Hi all, I live approx 20 min away from my parents and Dh's parents (they are 10min away from each other) and my parents are sick at the moment. My dad has pancreatic cancer and is palliative care, so he wont get better and my mum has bowel cancer. My mum was lucky to have caught hers early, so with some chemo she should be cancer free.
I want to live closer to my parents so that it is easier to pop around and see how they are, bring the kids around etc. Also I love the area (it is where I grew up) and I want to send DS to the same school I went too.
Here is my dilema. I am a SAHM at the moment (returning next year to work) and DH works for himself (just started off, so his annual salary is quite low once you work out last financial years expenses / losses etc).
If we sell out house, we would make around $170,000- $200,000, but would still need to borrow another $160,000 to buy another house in the area we like. (That would bring our mortgage up as we still owe around $200,000 on our current house). So I think the banks will say 'see you later'!
I am thinking of selling our house and renting in the area we like and then once I am back at work and DH has worked for himself a bit longer, the banks will then lend us the extra money. The rent in that area is less than our repayements, so we would be ok with that, even have a tad over to save.
Is that a bad idea, to sell and rent for 1-2 yrs and then use the money we made selling our home as a deposit later on?
Also if we do sell our home, and made $170,000- $2000,000 what sort of interest would we make on that money?
Thanks for reading.