My wife and I are planning on selling our home in a year or so, to build a house one day.

Hi all! My wife and I (25,26) are in an interesting situation here. We purchased our new home just last month, and are planning on selling it in one year or so to start building a home from the ground up. We know this is a big expense not only in closing costs, agent fees, etc. but also leaving our home that we love. We also just had our second child and are thinking in a year or so, we can start looking into building our dream home. <br><br>The only thing is, it’s expensive to build a home. And we want to know if this is worth the stress and money we will be putting into this, based on the following financial details, or if we should consider otherwise. <br><br>Here’s some of the details of our financial situation: <br><br>House purchase price: $270,000<br><br>Out of pocket expense to purchase home: $37,000 (down payment, closing costs, appraisal, inspections, etc.)<br><br>Mortgage amount: $238,000<br><br>Current credit card debt: $10,000<br><br>Current car loan debt: $12,000 (need new car, selling old car in summer)<br><br>Current student loan debt: $50,000<br><br>Currently making around $120,000/year, expecting boosts in income in the next year<br><br>Currently have $16,000 in one savings account <br><br>I’m just wondering if it makes sense to sell our home in one year, to build a new one and if so, how much would we need to save up prior to building a new home. Also, is it smart to start on this new house if we have a lot of debt? What’s some advice we can use to make sure we make the best decision on this?