As you can see from the replies, the decision to pay it off is a personal decision, based on your financial situation and personal comfort of carrying the obligation.
The bond set up is brilliant, 1) you pay it once a year, 2) the amount is relatively reasonable, and 3) the debt is attached to the house, not the owner. BUT
The bond is a financial obligation; it carries interest and an administrative fee.
Given 2 similar homes, a bond balance is ONE item a buyer will consider at purchase (we all know no 2 homes are identical). Every buyer has a list of 3 or 4 non negotiable in a house they want to buy. A bond may/may not be important.
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