Hello Men.
I will soon be in the position to pay off my home. I hardly need list the advantages to doing this, but for me personally one big advantage would be being able to go off travelling/doing other shit more or less when I want. As I can work from home fully I could even go and live elsewhere during the British winter, for example.
The major downside in my case is that though I'd be debt free, I'll have zero savings left - all my capital will be in my house, which is a potentially risky position. It leaves me starting again for building up rainy day money and also my 'net worth' could take a big dive if there's a crash (not an issue if I'm here long term but, you know).
The other option is I use the chunk of change for investing in other areas. A second property perhaps, though rentals are not a great bet at this time. Stocks and shares, if I choose wisely. Or just sit on the money, don't try to spend it. Maybe a little bit of it to enjoy life, for example I always wanted to semi-convert a van for trips while I enjoy the outdoors - hiking, cycling, climbing etc. A van also gives me the ability to earn money moving things for people (I currently own only bicycles and a motorcycle).
I guess these things will come down to what each man wants in life, but regardless, I would be interested to hear people's thoughts on what they would do.
Cheers All.