Hello all, here's the story:
We live on a beautiful acreage 20 min from the nearest town. We have 3 kids ( 6,4,2) too young to take the bus right now (picks them up at 715am!). Our acreage is a 1500 sq ft mobile home that I've completely gutted over the last 4 years- it's small but comfortable. We are planning to build...maybe this year (more on that later) We are growing out of it. A new build would be about 375-400k
I work 60km north, my wife works 25km south (all hwy driving). I am FT, my wife is casual and works around our schedule ( works awesome for childcare).
A house came up in the town our kids go to school in (20km north) It's beautiful. Totally reno'd 2 story with 3 bdrms etc. It would save me 20 min each way when I work, save 2 hr per day of driving to school. The house is $550,000 (fack!) We'd like to keep the acreage - rent it out until we decide we build in retirement or in 5 years when the kids are old enough to be on the bus. It would be cash flow positive if we rented.
My worries are the new house is at our max of what we could afford, I've had 2 properties before (flipped and flopped a house) which really stressed me out. This new house is great, but the financial exposure really makes me anxious ( anyone else read Garth Turner?? CDN RE is risky!) and we do like the quiet lifestyle in the country. Our family is very close-knit, and apart from the driving, we love it out here.
What am I missing? The new house is the ONLY one I would really consider (backs on a nature reserve, central, established neighborhood etc.), We want to keep the acreage (it would take too long to sell anyway), Our house isn't on fire, there is no pressure to move, our place now is mortgaged for 150k- easily paid off in 7 years.
The acreage build would include a private bsmt suite so is less risky, plus we can sell the mobile or move it on another site and rent it out....it seems less financially risky to build...
Anyway, would appreciate your thoughts. Will be checking MMM all day so any advice/ insight would be appreciated.