How should we utilize the three properties gifted by my parents and in-laws?

I’m contemplating whether to sell a land plot given by my in-laws now or wait for prices to increase. Illustration photo by Pexels

Both my husband and I are in our second marriages, and we each have a child from our previous relationships. My child from my previous marriage lives with me, while his child lives with his ex-wife and her new husband. We provide monthly support for his child, whose mother comes from a relatively affluent family.

Additionally, we have two children together.

Currently, our family of five resides in a 60-square-meter apartment given by my parents before we got married. The apartment has two bedrooms, which makes it feel somewhat cramped.

As a result, I am thinking about selling the more valuable of the two plots gifted by my in-laws to purchase a new house. Building a new house on the land plots doesn’t seem like a good option for me, as it would incur additional costs, and our current income is not very high.

We plan to retain the other plot, located on the outskirts, as a safety net for our retirement, given that we are both 40 years old with modest salaries. At the same time, we have no plans to sell the apartment we currently inhabit. Instead, we intend to rent it out once we relocate. This property will eventually be inherited by the son I had with my previous husband, ensuring that he has financial security without putting pressure on us.

With current land prices not being particularly high, I am unsure whether to sell the land plot now or wait for an increase in value.

What should I do?