Paying off condo mortgage when we might move?

[stashja]

We have a condo, and was planning on paying off the mortgage within 2 years. We have less than 1/2 left and have had the place since 2015. But the HOA has told us they don't like our two Vespas in the garage, because "scooters are a safety hazard and we don't want the HOA to get sued if you get hurt in the garage." We have never had an accident and also have bikes. The garage is full of SUVs and I know snob neighbors think we are poor (we are nearly FI) because we don't have a car and wear thrift store clothes. Should we stop the extra payments in case we need to move? A local residential building boom means the apartment was hard to find when we bought it, but now there are many on the market in walking distance. Coming home to this apartment and dreading notes from the HOA is making me depressed.

[brian313313]

I like you're story about the neighbors thinking you're poor. We're in a similar situation although we don't have scooters. If you like the area, I would try and make it work out. and just ignore the fussy neighbors. Living the MMM lifestyle is out of the "norms" for society but in a good way. Others just don't understand.

The choice about whether to pay off the condo is and issue of priority: financial vs. psychological. We have our condo paid for. If things went really bad in the economy, we will still have a place to live. Financially, the money would be better spent invested but we choose the psychological benefit of having it paid for.

[frugaliknowit]

1.  Whether or not you are planning to move is irrelevant.  By making extra payments, you are reducing the length of time of your mortgage payments and your long term interest expense.  If you sell, your extra payments go toward your downpayment on another place (assuming you "sell to buy") or get added to your check at closing.  This is also a "lower risk" investment (forgoing money now to shorten future payments and interest).

2.  Look up your rules and regulations.  If there's nothing in there about Scooters, then ignore the nitwits complaining about yours.  BTW, Scooters are "urban hipster" material (don't know if you're in an urban/liberal area...).

[stashja]

Thanks. We live in a major city but in a very red state. We got one scooter while living in a blue state city, and the other one from a friend who moved to Asia. your advice makes sense, but I remember being tOld "don't buy a home unless you plan to stay 10 years." That was the original plank before we met the neighbors.