Affording the new property/building: 

Until we build a new building, which could be some time away, we’d have the building/land to take care of while not being there, with its plusses and minuses. There are also possible ways to mitigate the expenses: logging, hall-rental, etc,  all of which need a little research, and also ways we might want to use it ourselves.  See the post called “new property details”.

Initial expenses:  The price is $160K.  We would put down 20% (to avoid PMI), so $32K.  Pluses there’s all those closing costs, $3K??  We’d also need a “site-plan” (see process overview”) before buying so that we know we could build, which is $2K, and then $400 application fee from the township.  Architect says we don’t need a survey (whew! that’s $3K).  But we’ll need some inspections yet (septic/well), so $800?  So I think that brings our initial expenses to 32+3+2.4+.8 = $38K’ish? (did I forget anything?)  We have about 100K in savings, so that would take a nice chomp out of it.

Ongoing Expenses: Then we’d make $6-700 monthly payments.  Luckily we’re at record low interest rates right now, so if we’re going to borrow, this is the time.

We’d also need at least minimum utilities, like heat and electric, and lawn mowing, and so on.  Insurance premium.  So another $200-$300 per month?

And then we have to decide if we want to put a little money into it to make it a worthy place to rent out, such as windows and a new drop ceiling, etc.  So maybe another couple thousand of initial investment.