The only problem is that it doesn’t sound like the OP has much equity in the house. If she sells it now, she will probably sell it for a loss. Plus, it may not sell anyway. The real estate market is terrible now for a seller. It is definitely a buyer’s market. Houses have been sitting for over a year in many areas, and when they finally sell, the seller has to take a considerably lower price. Refinancing makes more sense than losing money on the house.
Actually, we would not take a loss. We would get enough to pay off 1st & 2nd mortgage PLUS most of van…we have been in the house 7 years, probably won’t even get it on the market for a few months.
there is no shame in renting. I owned three homes before I met my husband 10 years ago. I bought them at good prices and sold them at better prices. I rent now. My husband is not domestic. If we owned this home the mortgage would be three times the rent and we would not have a landlord who lives across the street who is there to make all the repairs and pay the taxes and let us borrow the lawn mower. My husband and I were both under the delusion of what we were expected to do with our lives and just recently realized that we don’t need to buy a home to be happy. Renting is not anymore unstable than owning in today’s world when finances can be devastated by two missed paychecks. I have lived here for 5 years now, a small 3 bedroom/1.5 bath ranch on 2 acres of private land on a county road with great neighbors and four cats and a dog for $575 a month. Owning a home is just not our priority anymore. The world has changed and so have we.
Renting a house rather than an apartment sounds much better for a family. For a single person or a couple without children, an apartment is ok; but keeping children cooped up inside a tiny apartment sounds like cruel and unusual punishment to the children.
We are looking at all options, renting a home or an apartment big enough for our family. And, if it happens to be in an apartment… honestly, we’re hardly home enough to consider it “cooping up”. WE have a house now that sits largely empty most of the day with the kids and parent (whomever is at home) going to the park or swimming or library. Granted, it’s summer time, but in the fall, there is school 5 days a week anyway. Besides, as I mentioned, if we rent it will be temporary, and I really don’t think insinuating that a decision tough enough on us would result in “cruel and unusual punishment” for our children is quite fair or charitable. My children are loved and cared for…ah what the heck…I don’t owe you that explanation.
If there is someplace available for the children to be outside, that is ok. I live in an apartment complex. The largest apartments are 2 bedroom. Children are not allowed to be outside unsupervised. Toys may not be left in the halls or other common areas. If toys are left out, they are thrown out. Just keep in mind that you may not have room for all the kids’ stuff in an apartment. If you leave it out, it may be thrown out, because those are the rules. I have no children, but if I did, they would live in a rented house, not an apartment, if they had to live in rented property.We are looking at all options, renting a home or an apartment big enough for our family. And, if it happens to be in an apartment… honestly, we’re hardly home enough to consider it “cooping up”. WE have a house now that sits largely empty most of the day with the kids and parent (whomever is at home) going to the park or swimming or library. Granted, it’s summer time, but in the fall, there is school 5 days a week anyway. Besides, as I mentioned, if we rent it will be temporary, and I really don’t think insinuating that a decision tough enough on us would result in “cruel and unusual punishment” for our children is quite fair or charitable. My children are loved and cared for…ah what the heck…I don’t owe you that explanation.
YES! Please, Please, PLEASE, find Dave Ramsey on a radio station in your area! He’s a financial counselor who has three books that are New York Times best sellers. He was a multi millionare by age 26 when he lost it all. He has since turned his life around and become a millionare again. (I think he’s, what, about 40 now…). I have the Financial Peace Planner which walks you through all the baby steps, Financial Peace Revisited (just a later edition of the original with some extra chapters), and The Total Money Makeover. These were like, $8 each at a used bookstore. I also found a copy of Financial Peace for $1 at a yard sale. And, of course, listening to the radio is free!
Best decision by far. You will be thankful in the long run. You would have seen savings in the short term, but come tax time, you would have lost all the write off from your mortgage. Plus, as the Real Estate market starts to come back, which it will, you will have that equity you desire. Good for you.
My dad always says “The Lord will provide.”
