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Discussion Starter #1
Hi all,

I was hoping you could give me your views. I currently have a mortgage of approximately $150k, on a house worth about $450k. Even though my house has a high value my mortgage is not going down very quickly. I am considering being debt free by selling up and living about 30 minutes away in a small country town. I can probably buy an old house for under $300k.

My current house will increase in value a lot quicker than those houses in this country town. Is it worth staying for this reason or better to be debt free?

I am 46 so I do have quite a few years left before I retire.
 
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Having owned both older and newer homes, I'd recommend staying where you are at. IF I sold, I'd want a newer, smaller house than the one you have now and make it in a good area - maybe even more in town and convenient to amenities.
 

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Thanks CookieLee, but my house is probably one of the cheapest in the city I live in.
 

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Will your commute be 30 minutes longer if you move? Long commutes are expensive, both in time and money.
 

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If you can afford it, stay where you are. Old houses cost money :).
 
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I think you're okay staying where you're at. Definitely keep looking and jump on a property that is a very good value. But I agree with the above, older houses are expensive - even remodeled and updated ones.

Once your mortgage gets low (at least in the USA), the part of the payment that goes to principal increases dramatically. You can always make extra principal payments to make that go even faster. But I think you'll be surprised how quickly that $150K can disappear.
 
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