This last month has been HARD. Completely out of my husband's fault or control, he has been out of work for 35 days without pay. During that time, he's been reflecting on what he wants and whether the career he's in and the company he works for is what he really wants.
With him questioning all this, we have decided to sell our house and downsize to a small 2 bedroom apartment. The equity from the sale of our house, plus what we will be saving monthly, we will eventually put towards another property in cash, but we aren't sure enough what we want to jump right into another property. Plus, living in the smaller space will be a nice test run on life in a smaller home to make sure it's the right thing for us before we buy.
We are considering either buying a small house on a nearby lake (5 minutes from my work), a multifamily property or another fixer upper, but one that is smaller this time. Our home is 2880 square feet and that is excessive for 3 people.
We purchased our home in 2011 as a foreclosure and the house has appreciated on average 6% per year since we bought it. We did put in some funds fixing things up around the house, but we are definitely going to be making money on this property when we sell.
Currently we are refinishing some floors, getting some trim and a soffit fixed and then we will be listing in the next 10 days or so. Our realtor has two clients already interested, so fingers crossed for a fast sale!