Mortgage or Travel In 20's

elvenlomadia

My husband and I spent a month in New Zealand for our honeymoon last December. We were umming and ahhing about it as it was an awful lot of money to spend on a holiday, but something we were desperate to do.

We bought our house in July (we weren't expecting to buy so soon but came into some money to top up our deposit) and are now expecting our first baby. We are both so glad we took the opportunity to travel a little together, life got grown up and real very quickly and it will probably be a very long time before we get the chance again!

Only you can decide what to do, but we would have massively regretted not going to New Zealand, it was one of the best experiences of my life without a doubt.

clint_S

It's personal preference. When I was in my late teens early 20's I was part of the must get a house group and set up home with my partner at the time, a few years late we split up and with no house payments I rented and spent the next few years travelling all over the US and Europe. I went from living pay check to pay check to being able to enjoy my youth. I'm now mid thirties and just bought a new house, a much nicer house that would have been out of my price range only a few years ago.


I personally wouldn't exchange any of my experiences, good and bad, on my travels and only wish I had do so sooner.


I look at my friends who bought and stay on, yes they may be mortgage free sooner than I am but by the time they are able to travel they will be much older and have much or commitments to restrict the ability of where they can go and can't simply leave at short notice.


My advise is that if you want to have a greater security in your old age then buy now, however if you wish to explore the world do it whilst you are young and can still climb the mountains.

HappyMJ

I would go travelling before you consider buying a house.

How about Australia/New Zealand for a year and work your way around the country. Unlike the UK they welcome foreigners with money more than the UK does. You'll either succeed or fail but you'll have loads of fun in the process.

To get the correct working visa to go to Australia you need to have a little cash saved, have to be young and not have children. Once you're in your 30's or have children that door closes to you.

Minty123

I would definitely say travel.

I bought a house at 23, and now I see other people going travelling, having incredible experiences etc and I wish I had delayed house buying by a couple of years so that I could afford to do both!

Now I have a mortgage, I can't take unpaid time off work (still have the mortgage, bills etc to pay), can't leave the house unoccupied for more than 30days (insurance clause) and have really itchy feet!!

That said, owning your own house does have a lot going for it. But you will still be able to own a house, just a little later than you planned!

Do whichever you think will make you happiest - life is for living after all! I bet no one looks back on life and says - I wish I had bought a house a year earlier, but people possibly to say that they wish they had travelled more, holidayed more or experienced other cultures more when they were younger.

novelty-socks

You're young! Chuck some clothes in a backpack, book a round the world ticket and go away for a year or so.

Sure, it might mean you end up with a mortgage for a year or two longer than you'd thought you would, but is that really going to matter in 30 years' time?

In your early 20s it's easy to spend time doing fun stuff and broadening your horizons a bit before you decide to seriously settle down. Take that chance! (It's not like you can't do it in later life, but it does become harder.)

SnooksNJ

DaftyDuck wrote: »

A few weeks in Florida now may well equate to not retiring early for a year or more....

Only you can decide. After all, taking the time for some fun may cement your relationship, and combined earnings mean you retire (happy) two years early.

Florida: Everglades or Florida: DisneyWorld?

Good point. Kayaking in the Everglades yes, Disney no.

LplateSaver

You have plenty of time to do both!

My friend and I both had a moan once about how we both could have had a mortgage by now if we hadn't gone travelling but to be honest were surrounded by people of the same age who haven't gone travelling and still don't have a mortgage.

I went travelling around your age on a working holiday visa and working 3 days a week meant the experience of 13 months in two countries and 6 cities only cost about 3k of my previous savings.

Now I'm back and well on my way to having a mortgage before 30.

SandC

The OP reads they could afford a fortnight in Florida if they delay their home savings for a year.

If it were me I would have a holiday just not a biggie like Florida. In fact, I bought my house when I was 24 and always had a holiday each year but I did have a part time job to pay for it. Guess it depends on whether that is feasible around a full time job or not.

At 21 I would perhaps say go for it and do some longer term travel before you invest in property but I can't say I regretted not doing that myself, I'm able to do quite a lot of traveling now that I'm nearly finished paying the mortgage but then I didn't have children so that's a major player in how much available funds you might have in 20 or so years.

HannahRebecca

Thanks for all the replies so far!!

If I were to save just for the mortgage and nothing else we would be able to have a home in just over 3 years with a 10% deposit. Obviously if there is a new development coming to our area in the next few years we may only need 5% to get that with help to buy.

I think we will end up getting the mortgage and then going on more frequent holidays when we have it as we will be saving money in the long term by not renting.

Hopefully that will go to plan as I don't want to miss out on fun holidays while i'm still young!!

xxJudexx

Travel!!!

You never know what is around the corner. I have always wanted to travel - and I mean at least a year away. But I have always found excuses not to.
Now i'm 27, still in a low paid job and caring for my mum five days out of seven. If I wanted to go away now my mum would have to go into hospital. It is still something I really want to do but it is going to take alot more planning and sorting out. Do it while you have the chance!!