(Topic ID: 236755)

Thinking about selling my entire collection - 15 Games

By EricHadley

5 years ago


Topic Heartbeat

Topic Stats

  • 254 posts
  • 138 Pinsiders participating
  • Latest reply 5 years ago by spfxted
  • Topic is favorited by 5 Pinsiders

You

Topic poll

“Should I sell my collection to pay off the house”

  • Yes! 164 votes
    61%
  • No! 53 votes
    20%
  • You're bananas 52 votes
    19%

(269 votes)

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12
#3 5 years ago

On the positive side it is a great feeling to officially payoff your house, and knowing it can’t be taken off you especially if you have a family.

#27 5 years ago
Quoted from EricHadley:

I'm 46. No other debt. Interest rate is 4.55% monthly interest & principle payment is 3k plus another $600 in escrow items that wouldn't go away. 3k/month would buy back approx 5 games a year. With the tax law change my interest is barely tax deductible because of the $24k per couple standard deduction, which means all 4.55% is basically going down the drain. Paying off a house is one of the most financially stabilizing things a person can do, living basically rent free with the exception of property tax, insurance.

I think you definitely thought about it and have the answer in front of you

For myself in 2013 there was a downturn here in my region for project managers and then the flow on effect and was paid out of a job, took 7 months to get another and in the mean time had to sell a few pins and used most of the payout money just on insurances, food etc for a family of 4 and mortgage with still a reasonable debt over our head, got another job and cruised along and was layed off due to restructure and then 2 days later had a surfing accident suffering badly broke collar bone coupled with poor doctor management could not work for 6 months and then got a real good job and made it our mission to payoff everything, which took 2 years and now they are predicting interest rate rise and housing value crash in Aus where many people will lose there houses and have a debt afterwards due to negative value.

The thing is unpredictable things can happen, so for us the best thing was to pay the house off, and yes reno's then come along, as do new cars etc but now that mortgage money to go to those and build up the collection again, no regrets living within our means and could lose our jobs tomorrow and only suffer minor stress.

#97 5 years ago
Quoted from PiNDoCToR:

Try not paying your property taxes and you'll find out that the house isn't yours and can definitely be taken. Even with a paid off home, we are basically renting it from the local government. That's how it works in the USA anyhow. I hate it myself but that's how it works.

Our local government charges land rates (based on your land value) which here in my area varies depending how close you are to the lake or ocean but generally $1.5-$3k a year over 4 installments with mine being $1.6k a year = $133 a month. Our land rates contribute to the roads and infrastructure of the area. I think it would be very extreme to be kicked out in our circumstances and would be denied services like weekly rubbish pickups etc.

Australia's average mortgage repayment varies between $1500 to $3000 per month for an average house so not having to pay amotgage allows you to then get toys and put some into savings.

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