Debinnov a
Recycles dryer sheets
- Joined
- Nov 2, 2013
- Messages
- 238
Hello all,
I posted some time ago regarding my hope that the sale of my business would happen and we are just about there. All papers signed on Friday and the funding from the bank is wired tomorrow and once that happens, I'm officially retired. (Trying not to think about the things that could go wrong!)
So, in a perfect world, we wanted to sell both homes (permanent home in VA) and vacation/weekend place (in MD) and take proceeds from permanent residence sale and buy outright our retirement home (undecided but strongly looking at Florida) The 2nd home has been under water for over five years, because we bought right at the wrong time. The area has stayed depressed so we would take a hit to sell (bought for 395K, now listed for $275K and not seeing much action). We do NOT want to retire to this area, thus are selling the home.
So, as long as all goes as planned tomorrow, we will have no more paychecks and living off our savings. We are decluttering and packing up so that we can paint, carpet and get this home sold. (This one will sell within two weeks of listing most likely - very sought after street and market is hot). While this is going on, we can live/stay at the 2nd home - 2 hours away.
My question is: Do we take the $275K net profit/equity from the sale of primary to pay off the $290K on the 2nd home? (Have to come up with extra cash to pay off, which we have) We will then have HIGH county taxes - almost $5,000 yearly, utilities and Homeowners $2000 yearly. Or should we just continue to pay mortgage which was just HARP refinanced for 30 years at 3.875% - monthly payment $1830/mo. Would be lucky to get $1200 to rent it out, which we are not entertaining - fyi.
I'm conservative investor but with business sale proceeds will be putting at least 30% in equities. But otherwise, 1 - 3% (penfed 5 yr cds)....
We were dreaming of a mortgage free retirement....Thoughts?
I posted some time ago regarding my hope that the sale of my business would happen and we are just about there. All papers signed on Friday and the funding from the bank is wired tomorrow and once that happens, I'm officially retired. (Trying not to think about the things that could go wrong!)
So, in a perfect world, we wanted to sell both homes (permanent home in VA) and vacation/weekend place (in MD) and take proceeds from permanent residence sale and buy outright our retirement home (undecided but strongly looking at Florida) The 2nd home has been under water for over five years, because we bought right at the wrong time. The area has stayed depressed so we would take a hit to sell (bought for 395K, now listed for $275K and not seeing much action). We do NOT want to retire to this area, thus are selling the home.
So, as long as all goes as planned tomorrow, we will have no more paychecks and living off our savings. We are decluttering and packing up so that we can paint, carpet and get this home sold. (This one will sell within two weeks of listing most likely - very sought after street and market is hot). While this is going on, we can live/stay at the 2nd home - 2 hours away.
My question is: Do we take the $275K net profit/equity from the sale of primary to pay off the $290K on the 2nd home? (Have to come up with extra cash to pay off, which we have) We will then have HIGH county taxes - almost $5,000 yearly, utilities and Homeowners $2000 yearly. Or should we just continue to pay mortgage which was just HARP refinanced for 30 years at 3.875% - monthly payment $1830/mo. Would be lucky to get $1200 to rent it out, which we are not entertaining - fyi.
I'm conservative investor but with business sale proceeds will be putting at least 30% in equities. But otherwise, 1 - 3% (penfed 5 yr cds)....
We were dreaming of a mortgage free retirement....Thoughts?