+1DaftInvestor wrote: ↑Fri Jun 29, 2018 12:47 pmMy advise is ask yourself the question "Do I really need a bigger, nicer house?".BradJ wrote: ↑Fri Jun 29, 2018 12:40 pmWell done and congratulations! What is your advice for us young folks who are on the brink of either paying the house off or going for a bigger, nicer home? My family and I live in a home that is a level right below "just right", but we can pay it off in about 4-5 years (before we are 40). We arent sure to upgrade once she starts working or go all the way and pay it off.
Why do you need to "upgrade"?
If the house is "just right" why would you upgrade?
When I was your age my wife and I spent time looking as we were thinking of upgrading our house. It seemed to be what everyone was doing - as soon as you could afford to do so - you go and upgrade your house. Then we thought about it and decided we didn't need it. I live in a smaller house than everyone that works for me that makes less than me (although most of them don't know it) and also drive a less expensive car than nearly all of them. But unlike any of them I am debt-free and I know that I will retire in a pretty comfortable state which I am pretty sure I can't say for many of them.
If you can afford it and a bigger house would truly make your and family happy you should do it. But don't do it simply because you can. A lot of people make decisions to keep-up-with-the-Jonses that aren't the right decisions for them.
If you need the bigger/better house go for it. But if you don't splurge here, you'll be able to splurge in many other areas that could bring you more happiness. FIRE is a wonderful, wonderful thing.