Yahoo Answers is shutting down on May 4th, 2021 (Eastern Time) and beginning April 20th, 2021 (Eastern Time) the Yahoo Answers website will be in read-only mode. There will be no changes to other Yahoo properties or services, or your Yahoo account. You can find more information about the Yahoo Answers shutdown and how to download your data on this help page.

Trending News

Promoted
Robin Hood
Robin Hood asked in Business & FinanceRenting & Real Estate · 5 years ago

Buy a holiday home or pay off the mortgage?

Update:

Should I buy a holiday home or pay off the home mortgage?

6 Answers

Relevance
  • Poisson Fish
    Lv 6
    5 years ago
    Favorite Answer

    Depends on your reason for doing it.

    Is it a financial decision? Then paying off the mortgage and not buying a holiday home is the better option. Unless you plan on renting out the holiday home when you are not using it.

    If it's a personal decision and you don't care about the finances, then only you can decide. The obvious advantage to paying off your mortgage is that you no longer have monthly mortgage payments. However, if you want a holiday house and can afford it, go for it.

  • anonimitie
    Lv 7
    5 years ago

    I'd pay off the mortgage on the primary residence but, you can do whatever you like. If you can afford a holiday home, get yourself one and enjoy!

  • Bill
    Lv 7
    5 years ago

    You would be way ahead to pay off your mortgage and rent a vacation home.

  • fcas80
    Lv 7
    5 years ago

    I am guessing you are going to have cash flow problems if you buy the second home while you still have a mortgage.

  • How do you think about the answers? You can sign in to vote the answer.
  • Anonymous
    5 years ago

    Pay off your FIRST mortgage first....

    Source(s): Basic Math
  • Anonymous
    5 years ago

    No brainer. Pay it off.

Still have questions? Get your answers by asking now.