!homeowners would you rather stay in your slightly too small unglamorous house which you'll pay off completely within 7 years, or move to a much bigger more glamorous dream home, with a way bigger but still affordable mortgage for another 20 years?
I just don't know what people do in these situations.
I want the house but I don't want the added risk a bigger mortgage comes with. I.e. would need to build up bigger emergency fund despite having bigger outgoings.
I don't like my current house but I do like the idea of having no mortgage outgoings in 7 years.
What would you do or what have you done when faced with this decision?
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Live in the house you want and can afford. Mortgages tend to be a good financial instrument and as long as the interest rat is reasonable you shouldn't worry too much about having one.
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