Just for fun...

[KooKooKachu]

I'm regularly overpay on my mortgage and fancy the idea that I will be mortgage free in my tiny house someday.

But it got me thinking....

Would you rather be mortgage free on a small house

Or have your dream home but no potential to be mortgage free til retirement age.

This is purely hypothetical and just for fun.
Personally I think I'd choose the former.

Former for me too, I'd feel more secure.

Mortgage free, for sure. We've just finished paying off ours, it's a good feeling.

Hmm depends. Small but perfectly formed, yes. Small, tripping over stuff, ni garden. No. I'd rather pay for a few more years and have something 'better', but not perfect but paying until retirement.

@MJMG2015 ah I suppose I should clarify my situation. My garden is biggish and my house is big enough. Just probably smaller than a lot of people would prefer. No dining room for instance and the box room is literally a box.

Congrats @DramaAlpaca I dream of the day

[quote KooKooKachu]@MJMG2015 ah I suppose I should clarify my situation. My garden is biggish and my house is big enough. Just probably smaller than a lot of people would prefer. No dining room for instance and the box room is literally a box.[/quote]
I still think it depends on your specific circumstances. It if it met my needs & I was comfortable there then being mortgage free early would be good.

But if I wasn't happy there I'd rather spend a few more years paying for something I was happy with.

I wouldn't be happy tying myself to a large mortgage up to retirement just for a show home.

I wouldn't base my decision on what most people would be happy with though. Or meeting others expectations.

I'd like to sell this place & buy a chocolate box cottage with an open fire, unfortunately around here they price them as if they're Windsor castle... so it's not happening.

We are in this predicament too. Just finished paying mortgage but do we now move? House is perfectly big enough for 4 of us, large living room, separate dining room. All done as we want it, newly fitted kitchen. Big enough back garden but OH would like a bigger garden and I would like a big kitchen/diner for entertaining. However we don’t entertain much and the garden is only really used a few months of the year so what is the point? Kids are mid teens and have aspirations of uni so I’m thinking let’s save as much as we can and enjoy life too. We always have 2/3 holidays a year and days out etc. Get a good bit of savings behind us then we can help the kids when they need it. Particularly at the moment things seem so uncertain economy wise we should just stay as we are. We are pretty luck in that we are both in essential roles so job security seems ok. Don’t think I want to be saddled with another mortgage. 10 years time the kids could have moved out and we wouldn’t need a bigger house anyway!

That sounds like a lovely predicament to be in marchhare. I am expecting house prices to drop rapidly next year so I think I will be staying put for the foreseeable.