The Money Mustache Community
Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: vicgirl on August 12, 2013, 04:40:12 PM
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Hello there. We live in Victoria, BC. We have a large mortgage of $276,000 which we expect to be paid off in about 8 years, earlier when we receive an inheritance. We have one child who is homeschooled and is taking lots of classes here like horseback riding, gymnastics and art. We have no debt other than our mortgage. We own 1 vehicle, a hot tub and a boat. We go to Maui once every 2 years and eat very well all on basically one income. Victoria is beautiful but about 4 hours away from skiing and boating which we enjoy and frankly can't afford much because of our mortgage payments. All in all we are very lucky except that we live in about 1000 square feet with one bathroom because we have to have a renter in our basement to afford our mortgage. We have the opportunity to be mortgage free if we move to Vernon, BC (in the Okanagan) which is close to beautiful lakes and ski hills but is very hot. We also would like to be able to have a bit more space. We are torn - we love Victoria, our daughter is happy and settled here but the allure of being mortgage free at 37 is strong. Thoughts?
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Would you have the same income if you moved? And when you say mortgage free, is this a family house that you are moving into or do you just mean that you could afford to pay cash for a house there? Also, how old is your daughter? Feeling like she is settled where you are might be more or less important depending on her age.
Finally, if the mortgage is the big deal, why not cut back on some of the trips and such and pay it off sooner?
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Our daughter will be 9 soon. If we sold our home in Victoria we have enough equity in it to pay cash for a home in Vernon. The wage would be the same if not higher with the added bonus that I would not have to work. I bring in about $20,000 per year in addition to my husbands wage.
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What did you end up doing? If you like skiing, a move sounds like a good plan, and sounds like it's what you want to do.
I moved when I was 8 & also when I was 13 - much easier when you are 8! (My parents got me a cat for grade 3 & then everything was A-Ok!) ~Fellow Victorian