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No. of Recommendations: 3
"It cost less than the price of a new lexus. It wasn't worth filling out all the extra forms and paying the fees to take out a mortgage. Also, I had ready cash earning 2% in a short-term bond fund and the mortgage interest and property taxes won't be enough to exceed the standard deduction for me. Art -- as far as traveling, I'll just turn off the water at the meter and I should be good to go." - intercst

For me there is something psychologically and emotionally satisfying about living in a paid off house. I know it might not make good economic sense but I feel the same way about driving a paid off car. I just like the feeling of not having a monthly payment I'm responsible for. My friend John told me that responsibility rolls off me like water off a duck's back.

We have two payments that we are responsible each year, homeowner insurance and property taxes. Each one is about $840 & $890/year. After they are paid each year it's like a sigh of relief. Like Forrest Gump said "One less thing to worry about!"

One thing I'm curious about - and to be honest don't completely understand - are "condo fees"? How much are they and what if they want to raise them to an unreasonable level? I don't think I'd like the feeling of being held hostage by a condo association? What if they are a bunch of greedy snooty people who aren't as cheap/frugal as I am? I guess the answer to that one is "if I have to worry about it I'd probably best never get myself into that predicament."

One other thing, I love Florida and there are some cheap condos down in Florida. It would be completely within our budget to be able to afford a condo somewhere in Florida but I worry about traveling back and forth and also, again, paying those yearly condo fees. I've always dreamed about retiring in Florida but it probably won't ever happen for me. I have a feeling I'll be stuck in Tennessee the rest of my life.

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