When considering building or remodeling, go to your local lending service. Set up an appointment to meet with a banker to see how much you can afford without putting yourself in jeopardy with month-to-month and everyday expenses. Most banks like to escrow (yes, taxes); this can increase the payment substantially. Banks do credit reports on your past history. Hopefully this is good. Each bank has different closing costs and percentage rates, 30-year being the most affordable. Check these areas on your credit report.
Although IRAs, mutual funds, stocks, etc. build your financial plan, your home is also a big part of your portfolio for retirement. So, keep up with your maintenance on your home or property. Updating, remodeling or additions for extra space will be a smart investment when you or your family decide to sell.
When considering building or remodeling, go to your local lending service. Set up an appointment to meet with a banker to see how much you can afford without putting yourself in jeopardy with month-to-month and everyday expenses. Most banks like to escrow (yes, taxes); this can increase the payment substantially. Banks do credit reports on your past history. Hopefully this is good. Each bank has different closing costs and percentage rates, 30-year being the most affordable. Check these areas on your credit report.