The stress of two mortages
If you’ve been following me here on Gather Little by Little over the past year or so, you’ll know about our quest for a new home. If your fairly new here or maybe even need a refresher let me summarize for you.
We decided a year or so ago that we wanted to move to larger home further out of the city. Our goals were simple: Find a house big enough for our family of 8 (but not too big) and a home with a few acres. We found a few we liked but nothing felt right. 6-months ago, I was given the option of being able to work from home full-time, thus completely changing the area we were house hunting in. See, we have always wanted to live in the NC mountains. We found the perfect home, put our house on the market and worked out a contingency contract on the mountain house we wanted. We knew the housing market was bad, but had no idea at the time how bad.
The mountain home received an offer and the kick-out clause in our contingency contract kicked in. We decided to go ahead and buy the house even though our current home hadn’t sold. We were still a little naive thinking it would sell quickly. Long story short, I now have two mortgages one on a new home we absolutely love, another on a home that sits empty 3 hours away.
Stress of two mortgages
Before you jump all over me, know that I did the math…at least a dozen times. I worked out a budget and we can safely pay both mortgages and the associated expenses of both homes. Sure, we had to tighten the budget reins a bit along with slowly down our debt snowball to almost a standstill for a bit but we can do it.
Here’s the problem though: stress. While I know I can make the payments, I worry about it constantly. I worry that if we buy something here or have to eat out one day that spending that money may cause us to not be able to pay for both. Is that likely? No, but I still worry. I think it’s the whole psychological impact having two very large chunks of debt associated to our names. I’m just not used to that.
I find it simply amazing how much stress debt can bring into your life. When I did the math and made the decision it looked fine, but once you actually have to start dishing out the money it’s far more painful. Writing a check for a house that sits empty and you no longer live in hurts. I’ve done it twice now and wince every single time.
I wince for two reasons: 1) I feel like I am just throwing the money out the window and 2) I didn’t plan on having to pay for the house this long. I honestly believed our home would sell by now.
Debt equals stress
Shedding debt equates to shedding stress. Less debt, less stress. That’s one of the main reasons I want rid of mine and want no debt in my life. I have enough things to stress and worry about in my life and debt is one thing that I have full control over.
I cannot wait until the day our old home sells and I can start snowballing that money into paying off the remainder of our debt. Yes, I plan to just continue making that old house payment, but instead of paying on an old house I plan to knock out the last remaining Visa balance. I’ve budgeted for it and will have already been doing it for a while might as well let it benefit me.
Just imagine your life debt free. Think about all of the things you worry about on a daily basis. I’ll bet most of them are about debt or a direct effect of the debt you have. What if those worries were gone?
Do you have debt? How does it impact your life? Do you stress about it? How do you cope? Add a comment!
Photo by: Jam Adams