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Mortgage free or bigger house

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    #62
    Maewyn Succat
    Registered Users Posts: 506 ✭✭✭Maewyn Succat


    https://www.boards.ie/discussion/comment/120920549#Comment_120920549

    As someone else said it may not be that brief...the kids could be living with us for another 20+ years if the housing situation hasn't improved by then.

    There's always the option to downsize if we feel it's too big.



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    #63
    Maewyn Succat
    Registered Users Posts: 506 ✭✭✭Maewyn Succat


    https://www.boards.ie/discussion/comment/120921497#Comment_120921497

    There is a very small patio at the back which the kids wouldn't dream of playing in and just a small driveway at the front. There's no option to extend and the attic is already converted.

    The new house we are looking at is in the same area and the same services(or lack of) as our current home so not gaining or losing anything there.

    I agree there are things to consider when moving house so thanks for pointing those things out.

    I have thought of investing in a holiday home bit to honest I would not be interested in going on holidays to the same place every year.



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    #64
    Maewyn Succat
    Registered Users Posts: 506 ✭✭✭Maewyn Succat


    https://www.boards.ie/discussion/comment/120920523#Comment_120920523

    That's very true. It's great being mortgage free and we are not unhappy in our current house but at some stage I think we will outgrow it.



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    #65
    Maewyn Succat
    Registered Users Posts: 506 ✭✭✭Maewyn Succat


    https://www.boards.ie/discussion/comment/120920499#Comment_120920499

    The kids are already signed up for some activities. There really isn't that much for young kids close to where we live.

    As already said there is no space to extend and the attic is converted.

    €400k is closer to the top end of the market around here. I'm not sure how much more I'd be willing to spend but I'd likely pull out very quickly if it was to turn into a bidding war.

    I realise the mortgage payment is an added extra we don't currently have and we are lucky enough to be in good and the fact this could change so that needs some consideration. Even if we were to take on a mortgage we would like to still have some savings as a rainy day fund.



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    #66
    Tar.Aldarion
    Moderators, Science, Health & Environment Moderators, Social & Fun Moderators, Society & Culture Moderators Posts: 60,096 Mod ✭✭✭✭Tar.Aldarion


    I had a similar choice, I went for a bigger house and a better location. The standard of living is so much higher, I wouldn't trade it even though the other makes more fiscal sense.



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    #67
    what_traffic
    Registered Users Posts: 4,965 ✭✭✭what_traffic


    https://www.boards.ie/discussion/comment/120923287#Comment_120923287

    When do you think this will be? When kids are teenagers?

    If there is a possibility they might also be with you as young adults (you live close or within commuting distance to 3rd level institution) then that might be a factor to consider as well.



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    #68
    Shoog
    Registered Users Posts: 5,012 ✭✭✭Shoog


    It's rare that your children come back to live at home after college, that means a realist cutoff is 17-18.



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    #69
    Former Former Former
    Registered Users Posts: 5,975 ✭✭✭Former Former Former


    https://www.boards.ie/discussion/comment/120924067#Comment_120924067

    Lol, yeah no college kids ever go home at the weekends, Christmas, Easter, summer, and no one ever moves back in with their parents while they're saving for a house or looking for somewhere to rent.



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    #70
    Q&A
    Registered Users Posts: 556 ✭✭✭Q&A


    The aim in life should be to be in the right sized house for your stage of life without putting nto much stress on yourself financially. In short it's a trade off.

    A mortgage is a means to an end. Once its a sensible amount that doesn't put you under too much stress and it gets you a house you prefer then go with it. Just take time to make sure you can afford it.

    In terms of mortgage get the contractual maturity get the longest you can. This will spread the debt and lower your monthly repayments. If you can get 20-25 years take it. BUT once you have this aim to pay off the debt as soon as you can. This is the right balance between speed and flexibility. A 25 year mortgage overpaid in 15 years is the same as a 15 year mortgage.

    To clarify a point on fixed rate mortgages. All fixed rates can be overpaid. Some bake in an element of fee free overpayment but all can be overpaid. Yes there may be a break free but equally there may not.



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    #71
    herbalplants
    Registered Users Posts: 1,215 ✭✭✭herbalplants


    https://www.boards.ie/discussion/comment/120924067#Comment_120924067

    Very unrealistic cut off time : 17 - 18 don't you think? I don't know any 17 years old who affords their rent.

    Living the life



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