Should I sell my house due to fear of loosing my job?

Question

In 2004 I bought my dream house, new construction and helped design it... My job was secure, I now have been with the same job for 13 years and all was well in the world. Paid $185K. My financial plan/budget was sound. Since then, my new boss is threatining to terminate my employment every other week, I have a 19 month old child and want another, spend too much on credit cards and my property taxes are higher than expected. Our friend's sister is a realistate agent, states that we can sell for at least 209K, we think that's low...but we are confused and sad to sell... any suggestions?

Answer 1

No, you shouldn't sell your house because your afraid of losing your job. If you can't afford your house, that is a different story. If your worried about losing your job, then start looking for another one, don't just sit there and wait to be fired.

Answer 2

Do not use your credit cards anymore.

Pay all your credit card debt so you can actually quit your job and get a better job WITHOUT LOSING YOUR DREAM HOUSE.

Save at least half your salary for a rainy day.

It seems your house is not yet paid in full.

It would be wise to pay as much as possible before losing your job.

Once you are 100% debt free then the second part of the plans starts.

Invest your money.

If you save over $100,000 a year and you invest in any decent Mutual Fund you will get at least $20,000 each year.

I am aware that's a long way from $185,000 but you won't have to work anymore ever.

If you hire a Portfolio Manager or a Financial Advisor then you may get at least $40,000.00 each year.

The trick is to spend only 50% of that money and reinvest the rest.

The first years will be tough.
$10,000.00 then $20,000 then $30,000 and so on.

Eventually you will get back to $185,000 but without working.

In several decades you will make $1,850,000 annually without working.

If you need more detailed information just drop me a line.

You work hard for your money. It's time to let the money do the work for you.

Top 4 Answerer.

Answer 3

You make $185K. You've owned this home for less than 3 years. It's worth less than $250K. Which means you shouldn't be paying more than $2500 per month to live there.

Even assuming $5000/mo. in taxes, you should've had $7500 extra per month to pay for everything else.

And you're broke.

And "My financial plan/budget was sound". Are you listening to yourself?

You have pissed away a hundred grand easily on crap over the last 3 years. More, considering you have credit card debt too.

Go find a fee-based financial planner, and get some help getting a real financial plan and budget in place, because you clearly can't do it on your own.

Answer 4

First thing you DON'T do in real estate is deal with friends and family... unless you're prepared to fire them when they make poor decisions!!

Always consult with 3 very good agents or brokers... then pick the best one to represent you... or put in on the MLS yourself for $300.00 and only pay a 3% commission to the buyer's agent.

I'm sorry boss doesn't seem to be professional. If I were you, I'd probably sell the house now then find a place to work where I'm happy. Life is too short to not enjoy work or going to work.

I also agree with William's Mum.... you could update your resume now and find a different job.

Best wishes.

Answer 5

Sell the house. Get more affordable housing and cut up the credit cards. Start saving.

Answer 6

no but stop using your credit cards. and get some money in the bank for some steady footing.
If your job was secure can you afford another kid and the house ? if not decide what you want more the "dream house" or your "dream family"

Answer 7

You never want to sell your home. It is the last tax right off avalible. You can put it on the market, that never hurts anything, but look for another job would be your first priority. Owning a home represents responsibility, and will help you land a BETTER job.

Answer 8

Don't sell your house. Update your resume and get a new job.