Remember the post about plans for retirement and what order i'm doing things in? You know the one in 2013 where I was working on extra income in retirement, or this one in January that said we would wait to build until after we saved enough to do it out of pocket? Well- you can throw all that out the window.
We had been worried about the possibility that somehow someway that property would not be available to us when we wanted it. So, we looked around at a few other properties and even put an offer on one that connected with the current property. That didn't pan out, but something else did. A decision was made, an agreement was drawn, we started making payments and and now...GULP. Now we are in contract to build our retirement home...
Does the $500 a month hurt - well DUH. Of course it does. Especially since we now have a driving teenager that is going to need a car next summer to get to his COLLEGE classes. Um - yeah this is tough. We are swallowing a lot of hard pills, but looking toward the future with this project is just as awesome as looking at the past and seeing what a wonderful man my child is now becoming.
The hope here is that we will have the property already paid down by half or more before our (hopeful) retirement date looms close. Then, once we sell our home we'll use the proceeds from that to pay it off entirely and we should have enough to traverse the hunger gap between our retirement date and the time that we start taking payouts from Social Security. (God willing it's still around then.)
WOWSERS. How exciting this is. We've already sold the trailer, and in 2 weeks we will be moving out. Scary. I'll keep you posted on the progress. The crew is supposed to be out July 15th to start the basement! Basement and back porch are not shown on the drawing - sorry! You'll just have to imagine it there. ;-)
See you soon!