Would you rather...

[Nowanextraone]

...be in a modest house, big enough for your family's needs and be mortgage free at 40 years old

Or

Live in a massive, beautiful house but have a big mortgage and not be mortgage free until 70?

Or

Somewhere in between ?

Somewhere in between.

Its fine not to be mortgage free until you’re 60, say.

Sort of having the same conundrum here.

I’m really not sure. I think if I went for 1 I’d be more likely to look back and regret not going for 2 than the other way around?

I won’t say a different option as you’ve given two clear choices so this is obviously what you’re between.

Definitely a modest house although I'm not bothered about being mortgage free by 40

We sort of chose the former. Nice comfortable house in a good location. Mortgage (and house!) a lot smaller than many people we knew so we had money for holidays and to get our kids through college. Never felt a lot of pressure. Wasn’t paid off till late 50s though.

If forced between 1 and 2 I’d choose the latter. You never know was the future holds and there may be an inheritance, better job etc. You can always sell and ‘downgrade’ to house 1 if the future financial situation isn’t as rosy as initially thought, and in the meantime you get to live in a gorgeous house 😁

In reality though we went with the in between option.

We went for in between.

A. I know people in B and guess what? They're no happier than People living in A. And A have more freedom sooner.

Option A for me.

We live in a mortgage free modest 3 bed semi. Recently had a single storey extension which we paid for out of savings. We debated moving, but to get what we wanted downstairs meant at least 4 beds upstairs which we don't need. Saw a lovely house that was 5 beds, we could have afforded it with a mortgage, but decided it was more than we needed so not worth it. I always think more room = more stuff + more cleaning which is enough to put me off. That and the stamp duty we'd have to pay to move!

We’re in London so have the worst of both options- a modest house just big enough for the family with a massive mortgage that we’ll be paying until we’re 70. Am reconsidering my life choices 😂

In your situation, I’d choose option A- a secure home that nobody can take from you is priceless IMO.

A.
100%

I've lived in a massive beautiful house with a big mortgage.

We didn't have time to do anything to the garden so we needed to pay for a gardener. (It was massive, would have been at least a part time job).

We had pets and children and both worked full-time. Either we had a cleaner (expensive) or when we didn't it was constantly dirty.

I hate big houses. I live in a lovely small one with a lovely small garden where I don't pay all my salary on cleaners and gardeners.

Somewhere in between for me but in current climate probably A.

I'm in A.
It's not just the mortgage costs that are higher. As PP, if you don't have the time you need to outsource cleaning and gardening. Maintenance, insurance, gas, elec and council tax are all going to be higher in a bigger house.
I plan to retire at 60, not still be paying a mortgage at 70!

Modest house as the enormous house will also cost a fortune in bills and repairs.

I love our house and it's too expensive to move (non uk, crazy tax and agent fees) but it was a mistake to buy it.

Lol @JamMakingWannaBe jinx!

Big houses =

Bigger repair bills
Bigger heating bills
Need more maintenance

And more council tax!

I used to have a bigger house and don’t miss it. It used to get damp and was hard to keep mice out. New little house stays warmer.

The only thing I miss is having plenty of space for guests if friends wanted to stay. And having more than one bathroom!

B, you can always downsize later.

In-between.
We have a big house that will be paid off my 50 🤞

We are somewhere in between but edging towards A.

I'm planning to have the mortgage paid off in a couple of years, just before I'm 60. We will then have a few mortgage free years before we retire.

A - but as I’ve always bought as a single person a big house has been unnecessary and out of reach on one salary. I have always bought in the nicest area I could afford though and paid a premium for that. Mortgage free a year ago, mid 50’s.

I did B and although I don't regret it at all, I love my house, sometimes I feel property rich and cash poor. On the other hand, in 12 years I'll have a 5 bedroom house with no mortgage and be under 60. I will then likely sell, but a smaller house and spend my retirement on holidays.

Mortgage free is liberating and allows a much higher standard of life imo

I think that depends on what you like to do. The op didn’t say the financial impact of her mortgage, but neither what she wished to do, she may well still be able to afford holidays or nights out. Or she maybe a home bird,

a lot of people spend the largest amount of time at home, living somewhere they love, that they think is beautiful can hugely enhance their quality of life, assuming they aren’t struggling financially due to it.