Would you chuck it all to be debt free?

**pammy** · 07-09-2007, 05:30 PM

I asked this on another forum and got some interesting responses. Thought I'd pose the question here to see what you guys thought.

If you could, would you downgrade in home to be completely debt free?

My husband and I are seriously considering doing this very thing. We're actually looking to move to another state, but in the process of doing so would be able to sell our home for a profit and buy a home at our new city with cash. Or course, the home we have now is nice, it's not taking a large portion of our take home, we would be able to pay it off within a few years. We like the home just fine, but we're not in love with the home. And we're so not in love with our jobs or place we live.

So we've been contemplating a move to a place where I grew up. At first it was all joking, but the more we talk about it the more the more it's starting to appeal to us both. Actually, all three of us, dd is all for it. Anyways, I put it to paper to see if it was feasible. Wrote out all the cash I could get my hands on (selling lots of stuff, even my rv, savings we already have, cashing out extra vacation time, etc.) and doing some things we'd need to do to our home to get it ready to sell would still leave us with plenty of cash leftover. Then you take our home that's worth twice what we owe, it's actually possible. If the timing for all would work just right, we'd be able to sell our home, move across another state and buy another home outright with cash. We'd be showing up in an area we'd love to live in with 3 paid for vehicles, zero debt and a paid for home.

Jobs aren't even an issue, dh already has two very real possible jobs. And actually, with no debt, you could work anywhere you'd want, wouldn't you? Jobs are not a problem when you aren't having to make payments, are they?

BUT.. You'd downgrade in home. A smaller home. A PAID-FOR home.

What do you think, would you ever consider doing something like that? Would you go to a lesser home? Or have you done this, how'd it turn out? I just can't imagine the freedom!

**FrugalMomof3** · 07-09-2007, 05:34 PM

I would totally consider it, even though the only debt I do have is the home mortgage, I would love to be able to sell and move to the south where the cost of living is cheaper, smaller towns and well less crime. Gosh right now I would pack up and go if I could

**Luv2BeFrugal** · 07-09-2007, 05:47 PM

Forget thinking about it!!! I would just do it!!! That would ROCK!!

Let us know what you decide!! What an AMAZING opportunity!!!

**coltsmama** · 07-09-2007, 05:58 PM

I would move In a minute, Now my dh might not agree LOL

**Michelle68** · 07-09-2007, 06:05 PM

It'd be pretty hard to get any cheaper or much smaller than we are now. We bought our house for $69,900 6 years ago and it's only 1230 sq. ft. If we did live in a bigger, more expensive home, though, I definitely would very seriously consider it. I think it's a wonderful idea, especially if you can move to an area where you grew up. If it would be beneficial to your family and finances, I say "Go for it." Good luck!

--Michelle

**Radish4ever** · 07-09-2007, 06:23 PM

What a great opportunity! I'd totally consider it as a very REAL possibility! How cool!

**Neeley** · 07-09-2007, 06:28 PM

I am the oddball because I wouldn't do it. The only debt we have is the house and I don't want anything smaller. I actually want to upgrade and get a bigger house.

**bumplett** · 07-09-2007, 07:18 PM

Originally Posted by FrugalMomof3

I would totally consider it, even though the only debt I do have is the home mortgage, I would love to be able to sell and move to the south where the cost of living is cheaper, smaller towns and well less crime. Gosh right now I would pack up and go if I could

well, come on ~ you can be my neighbor

to answer the question - yes, I would.

**annymoll** · 07-09-2007, 07:40 PM

Our home is paid, and I do not want anything smaller.But, I think in your case, it doesn't sound bad.I like living in a rural area. We have neighbors from southern California that have just bought land here. They cannot believe how inexpensive our area is.They are amazed that we wave at our neighbors, and that we all ask if anyone needs anything picked up at the store while we are out.I really appreciate the area when I hear others praise it.

**Darlene** · 07-09-2007, 07:42 PM

Yep, what an adventure! Hubby will be retiring not to long from now & I'm looking forward to downsizing. What you need and what you think you need can be an freeing experience. Not for everybody but ahhhh.

To have everybody on board for the new ride is awesome. I'd go for it!!!!

**newresolve** · 07-09-2007, 08:04 PM

definitely! as long as there is adequate space for your family, then why not?

I recently moved from a 3brm, 3 storey townhouse (renting) to a 2brm apartment, no regrets (of course in my case that also came with a change in roommates, which was key

. Saving about $200/month this way.

**sdrjeolsen** · 07-09-2007, 08:35 PM

yep, in a heartbeat. I hate being in debt.

**Grayce** · 07-09-2007, 08:53 PM

Right now I wouldn't consider it. We do have a lot of equity in our house so it would pay off all our bills if we sold it. We would have to move far away from here to get a house much cheaper though. Our kids are 10 and 15, they are all settled in their schools. I would not want to change their schools or friends right now just to be debt-free. There's more to life than money.

**mom2three** · 07-09-2007, 10:24 PM

We are considering somehitng similar if the job comes through. We would be debt free, but the mortgage in our case which would be 40-50% smaller than what we have now if not less.

**Amanda W** · 07-09-2007, 10:26 PM

I wouldn't do it. DH and I both grew up in tiny older houses, and it's not something we want to go back to. To us, it's worth having to work a few extra years in order to have a home that we really love. But if you want to do it, I say go for it!