My dream has always been to live on a small homestead--I grew up on a ranch and know what I'm getting into. Recently, a piece of property at a great deal popped up. The price per acre was much lower than most land goes for in our area because it hasn't been mowed or really taken care of in any way for the past several years. We bought it, and now comes my question:
It's a 25 acre lot and the people who lived their owned the lot with two homes on it, a trailer, which they originally used as a rental, and a large new construction home. A couple of years back, they foreclosed on their new home, sold it and the acre it was on, and had to move into the trailer. They completely remodeled the older (early 90s) trailer--it's insanely nice--I can't imagine putting that kind of money into a trailer, but I think they were desperate to try to ease the transition for their kids.
I own my current home with no mortgage--it's worth $120K. We got the land for $130K with the trailer, and I owe $100K on it. We will likely build a modest home on the land in 2-3 years. These are my options:
1.) Sell current house and move into trailer--I have a 9 month old, and I worry about safety in the trailer as we do have occasional severe storms, but I have family nearby I could seek shelter with in the event of a hurricane. The pro would be I get to start living my dream earlier, the con is I have to live in a manufactured home, which I'm not sure about.
2.) Rent the trailer for approx. $850 a month, stay in current house, pay off land and then build.
We will also keep the trailer and rent it out after we build a house for extra income. I save approx. 50% of my income, but we only make $74K as a household. I'm a school counselor and adore my job--no plans to retire early--I just come here because y'all tend to have really good advice. I'm just a little stuck and need help viewing this situation from different perspectives.