Anything is possible, but that would be very expensive. We too think that we may eventually snowbird, another reason not to build new.
Financing 2nd Home with 401K
- Thread starter doneat54
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Anything is possible, but that would be very expensive. We too think that we may eventually snowbird, another reason not to build new.
Today is the two year anniversary of use buying this place. What an adventure it has been. And thanks to this forum for all the great discussion/perspective leading up to it.
The role that this property will play in our future is still being discussed. We are moving full speed toward selling the primary homestead next spring, about the same time DW will retire. With its flaws (it has many), this lake house is at least functional. And serene. But one step at a time. We'll see how things go in 2022 and move from there. Like a lot of you, I have a very different perspective on "the future" and the opportunities that are there.
One day at a time.
The role that this property will play in our future is still being discussed. We are moving full speed toward selling the primary homestead next spring, about the same time DW will retire. With its flaws (it has many), this lake house is at least functional. And serene. But one step at a time. We'll see how things go in 2022 and move from there. Like a lot of you, I have a very different perspective on "the future" and the opportunities that are there.
One day at a time.
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I'll tack this question onto this thread as it is an ongoing adventure.
DW retires next May, and we go onto full retirement ie: finally drawing from our portfolio. I am doing budgets and models now. DW wants to tear down the house and leave the barn, then build a new, detached house (if attached, the 120 year old barn would have to meet fire codes......!). I'm not onboard, but have not ruled it out. Trying to craft some financial plans that allows us to keep as many options open for at least 2 years after DW retires. (Scroll back to post #90. ) One question I am wrestling with is do we pay off the mortgage on this place after we sell the primary home and live here full time? But, it struck me today that if we decide to keep to mortgage and then tear the house down, would the Mortgage Company have an issue with that?? (read: sarcasm). So maybe it is non issue. Unless we want to keep the cash on hand for something else, it kind of seems like a no brainer to pay off the mortage. Although, we did a refi this year to 2.5% or so.....
Thoughts?
DW retires next May, and we go onto full retirement ie: finally drawing from our portfolio. I am doing budgets and models now. DW wants to tear down the house and leave the barn, then build a new, detached house (if attached, the 120 year old barn would have to meet fire codes......!). I'm not onboard, but have not ruled it out. Trying to craft some financial plans that allows us to keep as many options open for at least 2 years after DW retires. (Scroll back to post #90. ) One question I am wrestling with is do we pay off the mortgage on this place after we sell the primary home and live here full time? But, it struck me today that if we decide to keep to mortgage and then tear the house down, would the Mortgage Company have an issue with that?? (read: sarcasm). So maybe it is non issue. Unless we want to keep the cash on hand for something else, it kind of seems like a no brainer to pay off the mortage. Although, we did a refi this year to 2.5% or so.....
Thoughts?
MC Rider
Thinks s/he gets paid by the post
New on this thread. Looks like a nice place.
Can you keep the old house and just build another?
Can you keep the old house and just build another?
Thanks, it is a nice, and a very interesting property.
Interesting thought, keep the old house and build another. Where we have thought about building, that might be possible. Although digging for a new foundation we may trash the existing foundation. Then there are zoning issues about having 2 single family homes on one lot (even if temporarily). But if possible, that may alleviate the one issue of "where to live while the new house is being built"......
MC Rider
Thinks s/he gets paid by the post
Old house becomes the guest house, caretaker cottage, accessory dwelling unit, or some such. Zoning variance? ;>)
There's a lot to figure out and work through.
There's a lot to figure out and work through.
Yes, lots of fish, and the state stocks it. I'm a kayaker and canoer, but not a fisherman.
ExFlyBoy5
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
It *is* possible that bank would take issue with tearing it down since that would most likely be a breach of contract. What would come of it is anyone's guess. How long would the build take? What does the mortgage holder do to "review" properties in a portfolio? I think the risk is a low one *but* not zero.
If I was in your shoes, I would consider keeping an adequate amount of liquid assets available in case the holder of the mortgage catches wind of what you are doing and demands immediate and full payment...then, most likely no harm and no foul. BUT...if you don't have the assets available to immediately pay off the loan, then you could get into a world of hurt pretty quick.
Well another milestone day in this saga. Closed on the sale of the primary home today, despite being *exhausted* from moving stuff up the lake house all while recovering from COVID caught on a recent trip to Ireland. 2 weeks out and the hacking lung crap just won't let go..... but our attorney messaged at 2pm today that proceeds had been wired. We did VERY well selling the primary home, but now have a home half the size, crammed full with stuff from a home twice its size, 1/4-1/3 of it we don't even want/need (yes, we tried to downsize in anticipation, and did, to some degree, but not successful enough).
But it's on a serene lake.
DW retired last May 6th, so here we are. The long term plans for this place? Still up in the air. Let's get unpacked, get rid of a bunch of crap, and see where we go from there. Lots of options set up by the financial plan....
But it's on a serene lake.
DW retired last May 6th, so here we are. The long term plans for this place? Still up in the air. Let's get unpacked, get rid of a bunch of crap, and see where we go from there. Lots of options set up by the financial plan....
