Mortgage killing future hunting adventures?

[pacoalcracker]

Everything has a buyer and a price, but it's not always what the seller would like. Unlike homes in great locations, land rarely gets heated/higher bidding scenarios. If the land is that desirable, more often than not some moneybag just comes in with a cash offer the seller won't refuse...no bidding wars.

 

[Hnthrdr]

Yeah let me know! Is it flagstaff or Sedona? Have some vacant lots to the north of me for 4.5 million for 9 acres haha

Crazy thing….it will sell. At that price? Who knows. But the market here is just stupid! If you want, I’ll update you when it sells. haha

 

[AZ8]

Yeah let me know! Is it flagstaff or Sedona? Have some vacant lots to the north of me for 4.5 million for 9 acres haha

Flagstaff. Full utilities at the lot line. Private drive...paved even! lol

 

[180ls1]

Can you invest that $200 into growing your income in some form or fashion instead? Business, Side hustle, credentials, training, degree....?

 

[Coltaur87]

If you're on the edge of town now, just wait 10 years and you'll be in town. Towns generally don't get smaller

I hear what you're saying, but no one can build next to me. I only have one neighbor and they are great, and then I own the next vacant lot that dips into a pretty steep ravine where the pond is. That ravine traces around the property line up to the next guys house probably 200 yards away. No one can build in that ravine as it sees a lot of storm drainage and natural runoff.

 

[Coltaur87]

Stay there! You could refi down the road at a lower interest rate, that would help.

And don't be the people that's always moving and needs a bigger house.

We would be the people always moving to a smaller house lol! We enjoy simplifying things.

Depends. If you're stretched so thin that you're not adequately investing for retirement, definitely downsize.

If the house payments + investing leaves you tight on being able to spend $ on enjoyable experiences.. Probably still a strong reason to downsize.

But.. Does the house you're in have more upside appreciation than an older/smaller house in town?

I'm having a hard time seeing hunting on a 1 acre residential lot as being a big upside but that is up to each individual. I live on a 6 acre heavily timbered lot and was attracted to the ability to shoot stuff in my yard at purchase. Now, the prospect of shooting my highly habituated "pets" isn't too enticing but its nice to watch them and have lots of options to practice with my bow that didn't exist when i lived in an actual neighborhood.

Yeah, I agree. Not a ton of upside in hunting my 1 acre, and I enjoy seeing the wildlife too without necessarily hunting. Thanks for the comment.

 

[Coltaur87]

You always have to have somewhere to live. If you can afford the payment and not be house poor, I would stay there. Why pay rent and not own something? Where I live rent is damn near what it is to own your home, depending on what you rent. It just doesnt make sense to me to pay someone elses mortgage. When my wife and I started dating, I owned my home and she rented, when we decided to get married we bought a house together. I sold my home after 2 years and pocketed 60k, she had been renting for 5 years and walked away with nothing from that.
If you have kids, you will want to raise them in the country, if you are living in town you'll eventually want to be out of town and at that point may be priced out of getting a place you'd want.

Renting is not an option for me either as I agree with you. I would just buy a smaller, more affordable home. Paying tons of interest is the same as paying someone rent or paying to stay in a hotel. I paid about $70 per night in interest in 2024. I get that I'm investing in a home, but not really until the bank gets their nut, which they are entitled to.

 

[Coltaur87]

I strongly suggest for the young up and comes to find a side gig, if your current job doesn't offer nearly unlimited OT. Starting out I had 3 part-time business going, that how we got ahead.

When I'm working on my home I have little time to do much else. Plus, I saw my dad do what you're saying growing up and he is now 63 with a stint after a few minor heart attacks. His buddy also worked like a dog and he is also in poor health. I don't want to retire and then tip over right away. Thanks for the comment.

 

[StuckInTheEast]

You've got some good input here, I'll add my mildly informed $.02...
The price point on your home isn't terrible at about $425k. But that interest rate is a killer in my opinion. On your loan, the difference in interest paid between 7.25% and say 3.5% over 30 years is $307,000 if you just ride it out and don't pay extra principal.
How many years of your life would it currently take to pay that extra $307k ?
You bought in at a time of high prices and high rates, so your ROI on that home in the long run is questionable. You could ride it out and invest any extra cash vs paying down your principal, but unless you have a good investment advisor or are pretty savvy and actively involved in investing yourself, topping an average 8% return could be questionable over 30 years. Especially given the current economic bubble and everything investment wise being sky high right now and in my humble and uniformed opinion ripe for a large correction at any time in next couple years.

