Looking forward - Debt Free in 4 years

supersaver1000

I know exactly what you mean, it took me a while to settle.

Sadly I didn't have my LBM until recently so we ended up in debt again -hoping that next summer we will be starting to save again if not before. Our property is also as secure as renting can be, but once we are financially bouyant again I would definitely rent somewhere before I considered buying, it's great being able to do that, whereas with buying/selling you feel sort of stuck.

I would happily buy a little flat somewhere and rent it out until retirement comes around as an investment (thinking about Menorca maybe).

Don't know if that makes sense, but glad that what we've done is reassuring.

Enjoy the freedom!

StressedSteph

How are you getting on Mizmir?. Are you all moved yet.


Hope it has all gone well. xx

Karmacat

Hello Miz! Just got back onto mse, and read your exciting news - amazing stuff! I'm really pleased for you, and how wonderful you've managed to grow your business online so that you can move it with you. Things sound seriously good

mizmir

Thanks for stopping by Steph - and welcome back Karma!
We moved last week and all is well. Love the new place - so much potential and great to have back up from the very good landlord. Our house sale is progressing - hiccup in that valuation was lower than agreed price by quite a long way - so still negotiating final price but since we don't have another house to buy we'll still be able to clear the debts and have a bit left as a buffer so all good. Can't wait till it is finalized and the money is in and ready to go - will feel so good to clear the debts. Feel freer just thinking about it.

mizmir

Grrrh! Now the buyer has decided not to respond to agent's calls etc. Not sure what is going on - we are knocking £25K off the price for them for goodness sake! Hopefully they are just busy but am getting a bit worried. We have the other person who is still interested but it would take much longer to finalise to go with them - and in the meantime we will have to cover mortgage and rent. Am sure it will work out in the end but hoping it won't cost us a fortune in the meantime!

Karmacat

What a pain! At least you haven't had to delay your own plans, and you're definitely in your new place, but as you say the financing is doubled up right now. Hope its sorted soon.

mizmir

Well they've finally confirmed all is OK so we are proceeding and will hopefully be able to exchange very soon - albeit at a much reduced price. But hey - it will be worth it. We will still be able to pay everything off as well as of course the mortgage and for the first time ever I think will owe nothing to anyone!

StressedSteph

Phew glad it is all still going through Miz, Wow Debt Free eh!!.
Can't even imagine what that feels like.


Make sure you promise yourself that you will NEVER take out any credit EVER again. Try to somehow bottle those feeling of panic you had being so in debt. I made a little list of my worries back in January so if I ever start slipping, I can read my slip of paper again and stop!.


I am sure after the stress of selling your home, you wouldn't let yourself fall back into debt.


The house with land sounds lovely, and to be honest, in countries like Australia, more people rent than buy. So there is an alternative to the traditional paying off a mortgage if you decide not to go that route.


You use YNAB don't you?. With the extra cash left over, it would be nice to give yourself 1 months buffer, so you are paying this months bill with last months money.
I dream of that, so we don't have to worry about a low income weeks etc.


Just an idea. Well done though, amazing success story xxx

peaceandfreedom

StressedSteph wrote: »

The house with land sounds lovely, and to be honest, in countries like Australia, more people rent than buy. So there is an alternative to the traditional paying off a mortgage if you decide not to go that route.

Interestingly, Australia has a higher homeownership rate than the UK. I suspect that is because of the high level of social housing available here. But the point is a valid one - plenty of people are perfectly happy to rent rather than buy. http://en.wikipedia.org/wiki/List_of_countries_by_home_ownership_rate

This guy reckons he will never own a house again (and seems to have a lot of money):
http://www.jamesaltucher.com/2011/03/why-i-am-never-going-to-own-a-home-again/

StressedSteph wrote: »

You use YNAB don't you?. With the extra cash left over, it would be nice to give yourself 1 months buffer, so you are paying this months bill with last months money.
I dream of that, so we don't have to worry about a low income weeks etc.

Me too - I am using YNAB to try to get there. I am moving very slowly towards a 1-month buffer by paying the end-of-month post-payday bills with last payday's budget (YNAB kind of forces you into this anyway because it sticks rigidly to calendar months). I so look forward to the day I have a 1-month buffer. :j

peaceandfreedom

mizmir wrote: »

Well they've finally confirmed all is OK so we are proceeding and will hopefully be able to exchange very soon - albeit at a much reduced price. But hey - it will be worth it. We will still be able to pay everything off as well as of course the mortgage and for the first time ever I think will owe nothing to anyone!

That will be amazing. :j

It's interesting that you say that actually - I suppose I've owed something to someone ever since we bought our first house, which was a long time ago now. Weird to think I've been in some form of debt ever since. :eek: