I am a single mother by choice of 2.5 year old twins and I plan to adopt a third child within the next 7 months. I live in a 3 bedroom, 2 bathroom 1,500 sq ft house and my mom moved in to help me with my sons. So, there are 4 of us in 3 bedrooms and soon to be 5! I make $240K/yr and I have no debt except for the mortgage. I save 25% of my income for retirement. I can pay off the mortgage in 3 years. I have not started saving for my kids' college yet. My thought is to do that once I stop paying for the nanny and they attend kindergarten.
The home has barely appreciated since I bought it 12 years ago (+ $75K in 12 years) because the neighborhood is a cookie-cutter one with all the houses looking the same. It is a great place to live and has A+ schools, close to the beach, parks and a big swimming pool. My only issues are that the house isn't going up in value and it will soon be too small.
I am thinking of purchasing a new, larger home that is walking distance to the beach, with A+ schools and similar commute to work. However, part of me is very excited to be debt free. The other part of me realizes that it is likely that I will be priced out of the real estate market closer to the beach and I would like to start getting more appreciation on a home. I will likely need to get a new car, too, to fit three car seats. I have figured out how much a third child will cost for food, nanny, medical, etc and I have adjusted the amount of home I can buy to accommodate these extra expenses....I am struggling with being close to debt free, close to being priced out of the market near the beach and wanting to give my kids more space. HELP!