Hi there!
we're having a legit Mustachian problem. My wife (32) and I (29) are looking for a house that we would like to spend a long long time living in. My wife currently owns a house that would normally satisfy all our needs (1600 Square Feet) but it has a very small yard and we both love being near a body of water and have more land to roam around. I enjoy gardening and fishing and we both love the outdoors. We're looking to have (eventually 2) kids starting about one year from now.
Now, we're looking into buying a house that would be our dream house, but would also cost slightly north of 300k in our LCOL. It's directly located on a nice river and has some good land around, 2700 sf, good school district. The new house is likely further away from work for me (45 Minutes commute instead of 25 minutes now) and a little closer for her (15 minutes then and 25 now). I think that's still doable and I have a fairly economical car already. Plus I don't want to work forever :D
Our current house would become our first rental property as a consequence (market Value 135k) - hope to rent out for around 1000 a month / returning 550 Dollars after mortgage interest.
The fundamentals: We're both enjoying good employers, good salaries (Total Gross around 170k/a, me 100 and her 70), high savings rate of around 75-80% after taxes. Net Worth of 650k USD at this point.
We've set the goal to retire with around 1 mio in invested assets and a paid off house so that we would have 40k to live off of.
What's your opinion? Anyone made experiences with riverfront properties? What should I pay attention to? Should we put it off and wait till we hit FI first? Please talk us out of this :D Facepunches welcome, words of affirmation as well.
Thanks,
Jacob