Joe and Beth Smith Case Study And Analysis Help With Solution
Joe and Beth Smith want to make a financial plan. They wrote you a letter and attached their financial information. The land is located in Pitt County outside of the city limits.
Dear Financial Planner,
We are considering building vs. buying a house because of the current interest rates. We both are very interested in purchasing some land to establish our own family farm to be able to develop and even possibly offer lots to our two boys one day. Here are the details:
We can purchase a 1 acre lot for approx. $20k
We can purchase a 40 acre farm for approx $120k (3k/acre)
Ideally we will stick with a 20 acre lot due to the costs.
We currently own our home and only owe $17k before being paid for. It was given to us by my husband’s family and we took out a loan for some renovations. We plan to keep the home and use to it generate rental income ($700/month is our guess).
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Current Monetary Assets (also see financials below):
$25k CD (earning < 1% interest)
$120k Mutual funds (earning about $10k/year in interest)
Our home sits on about 3 acres with a side lot. We have even considered either 1) selling that lot or 2) putting a house on the lot for additional rental income.
Other than my vehicle (still owe $15k), we do not have any other outstanding debts. We currently pay $1000 month in day care (sons are 2 and 8 months). We plan to enroll them in public school so in about 3 years we will not have the $1000 daycare or $500 car payment. My husband's truck is paid for as well.
Based on the data above, what is the most attractive option and why?
A. Remain at current residence
B. Remain at current residence and add-on needed space after payoff
C. Purchase 1-3 acre lot and build
D. Buy an existing home move-in ready
E. Buy an existing home a lower price and remodel
F. Buy farm and begin generating revenue only. If option F, what are ideas for generating such revenue?
G. Buy farm and build
Product Code :Case64
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