 300 k that are good.
We could then rent our main house in a good local Airbnb market or long term. Maybe 2-3k month.
Any thoughts? Would have to get mortgage for new house etc. Maybe in a few years. Should we save cash to get an even smaller mortgage? Should we not move at all?
Thanks
I got great advice on this forum a while back. Now have a bit of a query and would appreciate any thoughts. Have an appt with a new financial planner in July but interested in responses here.
I'm 50, my wife 51. Both freelancers/ small business. Variable salaries.
Wife 30kish, Me this year 70k.
Two kids 16, 13. College Fund of 100k in fund. Cash of 160k. Mortgage paid off. House worth 500k but cannot sell as parents in law live on site in seperate house. My wife has a biggish inheritance in time. Both of us comfortable now with how things are.
Rental delivering €1050 per month after tax etc. Other rental delivering 1k per month after tax. Thats our cashflow/savings. Both of these are rentals of part of our house.
Our house is big, old, ok energy wise - kids will be gone in 5-6 years to college. We are now thinking we should look at buying a smaller house locally, easy to maintain, better energy, could retrofit etc. We see houses for 250- 300 k that are good.
We could then rent our main house in a good local Airbnb market or long term. Maybe 2-3k month.
Any thoughts? Would have to get mortgage for new house etc. Maybe in a few years. Should we save cash to get an even smaller mortgage? Should we not move at all?
Thanks