We have a largish piece of land in Crete, where the family house is being built. Also the plot next to it is available to buy. Should we build another house and sell it to repay our mortgage earlier? If it all works out well then we would take years of the mortgage but if it doesn't sell then we are stuck with additional debt (and plenty of houses!) and probably an even longer mortgage.
Perhaps it is better just to plod along at the day job until it is paid. I wonder if there is a middle ground where we can find someone who wants a house there and get them into contract before we build. That would be the best solution for us. Anyone who bought from us would get a good deal because we have really good contacts in the area & also access to land, through word of mouth in the village, that an outsider just would not get. Perhaps we will think some more about it. I dont want to end up working full time for years longer than I currently plan to.
These thoughts led me along the usual path of considering any other large one off type payments we could make towards the mortgage. Which of course led me back to every day economies and living frugally too pay extra from the mortgage on a regular basis.
So maybe the best way is a mixture of all of these ideas. Try to live as simply and frugally as is reasonable. Put a % of any savings agasinst the mortgage. ANy windfalls ensure a % goes straight to the mortgage too. Lastly think of other possibilities might help you meet your goal. Weigh up the ideas and see if you get an advantage or disadvantage from them overall. My husband thought of building a house to sell. I would never of thought of doing anything like this myself, so maybe discuss it and you will get others idea.
This is a phot of my little village.