Lose Mortgage, Will Travel

By robynrae On November 15, 2009 · 7 Comments

Tweet

mortgage.jpg

http://matadornetwork.com/community/robynrae/lose-mortgage-will-travel/attachment/15/

I’ve owned my condo for 4 years and it’s been a good place for me to live since my work life has required me to stay put. But things have shifted lately and I’m strategizing how I can get busy traveling again. I’m in a great position to do that – other than my part-time job, I have no huge commitments holding me back. Except…this mortgage to which I am attached. It’s fine…stable living arrangement…building equity…blah blah. But now that I feel the internal restlessness demanding my attention and possible action, I have to consider what to do if I choose to venture out into the world.

Some options:

1) I could sub-lease it but that carries its own set of concerns –

what if I could not find a responsible party willing to sign a lease for the time I wanted to be gone?
what if I did but then there were homeowner issues I needed to address?
I could hire a property manager but that costs additional money I’d rather save for my travels
I’d be distracted on my trip wondering if everything was going ok back at the ranch
if the renters skipped out then I’d have to come home. Trip over (or delayed).

2) I could sell it and be completely free of all these concerns and start over looking for a place to live when I returned. IF I returned. Without the worry of a home I would have the liberty to change my plans as I desired.

3) I could stay home, keep doing what I’m doing, paying my mortgage, and not go anywhere long-term. This thought makes me heavy in my soul. Sure I could take the short trips which are fine, but I don’t think I want “fine”. I would know what I was returning to and soon I would be in the same routine I was when I left.

Long-term travel changes a person. They have a different perspective of what’s possible in the world. They are forever affected by their experiences and the people they meet. Returning to the same gig they left is often not acceptable. They soon just begin planning their next foray into life-expansion.

This season of planning might require some settledness which could include rent or, as in my situation, a mortgage. I also fit in grad school and career into that season and it’s worked well. But seasons change and this one is no exception. I value the different paths that have made up my life and I see that continuing. To creatively figure out my living arrangements is just part of the package.

But back to the issue of the condo…any of the options mentioned above could work and all have their benefits (although #3 is my least favorite). My plan is to start gathering information on what I’d need to do to sell it and see if that’s a viable and wise choice, then go with what seems right.

7 responses to Lose Mortgage, Will Travel

Robyn Crispe said on December 18, 2009

Thanks very much for your insights, AngelineM — a couple other “signs” have occurred since I posted this, so it’e very interesting. At the very least I am setting myself up for living more streamlined and that feels good. Good luck with your circumstances too!
Angeline Munoz said on December 18, 2009

Boy do you sound like a kindred spirit. I currently see home ownership as an albatross and it’s not reported to get better any time soon!
I would lean toward divesting yourself of the condo, but then would you get what you paid for it in this economy? That’s what my husband and I are dealing with right now. We’d love to sell and move on, but we’re way underwater. But that’s a whole other subject.
What I love about this blog entry is your getting rid of what you don’t need, use, want. You are getting ready for flight, did you know that? You have absolutely struck a chord in my soul and if it wasn’t 9:15 p.m. I’d start getting bags and boxes and start cleaning out drawers and closets this minute.
Good luck and thanks for your thoughts.
Robyn Crispe said on November 17, 2009

I know! I get really excited when I think about it. It seems so freeing. The MH would have it’s own set of responsibilities but wouldn’t require an HOA fee
I just need someone to tell me to do it! I’ve been researching the cost of used small MHs. But this would be after a bike trip to Georgia and hiking the AT. I think I’d want it to travel across Canada, then to Alaska. Oh geez even writing that makes me want to start the process right now!
I think I see a Matador article series proposal forming in my head
Carlo Alcos said on November 17, 2009

Now THAT sounds awesome.
Robyn Crispe said on November 17, 2009

Thank you both for your comments – I appreciate it. As much as I love my own little place I am not attached to it, which I think is a good thing. I seem to always love where I live and the smaller the better. I like cozy and low maintentance. I’ve also thought that if I sell it to travel that I’d get a small motorhome to live in after that. That really appeals to me.
Carlo Alcos said on November 16, 2009

Hi Robyn, I would lean towards leasing it out and just take things as they come. I am far from the view that everyone “needs to own property” (it is not as black and white as people tend to think), but since you already own it, it makes for great security.

Saying that, it’s a great point that it would completely free you from worries and concern, so the question is, is that “security” worth your worrying? Maybe you could sell it, plop some of the money in a guaranteed rate savings thing…if you were planning on topping up mortgage payments (after rent income) you could regularly contribute to this fund.

disclaimer: I am NOT a financial planner

Good luck with your decision!
Hal Amen said on November 16, 2009

A big decision, for sure. My wife and I are currently contemplating buying a house, so it’s good to see a post from the other side of that journey.