Should I sell my house?

Question

I am really tight financially and can't decide whether I should sell my house and move to a rental or not. I purchased the house 2 years ago after a divorce. I am so strapped I can't see straight. I already work full-time and part-time. Any advice would be greatly appreciated. Note: In my community, rent would only be about $100-$200 less than my current house payment. Of course, part of the time, utilities would be included in rent.

Thank you!!!

Thanks for your advice. I thought I should probably keep the house but wanted advice anyway. I have cut out most extras already and just wondered...Thanks.

Answer 1

Nooo!!! For now maybe you could consider a roommate or roommates. Please do not sell your home if you're not planning to buy a better one. Your home is your foundation in life.

Answer 2

If rent is only $100-$200 less than house payment, keep the house.

You also have interest deductions, lowering you taxes. You have appreciation on the property. If renting you will have rent increases and at the end of the year you have nothing to show for what you have been spending on housing.

If the difference were larger, I might think otherwise. For $100-$200, keep the house.

Answer 3

Your house is like money in the bank. The
more you pay into it. The more money you will have when you sell it.

Two years did not really bring down the principal on the morgage loan.

Could you get a border to move in and help pay the morgage. Maybe a relative or friend that needs a place to stay for awhile?

When you rent, you are paying off someone elses house for them and you are
left with nothing while they have a house.

I would try to keep the house and cut out
other expenses like cable tv etc.

Answer 4

in this soft housing market i would probobly say it is not worth it but in a desprite time or a bind id say go ahead and see what you get

Answer 5

dont sell its your biggest asset after your willy