To sell or not to sell?

clairey_3

Hi Everyone,

I'm not really sure what to do. My husband has given up his day job to do his own business full-time and I'm a stay at home Mum with 3 young children and I also do admin for the business. We have a house which was valued nearly a year ago at £300k and a mortgage of about £135k. Obviously we have lost our regular income and so it's quite frightening having quite a big mortgage. The business is going well and we do have savings - about £20k. I'm just wondering whether we should move to a cheaper part of the country or a smaller house (we live on Glos/Oxfordshire border - expensive) so that we can reduce our mortgage/have no mortgage and be better off. It would be a sacrifice as we have a lovely house, nice area and friends and my hubbie thinks that a move would put pressure on us but I think it would be the sensible thing. We did put our house on the market about a year ago but 2 sales fell through and we just gave up. I just can't look at our situation objectively. I just feel that our mortgage is a millstone round my neck.

Any advice/suggestions would be gratefully received - thank you.

Claire

frugal_dougal_3

Hi clairey,

First of all it's perfectly natural to feel a bit unsettled at your change in circumstances, so don't panic.

Your husbands business is doing well but you still feel a bit anxious. Most new businesses do not make much of a profit (if any) in the first year as there are lots of setting up costs and what profit there is often gets ploughed back in. Talk to him as much as possible about the financial side of the business and put your decision on hold for a few months.

Nobody can really advise you on whether to move or not. Before you decide make sure you have lots of facts and figures at your disposal.

I hope your business does really well !

clairey_3

Hi,

Thanks for the encouragement. I'm a born worrier!

Claire