Long of it short, if your happy there, by all means stay....but Id pay that loan off ASAP and refi everytime rates drop 1% or more if that happens.
Id find every alternate income source i could to pay down a 7.25% note as fast as possible on that amount of money with current economic/political conditions...But Im far on the pessimistic side of the spectrum and not a finacial advisor so take all that with a grain of salt. Everyone's situation is different, in the end you have to do whatever you determine best for you and your family.

 

[satchamo]

I mean what are you trying to do hunting wise? If you’re going DIY on western hunts, it’s not really that expensive. Granted I don’t keep a budget sheet of my hunts but tags, food, gas and maybe a few hotel stops. And most of these costs are spread out.

Sure gear adds to the list but that really is up to how much you want to spend. And once you’re setup, you’re good for a while.

I don’t mean to make light of it and act like it’s not a significant expense because it is, but it’s not sheep hunting… unless of course it is sheep hunting you’re referring to

 

[go_deep]

When I'm working on my home I have little time to do much else. Plus, I saw my dad do what you're saying growing up and he is now 63 with a stint after a few minor heart attacks. His buddy also worked like a dog and he is also in poor health. I don't want to retire and then tip over right away. Thanks for the comment.

I'm 43, zero debt, you don't have to do it till your dead.
Your house needs a lot of repairs?

 

[IdahoElk]

Life is a constant balance of living the high life now or having that delayed gratification down the road (unless you make enough money for both).

My wife and I are in Iowa and bought a nice house on an acre lot on the edge of town. It's unique in that there is a wildlife pond and good browse so the deer and turkey move through regularly, and I can bow hunt it. We have no other debt, however, our mortgage rate is 7.25% and our loan is around 340K even after our 20% down payment. The way loans are amortized, the interest payments these first couple years have been a real kick in the junk. I knew that going in, but dang.

The seclusion and thought of hunting this little cool property sold me on it, but I can't help but think a smaller home in town might be better. I could have taken the 25K I paid just in interest last year and invested it instead for our future. We pay an extra 200 a month just towards principal, but we still end up paying about twice the houses value in the long run! This seems dumb to me.

I like adventure, some of the best hunts I've been on were on public. And with the price of land (especially in Iowa), and these rates, I might throw in the towel. Just stash cash, retire early, and go on diy and guided hunts until I'm blue in the face. Unless you can buy land in cash, the interest rates bleed you, and you still have to invest time and money on managing it, equipment / repairs, taxes, and the stress that goes with all that.

I enjoy managing the tiny parcel i do have. Getting prairie established, planting native hedges, and getting a food plot going. I know this feeling has value. But will my 60 year old self look back in regret?

I know similar topics have been covered in the past, but I'd love to hear what other people's opinions are. Am I over exagerating things and not seeing the big picture? Or do you relate to what I'm saying? Thanks!

How many years is your mortgage, I paid extra each month towards principle and paid off the home in 20yrs and saved on interest payments by focusing on the balance.

 

[Coltaur87]

I'm 43, zero debt, you don't have to do it till your dead.
Your house needs a lot of repairs?

No, it's a solid house built in 2017. Didn't have any landscaping and the basement had outer studwalls up and roughed in bathroom. Just been tackling those big projects: landscaping and finishing basement. Plus you really couldn't get down to the pond because it was a jungle. I've cleared a path and will put in steps or a switch back trail so the pond is more featured and accessible.

 

[30338]

Is it 2 years or 5 years you need to live in a house for the gains to be tax free? I guess if you are happy with a smaller home, then watch for a good one and make a contingent offer on it. If you bought a new one for $300,000 and got $475,000 for your current home, you should have some nice equity to put on the new smaller place. Then get a 15 year mortgage on the new one.

We were very serious about being mortgage free and it has worked well for us. The math never makes sense but the peace of mind is hard to place a value on.