I currently live in the north bay, and have been debating myself non-stop about what to do with my current property. Let's start out with some facts:
1. 34years old
2. No debt besides the my mortgage.
3. I currently live in a 1200sqft town home(owe about 98k at 3.375% int), and neighboring units are currently selling for 350k+, so about 250k equity.
4. I purchased the property in 2009, but never planned on it being my forever home, and always had in mind to one day sell it in order to buy a rural property.
Since rural properties are also currently highly priced, should I:
1 Continue to pay down the mortgage and wait for a housing market correction? In the meantime continue saving/investing my salary excess.
2. Sell and buy a rural property while interest rates are still low? Problem with this is that I would be locking in higher property taxes, since I'll have a higher mortgage.
I guess what I'm afraid of is that properties values won't come back down, and my country living dream won't become a reality.
On the flipside, I can liquidate some of my savings accounts, pay off the town home, and trade the 9-5 for a part time job(semi-retire). Of course, with this scenario I would continue to live in my current property.
What you you do?