What if you could live mortgage or rent-free?

This is a sponsored conversation written by me on behalf of DIYNetwork.com. The opinions and text are all mine.

What if you could live mortgage or rent-free? What would you do? This is something that my husband and I dream about. It’s also one of our financial goals once we pay off some debt we still owe. It’s great to have a detailed plan and know how to reach our goals. But it’s also fun to dream about what we would do after we reach them. I think it’s fun knowing that there’s a reward at the end of all that hard work.

This fall, DIY Network will be premiering new episodes of Income Property which features demolition, lots of design tips, and the ultimate pay off to home owners updating an area of their home to rent out as an income driving space. Anyone else love this show as much as I do?! The show inspired me to dream about our financial goals and what we would do with our own income property.

Licensed contractor Scott McGillivray works with homeowners who are transforming part of their home in to a space that can be rented out as an income property. Many of these homeowners are working hard to live mortgage free and the income from their rental properties can help cover their own mortgage. Scott presents the homeowners with two different renovation options, and through an in-depth demo and makeover process they turn an unused or undesirable space in their home in to a beautifully designed space that will bring in top dollar from renters. The before and after transformations are truly amazing!

The aha moment is at the end of each episode when the homeowners realize that their mortgage is covered, and that they can now live rent free because of their new rental property. It’s hard work and includes lots of demolition, but in the end it pays off with a beautiful space that brings in money.

So what would we do if we had no housing expense? I can assure you that traveling would be at the top of our list. I’m not sure when or how we got bit by the traveling bug, but we love exploring new places and immersing ourselves in the local culture. Perhaps it has to do with the fact that I was raised on a Caribbean island and took it for granted. Now that we live in the states, I miss the beautiful beaches and delicious Latin food. I know I can always visit, but money is definitely a factor when you have a large family. Something about spending a day at the beach that calms and reenergizes me.

My father currently owns some land in Dominican Republic in Puerto Plata. I would love to build a home there that would serve as a vacation home and income property. I haven’t had a chance to visit yet, but I hear that the area is beautiful and very close to the beach. In fact, they recently opened a cruise port minutes away from where my dad owns land. My vision is to build a home that’s not large, but can serve our needs. I also want it to be visually appealing with simple and modern decor.

See the living space below? Simple, yet beautiful. A girl can dream right?

We also love being outdoors and would need a space to enjoy the Caribbean weather. How perfect is this space!

The area where my dad owns his land is also near a tourist attraction that enables you to swim with dolphins, sharks and stingrays! Most importantly, our church owns a missionary home there and it would be great to offer hands-on help. When we live mortgage free, this would be in our plans. Life is too short to not take a chance and I don’t ever want to live with regrets.

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So what would you do if you could live mortgage or rent-free? I would love to hear from you!