pay off debt or invest
hi there everyone. I have a question that hopefully everyone on here could give me their opinions and input.
my wife and I made a good buy/investment on our house a few years ago and have a significant amount of equity built up. my idea is to sell our house and pay off all of our debt. With the profit from our house we will be able to pay off our car, student loans and credit cards, and also have enough for a small down payment on another place. the place we buy will eventually be an investment property. I figure we would be able to save a bunch of money every month and put that towards our "forever house".
I'm thinking this because by the time we are able to save enough for a sizable down payment for what we want the market will hopefully be going down, allowing our money to go further.
So I guess my question to pay sell our house and pay off debt or to keep looking for the property we want and just keep paying down our debt with monthly payments?
thank you for your feedback in advance.