So my wife and I’s contracts are about to expire and we do not plan on renewing them. My wife has a job lined up in another town with 60% coat of living expenses. She will start up next week and my contract expires in about 6 weeks. We will be putting our house on the market in about 3 weeks with the expectation that we will make 50-75k after mortgage payoff and realtor expenses. We will be moving into an apartment for a year before we reassess our situation. We have no debts and currently have what will be 8 months of expenses saved up. Our roths are maxed out for the year already. What should we do with the profits for the house? Should we just hold it to the side in case we want to use it for a down payment for a new house, or just let it sit in a generic balanced etf portfolio and let it sit for 30 years while we save from the ground up for a home?
If there’s any chance that your reassessment at 1-year results in a desire to buy a new home, you will regret investing this money and see that it’s now less than it was because of short-term volatility in the stock market.
The decision to invest this windfall or hold it depends on your willingness to delay purchasing your next home in order to save up a new down payment.