If we don't take on a new mortgage when we move and our current home sells, we will be debt free in 2 months. Of course, it doesn't seem the same as if we were debt free owning a home free and clear. We will still have an outflow each month on a rental, so renting doesn't free up any cash.
Fingers crossed we get a rental. The area we want is in high demand. I expect we could easily find a home for sale, but we really don't see the housing market as being in our favor in three years in this particular area. And we don't want to be landlords. So we are going to be renters for the first time in 18 years.
The money we have set aside for a future downpayment and the equity we expect to walk away from with this house will likely be invested to keep up with inflation at least. It would be nice to get it into something that would grow. Once we get past the move, I'll start looking more diligently.
I mentioned to a friend that it was tempting to invest, but thought it seemed wrong to put it into the stock market for such a short time (three years). What if it goes down? Her thought was then we just keep renting and wait to buy when the money is at least equal or greater than our initial investment. And actually, that could be a good think to continue to do until my husband retires...just keep renting.
What would you do with our future house money?
Debt Free In 2 Months with Cash in the Bank
April 9th, 2015 at 12:47 am
April 9th, 2015 at 02:55 am 1428548102
April 9th, 2015 at 08:00 am 1428566444
April 9th, 2015 at 03:14 pm 1428592488
Or you cold invest it and take the time to save up a new down payment. That could be a good savings motivation.
April 9th, 2015 at 03:54 pm 1428594848