Sell My House To Become Debt Free?

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[Fishouta]

Dont sell it. Just have a little more patience. Selling and then purchasing again is expensive. Moving is expensive. Then add on the stress.

[violetbuck]

It’s about starting over, being debt free and having their money go into savings or an investment opportunity which wouldn’t be a possibility when someone is in so much debt. Plus less stress that comes with financial freedom! The home served its purpose by gaining enough equity to give them a better path within the next two years. Short term and long term, selling seems to make sense!

[tonypeters]

The question is how much are their monthly payments on the house? Apartments aren't cheap and he will still have to buy another home in a year. They might just need to get tighter on a budget if he has one. Not enough information for me to say sell it.

[NotYourAvgJoey]

They’ve got a nice sized shovel and are already progressing w their debt, so kudos to them 👍🏽 Personally I HATE moving AND apartment life -done both for so long/so many times. Bottom line it comes to what decision will bring the most peace of mind for both of them

[berlintapondjou]

This is my current case 90% of the time. But my only problem is the overall debt. I don’t want to be in 400k house in debt a year later just for the sake of being debt free of 380k today. Just pay down my current debt.

[genxx]

5:27 at takes a lot of care, effort, and expense to make a house into a home. That’s why your house is not just an investment or a commodity, Dave. Window coverings, the right furniture arranged the right way, how to put things away - all of this takes time, energy, creativity, money - it takes life, basically.

[plantsthewin]

It’s hard to go back to an apartment after living in a house. Sell the boat.

[leecook]

I think Dave knew he didn’t have a boat when he was digging into his liabilities but imagine Dave’s reaction if he would have said the boat is 50k

[Big-Government-Is-The-Problem]

its more hassle to sell the house, unless they are planning on moving into a $200k house, then it makes sense. if they are going to sell the house for 400k then buy a 350k house a year later that doesnt solve anything.

[dedalliance]

Anyone can be debt free if they're homeless lol. Money has a point to it more than just numbers in a bank account, and part of that point is buying shelter.

[KaliElaine]

This is our situation. We plan to sell next year and be debt free.

[stacyg]

I own a house valued at 745k outright, no mortgage. Bought it for $535k in cash six years ago. Have gotten into a bit of debt in the last year, $21k on credit cards, an AC unit we're paying off ($8k remaining) and 2 car loans that combine to $20k. We are so torn about selling or not selling to clear this damn debt. Oh and on top of that, work has been slow (we both freelance). We know that selling it would clear all our debts and still leave us with over $600k cash, but now we have no house. Finding a new place in the area where we live and surrounding areas is a daunting task bc it's expensive now. What to do? I actually spoke to a Ramsey coach for a free consultation today and he told me to sell and rent. But we're still on the fence. What to do...? And we have a 6 year old who is starting a new school in August and the commute will be over 40 minutes in rush hour traffic so we feel like we will at some point get tired of it and will want to move closer anyway. Although we like our house, and we know we won't get anything close to it right now, whether we rent or try to buy something in cash.

[cancel.lgbtq.]

" The things you own end up owning you "
Tyler Durdan

[davidhidalgo]

He’s better off keeping the house, it’s going to build a lot of equity.

[queen.kristal]

I would rather just sell it pay off the debt and buy a cheaper house with the money but just in another area.I wouldn’t go back to renting

[swiftmovers]

The one question that didn't come up are kids?

[ytr]

The problem is you have to buy a new house 🏡

[keithclark]

Well this answers my question. I have thought about selling the house too to be debt free. I plan to keep the house and just tackle the debt that I have. Wish me luck.

[justlivelovelaughfrugally]

What’s the cost of the mortgage compared to the rent he’s looking to pay? If they are the same, I wouldn’t sell.

[atcq]

2019: in debt 35K, came up with $7K to buy my first house for $166K
2022: Just closed on the same house for $245K, will profit $73K, pay off all my debt, still have some left over, and purchased the new house for less than what I sold my first for.

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