#Advice #sellingyourhouse #debtfree #financialstress
Consider Your Financial Situation
If you’re feeling overwhelmed by your mortgage payments and other financial obligations, it may be time to consider selling your house. Assess your current financial situation and determine if selling your house would provide you with the relief you need to get back on track.
Weigh the Pros and Cons
Take a moment to list out the pros and cons of selling your house. Consider the financial benefits of selling, such as clearing your tax debt, becoming debt-free, and having extra money leftover. On the other hand, think about the emotional attachment you have to your home and what it would mean to part ways with it.
Think About Your Mental Health
Your mental health is just as important as your financial well-being. If the stress of your financial situation is causing you to work to the point of burnout, it may be time to prioritize your mental health and consider selling your house as a way to relieve some of that stress.
Consult with a Financial Advisor
Before making any major decisions, it’s always a good idea to consult with a financial advisor. They can help you analyze your financial situation, explore your options, and provide you with expert advice on whether or not selling your house is the right move for you.
Final Thoughts
Ultimately, the decision to sell your house is a personal one that only you can make. Take the time to carefully consider your financial situation, weigh the pros and cons, think about your mental health, and seek advice from a financial advisor. Remember, it’s important to prioritize your well-being and make the decision that is best for you in the long run.
There is no point in being house poor. If you cant make ends meet then having a house with a high mortgage will be a detriment.
Sell the house and pay off debts, move in to a more manageable house payment scenario (or rent). You can buy a new home if and when your finances improve.
The stress of not being financially secure far outweighs any real benefits of having your own home.
I’m not sure why anyone would suggest you remain in your current financial situation. You spend way too much on your house and it is leaving you in trouble elsewhere in your life.
Go for something smaller and do things with your money that make you feel better.
In this situation I do believe selling may be a good option
If u want to be stressed and in debt dont sell..if u wanna truly be stress fee with about 200k u never had before sell!!!
Assuming you’re in the US, tax debt does not discharge with bankruptcy. I’m guessing you’re not, though, based on the council rates mention. That’s just where my mind goes when someone says they have that much tax debt. It might be worth investigating local laws to consider the risk. What are your alternatives other than roughing it out for the next 3 years?
SELL it and be free!!! Be proud of your accomplishment but time to move on.
Can you remortgage at a lower rate?
I have been in an almost identical situation, and I did everything possible to NOT sell, and it was the best financial decision I ever made. I would be broke right now if I had sold.
I bought my first house in 2012. 3 months after buying it, I lost my job. I panicked and took a 30k loan to buy a business that did not do well. About a year later, I was about 60k in debt just for the business and barely scraping by on the mortgage. I got a regular job and spent 10 years absolutely broke but making sure I kept the house until I had repaid that debt (interest was a killer).
I sold that house in 2022, and the price had doubled, which allowed me to buy a unit to live in close to work and an investment property for my brother to live in. I also had money left over, which I have just invested into a business, which allowed me to quit my corporate job. (This time, it’s a business I built from my own passion and not a franchise, which only makes the franchisor rich and doing a job I hated)
With the way house prices are rising, I would NEVER have gotten back into the market if I had panic sold. I would still be working my corporate job, hating my life, and regretting that decision.
So my advice is do not sell. If you can clear that debt in 3 years, honestly, that’s great. Make some sacrifices, and down the track, you will be glad you did.
sell it. Rent for awhile or buy a cheaper house.