Well, we have put an offer in on the country house and now are just waiting to see if it is accepted.Very nervous but excited too! Thank you all for your amazing input, you've been a great help
I'm a long time user gona anon as I have close friends on here.
I will cut a long story short, but was hoping a fresh set of eyes on this big decision would help me see if I'm missing anything.
We are a family of 5 in our early 40's. Our youngest is 2 our oldest is 8.
DP is on a reasonably good wage doing FIFO work, but we have ended up with a what we see as a large mortgage of $450K. It isn't feasible for me to go back to work, childcare would be basically eat up any money I could earn.
We have worked out that after mortgage repayments, all expenses like rates, insurance, healthcare, electricity, gas and phone, we end up having only $500 left over for food, fuel, clothes, school supplies, entertainment.
We already live quite frugally, don't have foxtel etc, I make all our food, don't get takeaways. We are feeling like we will never get ahead like this.
So, we are considering moving an hour out of Perth and swapping our $450K mortgage for basically no mortgage at all. We can buy a house on 1/2 an acre in a great little country town for $300K, which is roughly what we will have left over if we sold our current house.
So, would you swap a big house in the burbs for a little house in the country? Are you someone who has already done this and how has it worked?
I have lived rural before and love it. So has DP. The more we think about it, it seems we would be crazy if we didn't. To be mortgage free vs paying off a big house for the next 25 years?
This post has been edited by TreeChange?: 13/02/2013, 12:10 PM