Should we sell our home?

Today’s Question is about Real Estate:

“Should we sell our home?”

One of my readers sent me the following:

“We have enough equity in our house that if we sold it, we’d be almost completely out of debt. We’ve got 2 kids in college and 2 at home still, which makes downsizing a little tricky at this point. We’d probably have to rent an apartment for a year to save up for another down payment on a different home. Or buy a condo, and those can be difficult to sell.

We want the kids to have a place to stay when they come home for the summer, and if we were in a 3 bedroom apt or condo that wouldn’t be ideal. And yet, I REALLY want financial freedom. I REALLY want this burden GONE FOREVER.

My business has been struggling for years, and is actually the reason why we’re in this situation—I invested in marketing and trainings that didn’t convert, and got scammed by a business partner. Lots of adventures!

But I hear you loud and clear about being reactionary at this point. Any money the business brings in goes right to debt. I haven’t paid myself in close to a year. That sucks all the fun out of business! 🙂

Anyway, the question is: do we sell the home in the spring and rent for a while? What would you do?

..Thank you so much, Leslie! You’re one of the last people out there I actually trust. – A. C.

Here’s my reply:

That’s a tough question. I’d probably be tempted too, but we spent 6 years renting after the recession and I never realized how much of my mental energy was spent wondering, “Where are we going to be next year? Will the rent go up? Are we going to pay the higher rent or are we going to move again? What about the kids’ schoolwhat if we have to move too far? How are we going to save for a down payment fast enough to keep up with rising home prices?”

It was on my mind constantly. We ultimately bought another home and the difference it made in my ability to THINK, create, and serve again was HUGE.

That being said, who knows if the home prices are going to tank again in the near future, and getting the equity now might be super beneficial? It would be amazing to pay off the debts faster, and buy a home when they’re cheaper. Indeed, it could go really well in that regard, but it’s a BIG gamble. If you stay where you are and can get in front of things any other way, don’t take it for granted that you already have a home of your own. It’s a huge-er deal than you know.

I strongly recommend that you do a search in Dave Ramsey’s archives for “should I sell my home to pay off debt” and see what advice he offers in different scenarios. Additionally, here’s one article on the topic. Find the principle that applies to your situation from which to make your decision, then you can be at peace no matter which way the market goes.

She responded:

Thank you! I adore you! I appreciate your honesty so much. And when I get quiet in my mind, I realize that some of this feeling is impatience, which is NOT a principle of abundance! I’ll do a search on Dave Ramsey—that’s a great idea. Thank you again! 

To learn more about developing the right mindset for achieving your goals, visit www.ProspertheFamily.com

Follow Me

Leslie Householder

Leslie Householder is the award-winning, international best selling author of The Jackrabbit Factor, Portal to Genius, and Hidden Treasures: Heaven's Astonishing Help With Your Money Matters. Since 2002, she has helped people all over the world discover and apply the Rare Kind of Faith that causes things to happen for powerful life changes. Through story and shifts of perspective, Leslie aims to help her readers crush every challenge, achieve every goal, and vanquish every monster under their beds. Above all, Leslie is a dedicated wife and mother of seven children.
Leslie Householder
Follow Me

Latest posts by Leslie Householder (see all)

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Search This Site

Free Ebook

I can't sleep

GET UPDATES

FOLLOW US ON FACEBOOK – #RAREFAITH

Featured Article

PODCAST AND SHOW NOTES

A LITTLE BIT OF WISDOM

AS A MAN THINKETH BY JAMES ALLEN

THE SCIENCE OF GETTING RICH BY WALLACE D. WATTLES

RECENT COMMENTS

  • Kim { Well that was amazing! Just a humble message of letting go of fear. I will admit fear has come at... } – #60: Rising Above Financial Stress
  • Cristie Gardner { Cari's wisdom and willingness to share have touched me deeply. So grateful to know her, and you, and all the... } – Cloudy with a Chance of $20
  • Andrea Bowers { We love Dave and have been following his baby steps for 11 years. We paid off our home last month!... } – A public apology to Dave Ramsey
  • Dawn Norton { I think he's great. And I agree with what he says about God tending to bless you. I've given his... } – A public apology to Dave Ramsey
  • Tiffany { I’ve disregarded his advice the last few years but I have recently been feeling a pull to get back to... } – A public apology to Dave Ramsey
  • Amber Warren { This was a message I desperately needed to hear today! I have been struggling with so many things but especially... } – Gifts of the Spirit
  • Judy steadman { Yes the things our teenagers need to see the visual concept. So much easier their foundation taught from their youth... } – #28: Parenting Principles Preview
  • Leslie Householder { Hi Leanna, I'm sorry we don't have a 4-pay plan available at this time, but I will send out a... } – #2: How to RECEIVE
  • Leanna Christensen { Leslie Thank you so much for sharing your wisdom. I love all that you have taught me!! I have all... } – #2: How to RECEIVE
  • Leslie Householder { Hi Aleta, yes - our inventory figure wasn't updated before I mailed - so sorry! There are currently 21 left... } – Mindset Mastery PREMIUM Sale
  • Aleta Lewis { I would like to get the physical version of your Mindset Mastery Premium. Today when I went to order it... } – Mindset Mastery PREMIUM Sale
  • Wayne { Great thoughts for today. Very much appreciated. I will incorporate this not only in my own life but in my... } – Handling Economic Challenges Gracefully
  • Alisa { Thank you, again, Leslie. I saved the post to read later, started reading it later, and finished it tonight. It... } – Third Option
  • Leslie Householder { Yes it's current! I added the year so it will help clarify. } – The GUIDED Mindset Mastery Program