My plans are also affected by my rental house. So far I have been receiving rent every month but I haven't heard if the current tenant will renew their lease or not. If my rental house is vacant for a while I won't have $1,000 a month to save.
Assuming that I am still getting paid rent and that my parents are still living here and helping me with the house expenses, I have approximately $1,000 a month to use as I see fit. There are 3 major directions that I could go.
1. Pay down the mortgage. $500 extra a month would mean I would pay off my mortgage in 8 1/2 years. $1,000 extra a month would mean I would get rid of the mortgage in 5 years. Since the interest rate is only 4.5%, I am not in a hurry to pay it off although it is quite fun and motivating to see the balance decrease so rapidly each month when I am paying off as much as I can.
2. Fix up the house. I could easily spend $40k on fixing up this house. I probably wouldn't get the money back out of it when I sell it but it would make living here more comfortable.
Air conditioning $6k
Turning carport in to garage $5k
Kitchen remodel $10k
Screen in porch $5k
Roof and wood trim maintenance/replacement $5k
Masterbath remodel $5K
The purchase price was $91k so with $39k in improvements the house should be worth $130k. That's not too bad for this neighborhood but it wouldn't sell for that much in this market. Any improvements would really be for me and my parents so if my parents are planning to move then I don't think this plan would be on the top of my priorities. Maybe a few of the items but not $39k worth of improvements.
3. Improve my property. There are $51k worth of improvements that I would like to do to my property.
Build a garage $23k
Add a block wall $10k
Improve electical service $10k
Add plumbing $5k
Add gutters $3k
I'm guessing at some of those prices. I could also add just a concrete pad, RV hook up and block wall fence and rent it out to someone with an RV. I estimate that would only cost me $15k. I hate to see my property just sitting there and getting run down. If I am not moving back there any time soon, at least I should get rid of the old mobile home, sell my RV and either tear down or fix the existing gargage.
So those are my priorities. I need to pick something to save for otherwise I will spend all of my extra money on toys for the dogs like this dog backpack that I just bought. I get the feeling my foster dog doesn't appreciate it.