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Old 06-01-2015, 09:04 AM   #1
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Want more land...but not a mortgage!

Not sure if this is the best place for this post or in thrifty...

I find myself struggling with our current situation! We are a family of 6 living in town, 1400 sf home, and smallish lot. We are mortgage free,debt free. But we long for a bigger property to have a bigger garden, grow some fruit trees and be more sustainable. We don't really need a bigger house, as I am good at purging reg, and keep us as close to minimalist as possible. But to buy a home with land would put us in debt again, even after selling our home. Is it worth it? Part of me says, "YES!". But then I start to think about what we could do with that extra money if we just stayed put. ( like save it! lol) I hate our neighborhood currently, though. I have a hoarder behind me and a long time vacant house next door. NO one is ever outside, or friendly. And no one takes care of their properties! eww! Plus my dh works from home now and needs a quiet space to work, and there is no space for that now. No garage to convert, no basement either. Just looking for some input on either personal experiences or advice!
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Old 06-01-2015, 09:29 AM   #2
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Re: Want more land...but not a mortgage!

All I can tell you is from my experience the answer is maybe, I'm still not sure. We bought a beautiful house on a short sale with all the land we want in the perfect location for the school we want. We get so much enjoyment from our land. But we have a mortgage it will take a long time to pay off and I'm stuck working part time at a job I don't want to do. We had to move and we thought that between selling a house again and missing out of the great deal from the short sale we would probably have broken even. I'm not sure if that is true or not. I do know that we aren't planning to sell unless things change drastically but I don't think I would buy it again if I could go back.


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Old 06-08-2015, 09:44 AM   #3
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Re: Want more land...but not a mortgage!

We live in a 'nice' neighborhood, but no one is ever outside or friendly, either!!! I hate our house because it is near a VERY LOUD busy road. But I have gritted my teeth to accept this for now because financially it would be silly to move till we are SURE what city/ job we will stick with.

If you decide to stay, is there a community garden nearby? We have several- but I am a brown thumb. So for me, buying things other people grow is more minimalist and economical than having my own garden.

My new theory is- only move if moving is actually necessary, or if there is TRULY plenty of money to do it. Spending a little money to be more content where one is tends to be MUCH easier, cheaper, etc. than moving. But again, that is just MY opinion. It depends on the depth of your hate, I guess! But it is easy FOR ME to idealize how much better somewhere lese its, when in reality, somewhere else will still have tons of problems of its own. (We moved 2 times in 2 years and are preparing to move again- barf.)
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Old 06-08-2015, 12:16 PM   #4
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Re: Want more land...but not a mortgage!

We are a soon to be family of 6 in a 1200 sq ft home on an acre. It's enough space and I love the home except it is in an HOA so we can't do what we want. We own it, no mortgage. So... Similar situation as in stay in the non mortgage pretty close home or probably get a mortgage for the perfect home. It really depends on so many things, but for us we decided being able to do a garden/chickens/not spray the yard/etc was high priority and worth saving for. But, we are in year 2 of a 4 year plan, LOL. We decided to build so year 1 was looking for land. Year 2-3 is buying/paying it off. Year 4 is building. It wouldn't work for everyone, but for us it should mean a smaller mortgage (everything from selling this house will go towards the next and we have some time to save up). And, since we aren't jumping right in a mortgage we still have money for the fun debt free stuff (like vacations) if we want. No hurry since this is working, but planning for the fact that it isn't what we really want
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Old 06-08-2015, 01:19 PM   #5
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Re: Want more land...but not a mortgage!

How in the world are you all mortgage free? We won't be for probably at least 10 years Tell me all your secrets!
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Old 06-09-2015, 09:23 AM   #6
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How in the world are you all mortgage free? We won't be for probably at least 10 years Tell me all your secrets!
Buy a cheap house with a 15 year mortgage and a good down payment and pay extra. Or save up and pay cash in the first place.

We rent but that is how you do it.
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Old 06-09-2015, 04:59 PM   #7
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Re: Want more land...but not a mortgage!

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Originally Posted by Fashionably Green Baby View Post
Buy a cheap house with a 15 year mortgage and a good down payment and pay extra. Or save up and pay cash in the first place.

We rent but that is how you do it.
Yup . We won't borrow money for anything except a mortgage, and only if it can be totally paid off in 5 years.

We bought a cheap house when we got married and both worked full time for 4 years before our oldest was born. Lived on his income, put mine toward the house. By the time DS was born, the house was paid off. Then we sold it and paid cash for an acreage with half the money left over. It had a crappy house on it where we lived for 18 months while building a new house in a different part of the property. We used the leftover money from the sale of the first house as down payment on our building loan. By that time, DH had worked in his field long enough to be making a lot more and we paid off the new mortgage last year, right at 5 years in.

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Old 06-11-2015, 07:06 AM   #8
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Re: Want more land...but not a mortgage!

Quote:
Originally Posted by greencrunchymama View Post
How in the world are you all mortgage free? We won't be for probably at least 10 years Tell me all your secrets!
We hit a really rough spot financially about 6 yrs ago. Lost our home, and had to move in with my mil 2wks prior to giving birth to my 3rd. It was horrible. The move also meant moving to a tiny town, and finding a new job.
My bil owned a bunch of decrepit rental properties, that he inherited from his fil. LSS- we bought one of them for $15k. Dh worked on it everyday for months and months. (we had a small payout from his 401k, when he left his job)
There is still work left to do, but we do the envelope system now and pay as we can to finish up. It's been a long road to recovery financially.



We've ultimately decided for now, we need to stay put, save up, and see where we are in a few more years. We are big fans of tiny house living and I think this is about as tiny as we are comfortable being. I think we just need to get creative with the gardening too.
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Old 06-09-2015, 05:59 PM   #9
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Re: Want more land...but not a mortgage!

I'm not much help. My boyfriend is buying a bunch of land with a personal loan. This land is about a mile away from where we live currently. He has a few acres in that area already, currently that's where the barn is. After purchasing the land he will begin to prep it for a new home. He intends to be in the new house, on the new land, in about five years which will also be about the time he will pay off his (our) current home.
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Old 06-11-2015, 07:17 AM   #10
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Re: Want more land...but not a mortgage!

OH- and now that dh's mom is having health issues, we need to stay close by, and even thinking of offering our neighbor cash for her tiny home. Then we would have extra land space, plus dh could use one room for an office. idk- it all depends on how the next few yrs go for dh (work fluxes with the weather)
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