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Advice Needed

Posted by on Jun. 9, 2014 at 9:40 AM
  • 5 Replies

Hello Ladies, 

I have a question for all of you. If you had a chance to sell your home and make some money off of it would you? Now I mean sell your home to move closer to the bigger city, rent for a short time while you build your new dream home and then move into your brand new home? The money you get from selling would pay off all of your credit card debt, as well as most of your car loan(could pay off all of it) and then be a down payment on the land and the new home. 

Please I could reallty use some advice. 

Thanks,

Brittany 21, Married and living every day to the fullest!







by on Jun. 9, 2014 at 9:40 AM
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Replies (1-5):
baconbits
by Bronze Member on Jun. 9, 2014 at 9:57 AM

 I wouldn't but that's because I already live in my dream home. It's a big old farmhouse and there's no one out there that could build like it. We're talking hand hewn beams in the wall and floor! The outside walls in some of the older sections are almost 6" thick! I also wouldn't want to live closer to the big city. I like my farm life and would love to add to it. Hopefully soon!

If you would decide to sell and rent while your new home is being built then by all means do it. Just make sure you stick that profit away so it doesn't slowly drain away on everyday expenses.

michiganmom116
by Gold Member on Jun. 9, 2014 at 3:46 PM

I sure would!  I'd have to lock away the money, though, or it would be too tempting to spend.

RutterMama
by Member on Jun. 12, 2014 at 4:18 PM

You have an awful lot of info in your post.
Would I sell to make profit? Yes - to put a downpayment on new home - yes - to pay off debt - yes. But I would not move somewhere to rent. 

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clairewait
by Member on Jun. 27, 2014 at 10:50 PM


Quoting RutterMama:

You have an awful lot of info in your post.Would I sell to make profit? Yes - to put a downpayment on new home - yes - to pay off debt - yes. But I would not move somewhere to rent. 

I tend to agree with this. Right now, it isn't realistic for most people to make a big enough return on a house to sell it as a means to paying off debt. Housing prices, most place, are still in the best interest of the buyer.

We chose to move to a home that was a little smaller than what we wanted/needed a few years ago because it made our mortgage so dang low - and in the last three years, we've been saving for a downpayment on a bigger house. This allowed us to purchase the space we needed and to keep the other house as a rental property - which is essentially an investment property for us.

So anyway - I might downsize to save money, or live less comfortably, but I'd never sell a home and become a renter again. Not now anyway.

Wannabemom92
by New Member on Jul. 13, 2014 at 10:31 AM
Thanks you ladies this helps a lot. But it looks as though my husband may be joining the air force and if he does we will be selling the house so we can pcs to our first base.

Quoting clairewait:

Quoting RutterMama:

You have an awful lot of info in your post.Would I sell to make profit? Yes - to put a downpayment on new home - yes - to pay off debt - yes. But I would not move somewhere to rent. 

I tend to agree with this. Right now, it isn't realistic for most people to make a big enough return on a house to sell it as a means to paying off debt. Housing prices, most place, are still in the best interest of the buyer.

We chose to move to a home that was a little smaller than what we wanted/needed a few years ago because it made our mortgage so dang low - and in the last three years, we've been saving for a downpayment on a bigger house. This allowed us to purchase the space we needed and to keep the other house as a rental property - which is essentially an investment property for us.

So anyway - I might downsize to save money, or live less comfortably, but I'd never sell a home and become a renter again. Not now anyway.

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