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ladytoobusytotalk | If you almost had your house paid off what would you do? |
Would you finish paying it off, sell it and buy another if it didn't suit your circumstances now. The kids are grown and the house is too big. I need ideas!
Additional Details
Also I don't want to sell it at this present time because it needs work. I want to fix it up to the highest standard. I am single and I would never marry a man to provide me with a place to stay. I would rather live in an apartment till I decide what to do with myself. I make my own decisions and would never listen to a boyfriend or let him advise me in anyway. |
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xtowgrunt
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Put it on the market and see what happens. You will most likely walk out with enough money to pay off that one and buy a smaller one with money left over to invest for later. as long as there is no financial burden to maintain the mortgage payments you can be a bit slow and selective. |
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Realty Shark
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First, seek the advice of a CPA. You didn't say what your tax bracket is. If you are paying a check to Uncle Sam every year, then you need a better write off. You may want to refinance or sell and buy something else to satisfy that.
Are you going to be responsible for capital gains? As a single person, you can walk away with $250,000 in profit tax-free if it has been your primary residence for 2 of the previous 5 years before the sale. There are exceptions to that rule, and certain improvements you have made over the years can be used to figure this tax. In California, if you are over 55, other rules apply to your advantage as well.
You could take an equity line out only for the amount you need to fix it up to sell. If you can afford the equity line payments now rather than later, fix it up immediately, so you can enjoy the fruits of your labor before you sell and the process doesn't drag out. If your first mortgage has a high interest rate, then refinance it with a lower one and $$$ for the fix ups. Talk with a realtor to make sure the fix ups are the kind that make money upon sale.
Ideally, you will be able to pay cash for a condo at some point and let the association take care of the maintenance while you travel and enjoy your life. Also, there is nothing wrong with renting and putting the profit into investment vehicles so you can buy an even better condo when it is time for retirement. As long as the tax consequences of being a tenant rather than an owner don't out weigh the money you make on these investments, it can be a feeling of freedom. People talk about "throwing $$$ away on rent".
Purchasing shelter is never throwing away money. Ask any homeless person if they would purchase shelter if they could and if they would feel it is throwing money away! |
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Freedom
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Stay in the house. Renting is just throwing your money away.
Stay there and fix it up at your pace and enjoy the freedom of not having that morgage payment.
Or you could rent it out and use the rent money to pay for your apartment rent. But remember that if tou rent it out YOU have to do the up keep on the house. Unless you put it in the contract for the place. I think you can do that I don't know. |
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raina.sotelo@sbcglobal.net
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In my honest opinion I would fix it up to the best of my ability that way you make a profit instead of breaking even stay there as you do the renovations to save money. As soon as all the work is done put it on the market and reap the rewards. With your profit buy a nice little place and with the extra money you saved by doing all the work yourself you could splurge on making it really cozy. |
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Dezi M
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I would sell it and buy another smaller house outright. |
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George D
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Refinance. |
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intelligentblackwomanwithgoals
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Finish paying for the house and rent it out...In a few years, you will probably have the money you paid for it. |
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lumaspaw
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keep it its money in the bank, id jump up and, do a jig, if your house pays off soon |
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ceramic_lady@sbcglobal.net
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If it is almost paid off, and the kids are gone, that means you will get more money than you put into to it. the houses are worth more now, than they were when you bought them, unless you did not keep it up.. I would sell it, and get a nice smaller home, and that fit your needs now, and put the rest of the money in the bank and take the dream vacations you have always wanted to take.. or pay off all of your bills, get you a nice car, or travel trailer, and just go when you wanted to and do what you wanted to do.. The kids are grown, and should be able to get along just fine with out you being there all the time.. live it up while you can.. you deserve it !! It would be great if you got enough out of your old home to pay for the new home out right, or just get you a nice condo somewhere , so you don't have to do the upkeep on it.. if something goes wrong with it, just pick up the phone and let someone else fix it..It would be great not to have to worry about a new roof, or hot water heater, or furnace or things like that, and they make apartments and condo so very nice any more, they look just like homes... The world is your pearl now.. and seems like to me, you could do about anything you wanted to.. Good luck !! and Blessings to you .. |
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juan2thymeeup@sbcglobal.net
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Well, from a purely advisory view, which i think will help you the most, I would pay it off... Reasons: Then you can sell it at will, without so many bank problems/delays, etc. Also, very importantly, if you can afford it, you can finance the home yourself, meaning you get the interest... think about how much you've paid in interest over the years and how nice it would be to COLLECT it.. you get it instead of the bank... it can be very lucrative... also, if it's too big, but you like it, you might consider leasing or renting all or part of it... you just have so many options after you own it 100%... You may want to consider speaking with a financial advisor for more information about these and other options available... good luck and take care... oh, and congrats!! |
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love_movies2
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Some more details would have helped. If you are paying low interest now. Sell and move to a new house ASAP. Do not rent, you will lose money on that deal!
If you are paying high interest, either refinance to a lower interest amount or sell and move to a new house ASAP. Do not rent you will lose money on that deal.
Don't rent your house, you are not likely want to deal with being a landlady. Too much cost and headaches if you do not fix things yourself. Can lose investment in house if it gets run down or burned.
Watch the interest rates they are climbing now and selling is down, so you have to watch the market closely as to when to sell. Don't get in too big a hurry. Timing is everything. You need time to fix it up, so take the time. Refinance if you feel you can get a better interest rate, otherwise leave the loan alone.
Talk to a Realtor about how much to put into your house. Get an estimate of what needs to be done to sell NOT what you want to put into it. You may make it harder to sell if you do not do what buyers are looking for in a house. A Realtor will help you, just do not commit to a buying contract until you are ready to sell. |
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Lisa N
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I would do a little dance! |
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Warren D
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If I had that issue I would pay the house off and then look at my options.
I can understand your concerns, but I believe the best approach is to complete your mortgage plan and then you can put it on the market if you wish.
You may want to take the time between now and then to decide exactly what you are looking for and start hunting around for the next abode.
Should it be a house or a condo? Maybe a duplex so you can get additional rental income?
You may also want to speak to your banker and realtor to see what they advise.
I wish I had your predicament!
Good luck! |
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