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Too many goals, I cannot do them all. I have to pick which one is a priority, and save for it.
I am really torn.
So among the things that would be great, are:
1) Live abroad for a year.
Pros - we both love expat lifestyles, our child can pick up another language. Different climate different foods, routines, closer to other places to travel, and, depending on a country, a better school system. Living abroad is like having another lifetime added onto your own.
Cons - getting leave from current jobs (difficult, but probably not impossible), and our US expenses (provided we can support ourselves by a job in another country) is about 45K (our mortgage, maintenance, life insurance for both of us, student loan, car loan). So we would need to save extra 45K for just that purpose. Again, difficult, not impossible.
2) Remodel our apartment.
We live in a 1,000sf junior 4 (means a second bedroom is really small and is counted as half a bedroom). We have a giant living room that we are not really utilizing in a best possible way. If we could bring a kitchen into a living room (I love open kitchen designs). we could make another small bedroom where the kitchen currently is). And it will be nicer for me to cook. I would really prefer this layout.
cons - construction projects, based on everything we see, are always bad. I had many neighbors renovate and not one can really recommend their contractor. Plus, there are often massive delays and problems with co-op approvals (as in months). And no one ever finishes on time and on budget. And in this kind of project we will need plans, architect, bonded team (co-op will demand) and licensed union labor for moving gas, water pipes, electric. All of that is insanely expensve in NYC. And this won't pay off too much at the sale - it is still a 1000sf co-op.
3) Have a second baby and take 2 years off.
Cons - We don't have a room for the second baby. We will either need to move to a bigger(more expensive place) or renovate (option 2). And we won't have my income to rely on to do that.
We will need two college funds, double our daycare costs when I go back to work, double everything...
And a major, most scary con - no one is guaranteed a healthy baby.
4) Buy a small apartment for my mom to move next to us. It would really help with taking some of the childcare pressures, and she is happy to pay us "rent" to pay the apartment off.
The cons are that all of the apartments are co-ops and don't allow us to rent it out when my mom will no longer need it. They are completely investor unfriendly (has to do with different type of financing bank will provide unless the building is mostly owner occupied).
I am really torn.
So among the things that would be great, are:
1) Live abroad for a year.
Pros - we both love expat lifestyles, our child can pick up another language. Different climate different foods, routines, closer to other places to travel, and, depending on a country, a better school system. Living abroad is like having another lifetime added onto your own.
Cons - getting leave from current jobs (difficult, but probably not impossible), and our US expenses (provided we can support ourselves by a job in another country) is about 45K (our mortgage, maintenance, life insurance for both of us, student loan, car loan). So we would need to save extra 45K for just that purpose. Again, difficult, not impossible.
2) Remodel our apartment.
We live in a 1,000sf junior 4 (means a second bedroom is really small and is counted as half a bedroom). We have a giant living room that we are not really utilizing in a best possible way. If we could bring a kitchen into a living room (I love open kitchen designs). we could make another small bedroom where the kitchen currently is). And it will be nicer for me to cook. I would really prefer this layout.
cons - construction projects, based on everything we see, are always bad. I had many neighbors renovate and not one can really recommend their contractor. Plus, there are often massive delays and problems with co-op approvals (as in months). And no one ever finishes on time and on budget. And in this kind of project we will need plans, architect, bonded team (co-op will demand) and licensed union labor for moving gas, water pipes, electric. All of that is insanely expensve in NYC. And this won't pay off too much at the sale - it is still a 1000sf co-op.
3) Have a second baby and take 2 years off.
Cons - We don't have a room for the second baby. We will either need to move to a bigger(more expensive place) or renovate (option 2). And we won't have my income to rely on to do that.
We will need two college funds, double our daycare costs when I go back to work, double everything...
And a major, most scary con - no one is guaranteed a healthy baby.
4) Buy a small apartment for my mom to move next to us. It would really help with taking some of the childcare pressures, and she is happy to pay us "rent" to pay the apartment off.
The cons are that all of the apartments are co-ops and don't allow us to rent it out when my mom will no longer need it. They are completely investor unfriendly (has to do with different type of financing bank will provide unless the building is mostly owner occupied).
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