Debt Free - House Thoughts

Community Leader
Registered: 07-26-1999
Debt Free - House Thoughts
19
Tue, 05-18-2010 - 1:15pm

I listen to the Dave Ramsey podcasts while I am in my pumping room each day, something to pass the time away instead of doing actual work. ;-)

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iVillage Member
Registered: 02-17-2010
Tue, 05-18-2010 - 1:37pm

I think if I were debt free, single and without any kids living at home and

 

 

iVillage Member
Registered: 03-27-2003
Tue, 05-18-2010 - 2:00pm

I would rather have a paid for smaller house with a big backyard in a nice climate area than a huge house I still ended up with a mortgage on.

iVillage Member
Registered: 11-14-2008
Tue, 05-18-2010 - 3:01pm

I would not want a large house as a single working older person. Hell I don't want a big house as a working, not single, mom with two kids.

It is a lot of work to keep up a big house, cleaning of the bathrooms, the dusting and vacuuming!

I would rather have(and we will when we build) a smaller house that I can comfortably cook in, so a decent kitchen. It will have 3 bedrooms but nothing ridiculous.

I want to spend my retirement doing things I enjoy, not cleaning a big house. Plus if I put more money into retirement I can do more things than clean my house.

JMO







Avatar for sohappilyme
iVillage Member
Registered: 03-26-2003
Tue, 05-18-2010 - 3:32pm

If that applied to me, I'd certainly feel I could have one if it was what I wanted. Some people retire and spend a fortune on travel - I don't see why she can't spend it to stay home (especially when the money isn't "lost" like it would be on a trip). As long as she has access to plenty of liquid assets and has planned for any reasonable obstacles (no one can 100% plan for all of them) then I say go for it!

In our case, we plan to build on deep water so we can keep our boat at home instead of in a marina. And although that house will be large (and expensive) it will probably be paid off before we retire, and all that extra space will be perfect for the kids and grandkids to visit. We are also providing expense-free living for my mom and my in-laws (via a detached set of in-law suites). Needless to say, it will be pricey but nothing is of greater value to us than being able to stay close to our family, have room to enjoy them, and take the financial worries off of our parents as a way to show our thanks for everything they've done for us. As our plans sit, we can take a few blows and still be able to afford to do all of this with relative ease. If disaster strikes, we'll have to rethink. If all goes as planned, by the time DH retires we'll be debt free including the mortgage, the kids' college will be paid for, and our retirement should be nicely funded. If we just build our house next year and don't build that second house on the water, we'll reach that point within about 10 years - with DH in his mid 40s!

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FLINGING DEBT:
Sarah
iVillage Member
Registered: 08-02-1998
Tue, 05-18-2010 - 3:33pm
When we purchased our house, it was about twice the size in square footage than the one I raised my children in. If I were debt free now and could buy in the same area that I am now, I would go for a house about the same size I have now but with a better layout. Mine is a very old house with small bedrooms and no closets.


iVillage Member
Registered: 03-31-2010
Tue, 05-18-2010 - 6:47pm

Very interesting, Tracy.


I think the caller sounds like she is level-headed and has worked hard for what she has.

Robyn CL- Debt Support Group


iVillage Member
Registered: 12-10-2009
Tue, 05-18-2010 - 7:16pm

I personally wouldn't want the big house for myself. Just something comfortable with a big yard.


But given her situation if that is what she wants and she is prepared to pay for it. I say why not, it is her money!

Liz


Student loan paid in full 2/2010


Car loan remaining balance

Liz

student loan paid off 2010

Bathroom remodel loan paid off 2013

Pending Car loan to be paid by the end of 2014!!!!!

 

iVillage Member
Registered: 03-27-2005
Tue, 05-18-2010 - 9:12pm

I personally can't imagine living in such a home now with dh and ds (age 16) in the house.

iVillage Member
Registered: 11-17-2007
Tue, 05-18-2010 - 11:50pm

iVillage Member
Registered: 12-12-2009
Wed, 05-19-2010 - 7:18am

If I may, as a mostly-lurker, offer the perspective of someone who is much like that caller? I am over 40, single, no debt and looking at buying a new house in the next 5 years.


The house I have now is paid off (has been for a few years) and has enough room for me (approx. 1400 sq. ft) but I would like some thing a bit larger. I actually would prefer more house and less yard (don't care for yard work/gardening). I find it hard to understand how less than 1000 sq. ft. could be enough room for 3 people as I find my house is just big enough for 1! Chalk that up to different preferences,

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