!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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Personally I'd go with the bigger house but not including the extra money going towards your mortgage, you'll have more money going towards other things like utilities and property tax, and most of all, your wife buying furniture and a bunch of useless shit to fill the extra rooms with. Also, I grew up in a town where everyone had a house and a backyard. Kids rarely shared bedrooms and often had basically a portion of the house just for them. I couldn't imagine being a teenager having to be around the rest of the family all the time. All the extra money going towards the house will just get passed on to your kids after you die anyway.
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