I currently own my own home, but recently inherited property and I have the opportunity to sell my current home and use the equity to put a house on the new property.
Within this opportunity I have two options. I can use all of the equity from the sale of my current house to build a new house on the property, which means I will have no mortgage payment (but I may not have the space I need for my family) or I can build the house of my dreams but I will end up financing a small balance. Either of these options would be very beneficial to my current expense and debt problems.
Here are the catches: The property I inherited is in a much lower income community than me and my family are used to (I am concerned about raising my kids there). The property has been in my family for quite some time and my family would not appreciate it if later down the road I decide to sell it (so what ever decision I make will be permanent).
What would you do and why? And additional suggestions are welcome.