Renting vs owning home?

Question

The dilemma for me here is that I have owned my home for about 3 years, there is about 180 000 equity in the house. The problem for me is due to a split with a girl friend, and having to pay her out, my mortgage is very high, about 60% of my income. I can afford to pay this but it doesnt give me that much room to move, eg, i want to travel, do some other things, generally have some freedom to spend money. For me, the best thing to do seems to be to scale down in house size, reduce my mortgage this way. Is this the most common sense approach or not?. Is this a backward step financially?. As I built this house from scratch I may also have some kind of emotional attachment to it which is clouding my judgement

Answer 1

Owing your own home is better then renting you are the boss you can do anything you want to all my best finding the right home for you good luck

Answer 2

That relies upon on you and your existence-form. For some renting IS maximum suitable suited. functional? probable renting. extra appropriate? no longer something like being on your very own sources without somebody living under or above you, the place you dictate, is fairly, the noise tiers. yet that comes with expenses, lots of expenses and you undergo all those expenses, all the maintenance, and post with HOA's telling you what you could and might't even do with your very own sources in many places. in case you do no longer prefer to get entangled with possessing a house then do no longer enable all and sundry inform you the will arises purchase rather of hire. further "possessing. you're truthfully paying something properly worth on an analogous time as each and each month." Oh you're paying each and each month and maximum is for interest and taxes and you're no longer extremely paying lots in any respect in direction of "authentic possession". short while era finding out to purchase is fairly high priced. right here is yet another eye opener too, in my opinion, taxes (a determine you by no ability recoup maximum oftentimes in this industry different than with the tax deduction) are app 3500 in keeping with 100K. 200K homestead gets you a 7000 tax invoice month-to-month. So whether the home is paid off or you pay money you could have approximately seven-hundred-800 in keeping with month, this is taxes and insurance. So even nevertheless I very own a house this is the different way up in fee I nevertheless pay approximately 1100 in keeping with month on a house I "very own" and that would not even think approximately maintenance and issues tha could get replaced or fastened by using the years. I repeat it right here lower back homestead "possession" isn't much less high priced.

Answer 3

owning home has it's advantages,like you can keep a pet,you can party,you can barbecue in the back yard etc.........