In January 2023, I had a decent-sized mortgage and was facing a divorce. On top of that, I was paying most of the mortgage and the bills that come with living in a 4-bedroom home, by myself.
As someone self-employed, this was a stressful time. I was constantly aware of what would happen if I had a slow freelance month, a client that took forever to pay, or I got sick.
I had minimal savings and decided that the best way forward would be to sell the property and, with it, pay off my mortgage in full, which I did.
This gave me some much-needed breathing room to decide what to do next — mentally, physically, and financially.
I bought my next home with cash
I stayed with family while I worked out what to do next. I’d always dreamt of not having a mortgage or rent to pay, and this felt even more important to me as I’d become self-employed and newly single.
Plus, as a single, self-employed person who only had a few years of accounts, getting a mortgage was always going to be tougher for me than when I had bought my previous home, when I was employed with a steady income and it was a joint application.
The amount I could get a mortgage for was laughable, and wouldn’t even buy me a parking garage. I didn’t want to rent as I have two dogs, and the idea of not having my own space or being at the mercy of a landlord’s rent hikes was not where I wanted to be.
I kept an eye on the local market and in June 2023 found the exact type of property I was waiting for.
A small, but perfectly formed, barn conversion filled with character but with all the refurb work done for me. I was fortunate enough to have made a profit on selling the other house and this new place was within my cash budget, so I wouldn’t need a mortgage. I bought it outright.
Living mortgage-free has changed my life
Nearly two years later, I can confidently say that living debt-free in my 30s has completely changed my life.
For starters, the financial freedom of not being tied to a monthly mortgage has allowed me to build up significant savings — more than I’ve ever had before — and pay off my lingering credit card debt.
I’ve started investing in the stock market, too, which I had never felt confident enough to do before for fear of “wasting” money.
I’ve also been able to pay for some home improvements, like a wood-burning stove, new heating and furniture, and buying my car outright.
The best part of being mortgage-free is my work-life balance
Knowing that everything I own is truly mine and comes with no extra payments feels like quite an old-fashioned way to live, but it’s completely put my mind at ease and significantly improved my mental well-being.
The best part of choosing to live debt-free is that I can be more selective of the work I say yes to because I don’t have the pressure of a mortgage or credit debt. That means no terrible projects, horrible clients, or work I don’t enjoy.
I can also say yes to my friends and family more when they want to spend time with me since my work schedule is more flexible. Plus, I can use the money I save to travel — I’ve been to eight countries since paying off my mortgage, and I don’t plan on slowing down.
While I compromised by moving to a lower-cost area so I could buy a property outright, that’s been a compromise I’ve been more than happy to make to achieve my goal. I realize how fortunate I am to be in this position.
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