I bought my first in late 1993, it felt like it was time and I thought interest rates would never be that low again, lol, 7.25%. “Sweat equity” down payment, $500.00 out of pocket with preferred lender which was Wachovia Bank & Trust. It was a novel program at the time that has since gotten a bad rep due to people not having enough skin in the game, too prone to walking away.
I’m in process of selling now, didn’t appreciate much in nearly 22 years, maybe $50,000 all said but it’s nearly paid off, I got smart and refi’ed down to 15 year some time ago. Somewhat disappointing on the appreciation, but given the 2008 crash it’s certainly better than being upside down and having to pay to get out from under or short sale. Better than renting too, I couldn’t have rented a decent 1,600 sq ft 3/2 ranch on over an acre for what I paid.
Any future purchases will have the profit built in, fixer upper or distressed, with a hefty down payment and no more than a 15 year note, hopefully 10. Like you, I have no desire to carry debt into retirement. Not even certain retirement as it’s been known will even be possible, but diminished income from work will be in the cards eventually. Got to plan for that.
You're wise, good plan. That home we bought in the 1970s, we not only paid off the balloon 2nd mortgage in five years, but because that freed up money we had been paying we were able to refinance the original 30 year primary mortgage into a 15 year mortgage. The result of halving a 30-year note down to a 15-year note is that you pay far less in interest on the principal. Like I said, good plan. That home was a fixer upper, we put a lot of our own labor into it and made it a nice home before later moving up to a better home. That's also a good way to get into a home inexpensively, doing your own fixing up. People kidded us about our first home, but we ended up owning it free and clear of debt while the ones kidding us were up to their eyeballs in debt trying to impress others with the luxury lifestyle supported by a huge debtload - not smart at all. Their lives were facades and they're struggling now in their senior years.