!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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How many people are living in your house?
My parents home is much larger than ours and cleaning/maintaining it has become a pain.
You could always pay off your current home and take out equity for a second mortgage and rent out the first, when closer to retirement sell the second home and move into the cozy one
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Family of 4. One kid approaching teen years, the other one 8 but could do with more space.
Agree with the size/space/maintenance point, but our current house is 100+ years old so despite being smaller, doesn't have any benefits regarding maintenance. Very dusty as well and not sure why.
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Maintaining and managing our house the last couple years has proven to be much more of a headache than I ever imagined it would be, I have much more sympathy for seniors after dealing with contractors from abroad. We're about to have to take someone to court over the materials cost for a fence that never got ordered.
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Why would you ever pay someone to build a fence?
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