# Money Diary- New Home Puchase



## DonR (Nov 6, 2014)

Hi everyone, 

I'm 37 and my wife is 32, I make $250k/year and my wife is a stay at home mom to our 1 year old daughter. We recently paid off our house and we would like to purchase a new home in 4 years. Now that our mortgage is paid off, we will be able to save $125k/year and have $500K saved at the end of 4 years. 

I wanted to see what everyone's thoughts are on the following: 


What price range should we be looking at for a new house?
What should we do with the $125k/year in savings? 
Should we use savings for the new house purchase and pay cash or get a mortgage and invest the savings? 


Thanks for your advice! 

Long Term Goals
-Buy a new house in 4 years
-Retire between 55-60 with $100k in annual income

Assets
House- $765,000
RRSP's-$403,000
TFSA's-$21,000
Car 1- $16,000
Car 2-$20,000

Liabilities
None

*Net Worth- $1,225,000*


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