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  1. #1
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    Default Mortgage or travel first?

    I've got itchy feet, I want to travel desperately.


    Our plan has been to buy a house and then save to travel, but my fiancé is cashing in his long service and we're wondering if we add it to the deposit or use some to pick an international destination and go?

    Saving for a holiday would be far more difficult after buying a home....

    My fiancé has never travelled and I travelled as a teen but it was cut short due to a death in the family.

    What would you do? Which do you value more?

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    House. Travel will always be there. Houses are only getting dearer. Sure it would be harder to save for travel after buying but not impossible

  3. The Following 3 Users Say Thank You to Mum2b87 For This Useful Post:

    grooviechic35  (02-03-2014),IvyRain  (03-03-2014),MrsHoward  (02-03-2014)

  4. #3
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    I would travel first. Once you have a mortgage it will be too hard... Trust me! And you will have to save to travel AND cover your mortgage while you're away.

    Of course the sensible option is to buy the house first. But life is about more than always being sensible. Especially when you're young. I travelled for two years after uni from 21-23, which might seem irresponsible to some. But we saved hard when we settled back down and are now buying our second home (I'm 32 next month).

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    Quote Originally Posted by Mum2b87 View Post
    House. Travel will always be there. Houses are only getting dearer. Sure it would be harder to save for travel after buying but not impossible
    Totally agree with this. We bought young, I was 19, so didn't get to travel but now have a house that is perfect for our lifestyle and family (for the next couple of years anyway). We're throwing any excess money into our mortgage so we can upgrade before we decide to have another baby.

    A friend of ours is 26 and has just returned from overseas and has moved out of his parents place and has to rent because all of his income in his 8 working years was spent on travel. Great memories but no assets and now all of his friends have settled down, it will be years for him now to get established and comfortable.

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    grooviechic35  (02-03-2014)

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    I'd say buy a house. As I agree with mum2b. Especially ATM as rates are low and the market is about to rise.
    I guess I find that security more important to the future.

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    Honestly I would talk to your friends and family. The demographic on here means that they will mainly all tell you to go the house (and most of those won't have travelled).

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    Travel! I was lucky enough to travel in my late teens / early twenties and I'm so glad I did it before settling down with a mortgage.

    If you have the deposit, I would keep that in a high interest account and take a month or so to travel. It doesn't have to all be overseas/ expensive. Then when you can come back, decide what you want to do about buying

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    kw123  (02-03-2014)

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    I'm 26 now, we bought at 24. We've been to Fiji, Vanuatu twice, New Caledonia, New Zealand and Lifou. We have our first on the way and we're off on a cruise on March 10. Travel is not impossible when you have a mortgage.

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    Quote Originally Posted by kw123 View Post
    Honestly I would talk to your friends and family. The demographic on here means that they will mainly all tell you to go the house (and most of those won't have travelled).
    I have travelled somewhat and plan to in the future and currently building our first home... If I could have built earlier I would have... Travelling was good but I hate renting with a passion. And we have plans for a fair bit of travel in the yrs to come,,

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    It depends. I would take into account my age & when I wanted to have kids. If I was young and a way off having children then I would travel now. I found once we had a mortgage we wanted to renovate and all our money went elsewhere. Then kids came along and travel was pushed back further. I am so glad we travelled before we got locked into a mortgage, but I wish we did more of it. Can you still save for a deposit while saving to travel? If you are prepared to slum it a bit (eg stay in hostels, fly cattle class) then you will get more bang for your buck.


 

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