My mom wants to know what my plans are after the mortgage is paid off. Well, I have lots of plans but I'm not exactly sure which one I will follow. One new plan that I have been thinking about will depend on whether my parent's decide to become snowbirds. My Mom really liked the manufactured homes that she saw and the prices. I would not want to live in one with the dogs but I would consider living in a garage next door. My parents built a large garage/shop and lived in it before they built their house. It was a very comfortable place with one half being living space and the other used to store their stuff.
I looked up the price of such a building and found that a 30'x40' garage costs $33k. That doesn't include electricity, plumbing, paint, insulation or drywall. I figure it would cost another $20k to finish it off. That isn't too far off from what I expected. Of course the garage that my parents built (and I helped build) cost a lot less since we did all of the labor except for pouring the slab and shingling the roof.
If I continued to save at the same rate after my mortgage is gone, I can save $24k a year which means I could build my garage/shop/house around 2 years after the mortgage is gone. If I wanted to get a loan I could build it sooner. My parents could buy a singlewide mobile home and live next door and we could have a patio area inbetween.
I'm not making any decisions yet. If they come back next January then I will believe they are serious about being snowbirds. This just gives me more to research and more to dream about. I bet I could find someone to build it for cheaper. I should get at least 3 more estimates. Maybe I should build it a little at a time as I get the money. Then I can use the concrete slab as my own roller skating rink while I earn money for walls and a roof.And there is still the option of building a covered porch on to my shed and living in there. It would be a bit crowded with the dogs but quite economical.