Jan 15, 2016 8:33 PM
Some of you have asked, "Are you going to keep your current house when you are done with your new house?"
The basic answer is no.
We need the proceeds from the sale of our current home to pay for our new home. If everything goes well, we will be in the same financial position as we were about six years ago before we started buying additional properties -- owners of a single residence with no mortgage. We are confident that we don't want to be landlords.
To achieve our goal, we need our current home to be in the best possible condition when we sell it. Similar to what you see on home improvement shows, our 43 year-old home has some issues that we need to repair and owning the adjoining property makes some of those issues easier to repair.
Specifically, the low retaining wall between the properties, part of the patio slab and the concrete path behind our current house are "falling" into our new property. Right now, access to the retaining wall, patio, and path is not an issue since our dream home lot is empty. So, first things first means we will be replacing and repairing the various concrete structures as appropriate. More expenditures without actually starting to build our green dream home. <Sigh>
The bad thing is it's only money. The good thing is it would have been more money if there were houses on both lots.