Best choice: selling my house for financial relief and relocating, or staying despite financial strain and health issues?

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  • #95629 Reply

      I have a beautiful house in a beautiful neighbourhood that I want to live in long term. I can barely keep up with the bills. My health has deteriorated and I am looking at retiring as my job won’t accommodate me. However, if I sell it I will have more cash and I can rebuy (far away) and establish new connections, I hope. Any advice?

      #95630 Reply

        I sold my home. I lived in it for 23 years. I decided to sell it because I had just started having some big health problems. I was 69. I never made a better decision. I bought a brand new condo, because apartment rent was just too high. I still wanted very little maintenance.

        I put down a decent down payment and still had enough money for some furniture and things I wanted.

        My cost-of-living actually went down even though the condo seemed very so much more expensive.

        My house payment actually went down, my utilities went way down, I didn’t have to pay for having my grass cut, and my house needed so many repairs. My house was wiping out my savings account.

        My savings is built back up, I love this condo, it’s so much easier to take care of, and the neighborhood is wonderful so are the neighbors — it was scary, and I was depressed at the time, but it was the best move I ever could have made. I’ve been here five years now.

        P.S. My health is much improved!

        #95631 Reply

          Can you rent out rooms?

          #95632 Reply

            Choices like this should be made on hard facts and data. If you can find a place that you want to live that’s less expensive then you can make the choice. The problem is that the cost of everything has gone up so much the grass may not be greener on the other side of that fence.

            #95633 Reply

              Is this alarming, there are disability laws in place for you, I wouldn’t give up so easily, check with a lawyer, free consult.

              #95634 Reply

                If you decide to sell and move somewhere more affordable, make sure you can still access medical care easily. My mom did this and had to drive 3 hours for her regular care.

                #95635 Reply

                  Your health is going to deteriorate even farther from the stress of trying to keep up with bills you cannot afford. Relocate.

                  #95636 Reply

                    If you can’t keep up I think that tells you what you will need to do. Good luck.

                    #95637 Reply

                      I sold my 3300 Sq. Ft. house after my husband died a d bought one under 1600 Sq. Ft. It’s not as nice a neighborhood, but still o.k. and quiet and my bills are much lower.

                      #95638 Reply

                        Don’t sell!! You will never own another house if you do. Do the math!! What do you still owe? what would a new house cost? etc. whatever you still owe, you will have to pay it off with whatever you sell it for.

                        Then you just have a tiny bit of cash left to buy something else. if you hang on to the house you currently, have you will eventually pay it off. and due to inflation – which is running rampant – the current house payment won’t seem so bad in a few years.

                        Don’t talk to any realtors! if you have a trusted religious leader who has financial knowledge, you could talk to them. start cutting back on all your expenses.

                        Stop going out to eat. sit around in the dark and twiddle your thumbs if you have to lower your electric bill. Every time you sell and then buy another house, you pay ridiculous realtor fees. you lose, they win.

                        Don’t do it!! look at your statement on your house – how much is principle and how much is interest? it doesn’t pay to start over.

                        Useful: Best option: taking out a personal loan to pay off credit card debt or selling my home to travel and clear debts before retirement?

                        #95639 Reply

                          Will you move to an area with a lower cost of living, that you will be happy at? If that’s the case you could downsize and have an easier time. I plan to do that when I can. Moving south for me.

                          #95640 Reply

                            I don’t know how old you are but if you are over 62 check and see if your state waves the property taxes. That will save some.

                            Then maybe a roommate.

                            #95641 Reply

                              We sold our house we loved when my last son moved out. It broke my heart, but it needed much work. 9 years later, we have cash in the bank, live in a much smaller house (a good thing). And we have the funds to travel.

                              #95642 Reply

                                We retired and are living rent and mortgage free in our small house we bought 50 years ago. Gotta love the very low cost way to live in a house that is now the perfect retirement house. I can’t imagine the stress of having to maintain some giant house.

                                #95643 Reply

                                  Can you sell and get a smaller home nearby to reduce expenses? Is there another job you could do to bring in some income that would work around your health issues?

                                  I’m just trying to think of a middle ground where you maybe don’t have to uproot your entire life.

                                  #95644 Reply

                                    I lived in same. Was there 40 years. Then my husband passed away. Even though I had no debt, the maintenance, utilities and taxes were draining me. Stayed for 3 years. Finally decided to sell and find a more affordable place. Best thing I did! I live comfortably now, not worried about expenses. I’m 66 and retired.

                                    Good luck with your decision. It’s not an easy one, but look at the big picture of your future!

                                    Proposed: Looking to cut cable… What streaming app has the most for your $$. Anyone do FUBO?

                                    #95645 Reply

                                      I would think long and hard. I sold mine two years ago. Different circumstances. I thought it was the best decision. I’m not so sure that it was. I have regretted it everyday since.

                                      #95646 Reply

                                        Selling is probably a good idea, but first research the places where you might relocate. Also check with friends and relatives for suggestions. It will help to have some connections in a new area.

                                        Good luck whatever you decide!

                                        #95647 Reply

                                          I think you should consider if you have equity in your current home, and if you can buy smaller and cheaper so you have money to maintain new property.

                                          Also, consider what retirement and SS (if available to you) will pay in the event you keep your current home.

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