What would you do?

[Malteserlover50]

Sorry if this is the wrong place to post but I just wanted to ask what other people would do as I’m undecided.

Our mortgage will be paid next year. Husband has been saying he would like to buy a cottage, something that needs some work done to it. So he would do it up and we could retire to it in about 10 years (we will be almost 60 then).
This sounds a nice idea in principle but I’m a little bit unsure.

Are there any pros or cons? Would you do it?

Oh I should if we did this we would remortgaging using some of the equity in our home

That is not enough info. Are you saying you have enough money for a deposit and will take another mortgage? Is it a location you both like? Are you renting it out in the meantime or using it as a second home? Is this how you see your retirement?

The obvious question is can you still afford to repay the re-mortgage on your house and pay for work on the cottage?
Will DH work full time and also work on the cottage?

I must admit, I'd give it a go. DH and I are good at DIY and can turn our hands to most things, and 10 years is a lot of time for completion of work.

Bear in mind the tax implications of owning two residences though, and selling one later on.

Our mortgage is paid off but we would only move now if we could do so mortgage free. I wouldn't want to be going into retirement at 60 with a new mortgage (however small).

Pipandmum We would use some of the equity on our current home to fund the purchase of the new property. We haven’t seen a property yet.
We would not be renting it out as I said my husband was thinking of purchasing something that needed work done to it. So we would have time to do that

This is only something my husband mentioned and we have been speaking about it. As I said it sounds nice but I’m sure there will be things we haven’t thought about.

I would save the money you are paying now, or at least a percentage of it. Sell up and buy a cottage if you still want to when the time comes. There isn't a chance o would be taking on debt in this situation.

JetBlackSteed yes husband would still be working full time and at the weekends, holidays, working on the cottage. He is very handy and like yourself can turn his hand to anything. As our current mortgage would be paid, we would be able to afford the mortgage payments and have money for the renovations.

My husband says with our mortgage paid off, our “money” is just sitting there and isn’t working for us, however, I will admit don’t understand his thinking behind this.