- Not having a mortgage. Having your home scot free means that money can be freed up. Save for your kid’s college, vacation etc.
- Selling at a price that allows the home to sell quickly. Not being tied to any financial burden can free you to be competitive in the market place and possibly create competition among buyers.
- The house becomes something you maintain and take care of with plenty of cash in the bank.
- The house becomes a home. Unfortunately, we need to monetize homes to give them some sense of worth; but, a house should be viewed as a home with financial implications.
- The unbelievable piece of mind that you have a place and it is YOURS.
I have come to believe it is imperative to pay down mortgages and equity lines/second mortgages. As much as you think this is a financial investment and it will increase over the years; it is also a dwelling, a home. The bursting of the Real Estate bubble in 2007-2010 proved the point that you can NOT rely on financial gains in the future as a fact when investing in a home. You should never have to worry about where you are going to live once you buy a property. If you plan things correctly, you should never have to worry again.
Now, I like Dave Ramsey and his philosophy on paying off debt; but, I think you should live too while you are trying to accomplish your goal. Make small sacrifices. Don’t drink coffee at the cool coffee shop down the street. Save up the money you would have paid to go there in a month and place it toward your home. Take baby steps and then you’ll see why it is so much fun to continue to pay down that debt.