Jill on Money with Jill Schlesinger Are We Okay to Build a New House?
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Jul 1, 2025 Listeners explore the highs and lows of building a new home, including the rising costs that often surprise homeowners. A couple navigates their finances while considering family needs and educational commitments. A retired teacher shares their transition to real estate, gaining valuable insights for financial planning. Discussions on construction loans, savings strategies, and the emotional rollercoaster of home financing are intertwined with lighthearted local traditions, making the serious topic more relatable.
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Homebuilding Plans and Concerns
- Joe and his wife plan to build a new home and are concerned about overextending financially.
- They aim to break ground in spring but realistically expect completion to take about a year.
Career Transition Success
- Joe transitioned from a 33-year teaching career to real estate and is earning about $100,000 annually.
- The patience from teaching helped him manage the stresses of real estate transactions.
Strong Retirement Savings Foundation
- Joe and his wife have substantial retirement accounts: $1.1M in Roth IRAs and around $500K in 403Bs.
- They started maxing out Roth IRAs early, contributing since the plan's inception.