When I was younger I used to believe that I would want my mortgage paid off (on a decent house, which I have at the moment), and then have streams of investment income coming in to allow me to chill out a bit more by my early 40s. My mortgage has been paid off for a short while now, but already the wife is getting ideas about taking on a huge new mortgage to move into an even bigger and better house.
Recently we've been to see plots (with old houses on them) where we could potentially build a lovely big house, which we could either live in or sell for a profit. It is a tempting proposition, albeit with the downside in that I'd need to find £700k from somewhere. We could just buy the plot and live in the older house for a while, but that would be like sacrificing several years of my life to save up some money for the re-build. That would also be in addition to taking out something like a £500k mortgage.... I can't even imagine having that much debt on over my head!
So what to do: live in a pretty decent house and plan for an easier entry into the 40+ years of life (though with growing kids!), or take one more massive leap into the financial dance of death?
Recently we've been to see plots (with old houses on them) where we could potentially build a lovely big house, which we could either live in or sell for a profit. It is a tempting proposition, albeit with the downside in that I'd need to find £700k from somewhere. We could just buy the plot and live in the older house for a while, but that would be like sacrificing several years of my life to save up some money for the re-build. That would also be in addition to taking out something like a £500k mortgage.... I can't even imagine having that much debt on over my head!
So what to do: live in a pretty decent house and plan for an easier entry into the 40+ years of life (though with growing kids!), or take one more massive leap into the financial dance of death?
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