I just made the last payment on my small farm, which I've owned since 2012. It's a modest 6-acre property with a farmhouse, and I took on a 30-year mortgage at 5%. I've been making extra payments where I could, and now it's officially mine! Sure, I'll still have to deal with property taxes and maintenance, but there's something freeing about not owing the bank anymore. I'm excited about putting more into savings, possibly expanding my garden, and simply enjoying the peace of mind knowing I own this land outright. Have any of you paid off rural property like this? Did it feel different than paying off a home in the city?
3 Answers
Congratulations! Being debt-free really is an incredible feeling. You must be so relieved to have that weight lifted off your shoulders!
Congrats! It's amazing having the burden of a mortgage gone. Just a tip though, make sure to get title insurance since your previous policy might be expired now.
Why would that be the case? Could you explain more?
Yeah, I'm curious too about how that works.
I paid off my 5 acres early too, and it was surreal! Having all that land without a mortgage is such a relief. Plus, it just feels more peaceful out here compared to a small city lot.
That's awesome! Gives me hope it only gets better from here.
Totally agree! Owning land really does provide a different kind of tranquility.
Thanks! Honestly, the freedom feels even better than I imagined.