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buying house with mortgage versus getting out of debt

Home Forums DISCUSS General Discussion and Questions buy a house on mortgage/thoughts about preparation in general buying house with mortgage versus getting out of debt

  • Mon, Apr 21, 2014 - 08:57pm

    #5
    mado

    mado

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    buying house with mortgage versus getting out of debt

Hi Tomas,

I've decided to gamble on taking out a hefty mortgage to buy a house instead of doing the opposite and getting out of debt.

Like you, I live in a European country where property is very expensive.

I reckon I can be better prepared as a homeowner than as a tenant. As a homeowner, I can install solar panels and have a vegetable garden, for example. As a tenant, I'm at the mercy of the landlord's decisions. The last place I rented had fuel oil heating and no garden and I couldn't see that working out well in the turbulent times ahead.

As I said, it's a gamble. If (or when) the financial system implodes, I'll be hoping for the best. Meanwhile, I'm racing against time trying to pay off the mortgage as quickly as possible.

All the best,

Mado