We are both in our early 40's with 2 young kids and live in a lovely 5 bed house - plenty of room, smallish garden, overlooking open fields so kids can just go outside to play. Nice safe area and cycling distance to school.
If we downsize to a 4 bed house - still in the same area - we could easily pay off our mortgage and maybe have a little left over - even after paying moving costs (stamp duty , solicitors, estate agents etc).
The house would not have the outlook we currently have but still in a nice safe road etc and probably nearer to schools.
we arent struggling at the moment but if i lost my job we would be in trouble after probably 4 months
My question really is are we being short sighted in paying our mortgage off early? .Do you think we are taking the easy life now which we will regret later when we retire?
If we did downsize I would be disciplined and make sure we save money every month which we are not doing now..
thx
edited to add - the 4 bed house we downsize too would still be really nice - just not as spacious and modern as our current house.
Answer by boundaries
Yes that would be a very wise move! Just do the calculations and work out how much interest you'd save!
Answer by Tigg
Of course it makes sense. You cannot afford the current house since you are unable to save anything for retirement, emergency fund or your children's education.
Give your answer to this question below!
Orignal From: should we downsize to pay off our mortgage?
Post a Comment