Quote:
Originally Posted by Schraderbrau
I have a dilemma and I dont know what the best move to make is. I am in my mid 30's and I am about to have my mortgage paid off on my current house. It is nothing special probably an average house in Calgary worth about 500K. Me and the wife have now been contemplating moving into something bigger for the family but that would mean getting back into a mortgage after finally getting mortgage free. Right now we are in a 1890 sq ft home but we have been looking at some nice 2500 sq ft plus places.
I know most people work to being mortgage free for retirement and I feel fortunate that I have been able to get there well in advance of that. So my question is should a person be happy to be mortgage free or is it worth going bigger and mortgaging up again? I see advantages to both situations:
A new mortgage would not be an issue money wise by being Mortgage free gives us the freedom of not worrying about that mortgage payment and opens up a lot of money for other things.
Having a mortgage on a newer house gives us something that we have always wanted, a nice new big house, that we can grow our family in.
What would you do?
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Do that since money is not an issue. Do what you always wanted. Get a bog house!