Mortgage Free? Is it worth the move?
I live in Canada, north of Toronto, where house prices have surged over the last few years. I bought a semi-detached home when I got married 9 years ago. I had lived there for 6 years when I realized that prices had become so nuts that I could sell and double my money.
I originally paid $290,000.00 for a semi-detached in 2009 and was able to sell it for $660,000.00 in 2016. My wife didn't want to move but after pursuading her and "showing her the money!" I was able to convince her that it was a good idea. We moved 15 minutes east and were able to buy a big detached property with a big yard in a new subdivision for $720,000.00.
Moving was stressful and a ton of work moving into another new builder home where nothing was done yet especially since I'm a hoarder of video games, arcade machines, blurays and anything else collectible. We finally settled in, I finished my basement, have started on fencing etc and it really feels like home now.
That was until I saw my neighbors house go up for sale and sell for $1,300,000.00. Needless to say I told my wife to start packing. She's not interested in moving again at all but I'm trying my best to persuade her. I know money isn't everything but if I were to sell, I could move 25 minutes west of where I am. Buy an equivalent house and BE MORTGAGE FREE. I wouldn't mind the extra commute to work if I wasn't shackled down to a mortgage and I could start my own business more easily with the freedom. I even told my wife she wouldn't have to work anymore, even though she wouldn't want to stay home every day.
Do you think it's worth moving to be mortgage free? Is it something worth pursuing to get out of debt? I'm on the fence about whether to really press it or not.
My biggest fear is doing nothing, staying put and having the whole housing market tank or interest rates rise considerably. Should I stick it out and deal with the next 20 years of mortgage payments or pressure my wife, take the leap and move...again!