Pay off mortgage...or buy a new house?
in Mortgage-free wannabe
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We are in 50's and nearing the end of our mortgage but live in a dilapidated house - needs lots of updating and repairs
Could possibly knock it down and rebuild nice small energy saving house for approx 100k mortgage
Is this a good idea? Thinking it will give us easy to maintain house as we get older and if the worst comes to worst could sell for at least 350k which would give us money to downsize and still have some left over for old age
Does this sound sensible
Ooooh, this sounds like a really interesting idea, but I suggest you start a separate thread on a different forum (House Buying, Renting, Selling & Property Prices probably) - as a strategy it's not really the same as aiming to be mortgage free - and people with useful things to say probably won't notice it in the midst of this thread.
said I was new to this
will try what you said
our best mates are childless & both in good jobs, lived in 1st house & paid off in 18 years - moved to 4 bed detached last year & took out new mortgage of 100k but will still be paid off before retired - in fact they carried on paying 1st mortgage money into savings acc as they were used to paying out each month - when they moved they realised they should have done it years earlier - they can also downsize as extra funding when they retire ( to join us in southern Italy with a rather good red!) - I digress - but they are in a good position as both their pensions are company, non-contributary pensions
my sister moved last week - sold the house she had bought with her ex-fiance, downsized but moved to a better area, was paying 150 pm mortgage now paying 400 but still kept to her original term so she will be mortgage free by 55
so we are all different but it sounds like its doable & if you find the right house you'll know as soon as you walk in - sometimes we all look too far ahead & living in the present time is the best option - & when you get down to the bare bones, its just bricks & mortar & if it all go t**ts up you can sell & relocate
we were in the same position when we moved - we had enough money to finish if we'd stayed but we decided to move which meant pushing back the mortgage free date but we've no regrets - this house is just what we wanted & feels like our final move
good luck in what you decide
Paying off my mortgage early is goal, but not in the short term as we are planning to move either this year or next, so that'll be another mortgage. My thoughts are to take a 20 year or less term, and then (finances permitting) try and pay it off within 10-12 years.