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Becky | Should I just sell my house and get an apartment to save money? |
I'm so sick of living paycheck to paycheck just to live in this house that I don't really like all that much. I'm thinking of just selling and getting into an apartment and just on the mortgage I would save $600 a month not to mention all the maintenance I have to do and several hundred per month in utilities. I'm thinking that I'll get into an apartment, pay off all my debt and save up some cash for a few years, and then find a house that I really like that I can spend the rest of my life in. Does this sound like a good plan?? |
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glenn
|
It might be a good plan if you live in one of the areas that is doing very well (in real estate values) right now, or if it is doing badly and you think that is a permanent condition for your area.
However if your area has a temporary weak real estate market right now (like a lot of the US seems to have) then you would be selling at a low price and buying later at a high price- that doesn't seem like a great plan.
Do you believe your area has a good future? Do you think that it will be a good place for families to call home? If so I would keep the house for a couple of years and sell then. It may be a struggle until then but the money difference could be huge and it could help you pay the increased price on the new place. |
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65% water
 |
There are a few hurdles to overcome. First, CAN you sell your house for what you owe on it? Many people are finding they can't. Second, if you don't roll the sale money from the house into another house within a certain period of time you're going to have to pay taxes on it. |
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New Yorker
|
Good minds think alike, that's what I did and I enjoy life allot more. |
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VOLUPTOUS72
 |
This is an excellent option. If you get any money from the sell of your house make sure that you save this money and make a budget that you stick to over the next several years. Make sure that you do not acquire any unneccessary new debt as well. This is an excellent idea. |
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src50
 |
What is current market value of your house compared to what you owe? Can you sell it without a loss? Think long term. It'll cost you a bundle just to sell it. |
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Found-1
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Sounds great. |
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chris
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you sound like a smart person.goodluck to you |
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Bruno
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Paying rent is akin to throwing money out the window. Don't rent if you dont have to. The mortgage payment that you make each month builds equity in your home no matter how small. The housing market in most communities is currently experiencing an all time low and may even get worse. You will not get a fair value for your home. But this is real estate and real estate will always rebound.
I would do anything i could to hold on to it. For example, could you live with a renter. Maybe someone who is good with their hands who could help you with the maintenance and fixing up the place as part of the rental agreement. This could cut your monthly expenses down a lot and fixing it up may make it more livable. Also, there is a lot you can do to cut down utilities usage. Check with your power company. If you have an adjustable mortgage, consider refinancing with a fixed mortagage.
The question you have to ask yourself is will i be happy with the return i'm getting on my home if i do sell. If you are getting enough equity back that you can put away while you wait for a good deal that you can take advantage of right away, then it's certaintly worth doing. |
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stacey n
 |
Just remember you may be saving 600 a month but that 700+ amount you are spending on rent you will never see again for the years you plan on living in the apartment. What about selling your house and buying a smaller one. When you have a house you are investing in something. Your money is going somewhere that will benefit you. Hope this helps :) |
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