Hi everyone...I would appreciate any advice on the situation I am currently facing.
Like I said before, I'm 29 years old, and married with one young daughter. I've been in my job for about 4 years now and its pretty stable and I earn a decent salary and benefits. My question has to do with the extra income I have when the month is over and I have finished paying all my bills.
Here is a snapshot of my financial situation (all figures in USD equiv)
* Registered retirment accounts: >$25k
* Emergency fund and cash: >$30k
* Unregistered stocks: >$2k
* 1/3 share in single family dwelling
At present I am living in the property and contributing to the mortgage as the rental market is downright terrible at the moment.
My question has to do with do I buy a piece of land now, and use about half of my cash (utilizing cash first and not emergency fund), or wait and save more. Land in my country continues to rise and a house is out of the question at the time since I am already carrying debt from the residential property. Banks are giving about 2% interest and land prices, while come down a bit recently, are still generally on the upward trend. I could buy a piece with a 20% d/p and pay off monthly...utilizing any extra cash to pay it off quicker. I ran my monthly numbers and could afford to comfortable pay about $800 per month for any land I buy.
Would really appreciate any advice....
Like I said before, I'm 29 years old, and married with one young daughter. I've been in my job for about 4 years now and its pretty stable and I earn a decent salary and benefits. My question has to do with the extra income I have when the month is over and I have finished paying all my bills.
Here is a snapshot of my financial situation (all figures in USD equiv)
* Registered retirment accounts: >$25k
* Emergency fund and cash: >$30k
* Unregistered stocks: >$2k
* 1/3 share in single family dwelling
At present I am living in the property and contributing to the mortgage as the rental market is downright terrible at the moment.
My question has to do with do I buy a piece of land now, and use about half of my cash (utilizing cash first and not emergency fund), or wait and save more. Land in my country continues to rise and a house is out of the question at the time since I am already carrying debt from the residential property. Banks are giving about 2% interest and land prices, while come down a bit recently, are still generally on the upward trend. I could buy a piece with a 20% d/p and pay off monthly...utilizing any extra cash to pay it off quicker. I ran my monthly numbers and could afford to comfortable pay about $800 per month for any land I buy.
Would really appreciate any advice....
