What is my next move after I’m mortgage free?
I’ve been thinking about this a lot, I’ve had a lot of different ideas pop in my head. My latest idea, the one I keep coming back too is going to sounds a bit crazy… I’m seriously thinking about moving into a larger house and taking on a bigger mortgage. I was a little hesitant to post this article, but since a reader asked in a comment recently, I figured why not share some of my thoughts…
Do I need a bigger house, technically no, our house is a little over 2,100 sq ft. Then why do I want to do what I describe above?
If I buy a larger house, perhaps around 2,500 to 3,000 sq ft., then I get to deduct the interest payment from taxes all over again. When I get my current house sold, I’ll be able to keep all of the money from the sale, tax-free (another legal tax loophole up to $250,000 for a single to $500,000 for married jointly, if they have lived in their house as their primary residence for a least 3 out of 5 years.). I would then put the money in some type of investment mix that would produce a decent return that could either be invested or help with the new mortgage payment.
Sounds crazy, especially considering the big stock market crash we just experienced, but this might be the optimal strategy.
I’ll keep you posted on my final decision…