To build or not...financial ???
We have been tossing around building a larger home on a larger piece of land. Our current home is 5 years old which we built. We do still carry a mortgage. The market for building is great right now due to the supressed industry. However, the selling market is not so great. We do not want to take a hit on our current home unnecessarily-although not sure we would ( another one of those unknowns). We have 6 kids so any kind of moving will be an upheaval. Building this home would be pushing the limit of our house affordability-plus requiring a larger mortgage-but on the other hand we would be doing it now when we need the room and getting more house due to the economy. Is it stupid to go further into debt in this economy? Is there such a thing as affordable debt? We don't carry debt on anything else other than our home. Any financial counselors out there that would care to weigh in?