Originally posted by dansamy Exactly. It's paid for. The land it's on is paid for. Even counting this repair & others, I've still put probably less that $6k in it & we've lived in it since before my husband's medical problems in 2013. If you broke it down to a monthly figure, I've still paid less than $250/month for it. The floors are solid, the roof doesn't leak. Sure, it ain't pretty. But it's paid for!
Paid for!
Magical words!
I have 4 cars, none new, all in great shape...all paid for. We live in an old place, part of it a mobile that I have added to and remodeled over the years, with 4 nice wooded lots and a wonderful shop. All paid for for over 30 years. We moved here about 40 years ago and couldn't find a place to live cheap...this was cheap and we only intended to stay a year or two. Things got rapidly better and we started looking around for a new home. Couldn't decide on anything within the area we wanted that was affordable, so we decided to wait a year or two and put what would be a house payment into the bank/stock market. $800 a month after two years looks pretty good...you hate to see it go into a new house when what you have is working nicely.
Kids grew up and went off to college, we kept putting the cash in every month with a new aim of paying cash for a new house...eventually. We got older....houses didn't look near as good as that bundle of cash...$800 a month for over 30 years.....+ interest...do the math. Some of those were great stock market years.....Microsoft, Cisco, and Sun were very good to us!
Now the place is tailored to suit all our needs...and more, taxes are cheap, no payments, and that cash is still there! Magical words...Paid For!
With it you can do wonders!
I like this place, it is comfortable, well equipped, easy to heat and cool and best of all it allowed for that bundle of cash we have in our old age. It wasn't really planned that way, it just happened. Everyone is different, with different priorities including cars and homes....but there are few that don't appreciate a big bundle of cash when they are old!
BTW- I ran a service Dept for a Mobile Home Dealer for 11 years and saw many make a choice to downsize into a mobile/mfg home to cut expenses, send kids to college or just eliminate high maintenance costs/taxes on a site built home. For most of them it was a wise move and allowed for a better future......something we don't always think about when we are young.
You have decisions to make.....consider all of the choices carefully.
Best Regards!