Hey! First time posting in the forum. But my husband and I need some advice from some smarter, more seasoned folk!
Our house is currently under contract, with a closing date of early fall. We are set to make about $120,000 once the sale is complete. (We bought a fixer upper, fixed it, and paid down the mortgage pretty low). My question is: would it be better to try to just find a cheaper house and pay cash for it? OR take that money and invest it and just buy a new house that we know we can also shoot to pay off in ten years.
Other background details: we have no debt. We make about 100k a year, we both have 401ks and Roth IRAs set up, and we have approx $10,000 in cash savings.
Of course there are a few other factors that make our decision making hard Bc affordable houses in our area are in scary neighborhoods or terrible school zones. But the basic issue is what is the best thing to do with the money.
Thanks for any advice or tips!