The Money Mustache Community
Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: Qwerty on May 05, 2014, 06:53:53 AM
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Hey all
We are looking to put phase 2 into action by moving to somewhere and hopefully cutting our mortgage from £180 to c.£40-90k.
Two kids, 4 and 6. Current house considering is not best neighbourhood, as in its not very residential. However if we buy it our mortgage should be paid off in 2-4 years.
Question for the forum:
Better to move and pay off mortgage and then maybe have to move again after that for nice neighbourhood
Or
Take longer to repay mortgage (5-8 yrs) but not have to move a second time in the next 15 years?
Big thanks
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Schools? And schools? And again, schools? Make sure you are well within a district you are happy with for the next fifteen years.
Commutes? Minimise journeys to work, to schools, to groceries and to family/friends/entertainment, in that order.
All things being equal, I'd look for a smaller/older property in a better neighbourhood. You can change almost everything about a house except its location. And 5 to 8 years is still pretty mustachian for paying off a mortgage while you are bringing up two kids.
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I would go straight for the final house. Only do this though, if you really know what you want. The fees on buying and selling a house are quite high and it is a huge hassle to go through. I have also found that I was a bit concerned about the condition of houses I lived in before my "final" house. You know, you get a little mark on the wall and it's like "we're going to have to repaint this room", it just gets annoying. When you're there for keeps you don't worry about those things.
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Thanks guys!
Schools check
Commute, medium term we will 3-4 days a week but bet on getting closer job within3 yrs max.
Have moved 2x in 8 yrs so a 3rd move for 15 yrs would be long for us. Like idea of being FI and making next move