Escalating Costs Of Keeping Your Current Home

Many home owners decide to sell because of expensive monthly mortgage interest payments. In many cases the home owner has little choice and need to sell to avoid a mortgagee sale. In other cases, refinancing a loan may be a sensible alternative to selling. If you are planning to sell your home because of expensive monthly payments, you could investigate the possibilities of changing the loan term, repayment amounts, or dates.

If you don't want to sell your home, here is another alternative solution in our series posted on this blog.

Alternative Solution: Depending on your circumstances and the location and type of home - renting out part of your home could be an option. You could buy another house in a less expensive area.

Pros: At times when the property market is on the way up, your home might be worth holding on to as a longer-term investment instead of selling it. This is especially so if you are considering buying in a lower-priced neighborhood. By not selling you’ll also save on real estate costs.

Cons: You will need to be in a position to carry another home loan as well as your current mortgage. Also, by waiting to sell, you may be disadvantaged when the market and prices level off.

8 Answers To Selling A House And Why You Need To Think Carefully Before Selling A House