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Real estate investment or Pay off debt?

Date: Wed, 02/08/2017 - 00:39
Submitted by George Dobell on Wed, 02/08/2017 - 00:39
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I am unmarried and works as a web developer. I have 3 years of mortgage payment remaining. I also have a fairly good amount in my bank accounts which I saved for past 5 years. I have 2 options before me. Either pay off remaining amount of mortgage payments or invest in something, most probably real estate. I am confused and even so when I read this article: northwoodmortgage.com/mortage-questions/should-you-pay-off-your-mortgage-or-invest
Can someone advise me to take a good decision?


I would say that if you're current on your mortgage loan and confident that you'd be able to pay it back right on time, you can invest your amount from where you can get profitable returns. But, ultimately, it's your decision.


Submitted by Good Nelly on Fri, 02/10/2017 - 02:59

Good Nelly

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Hi,

So, you have a decent paying job and a good amount saved in your account..right?

As per my opinion, you must go for paying off your debts in the first place. Save and secure your existing home before reaching out for another real estate investment.

Your income is steady, and you're unmarried. So, your monthly expenses might be less than any other married person. To manage your monthly expenses more effectively, you should make a budget plan and live accordingly.

So, what you need to do is to save as much as possible for emergency, grow your wealth, pay off your mortgage, and as soon as you get your mortgage cleared, go for other investments.

Hope that helps.


Submitted by Barbara Delinsky on Fri, 02/10/2017 - 00:49

Barbara Delinsky

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