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Sell house? to clear off debt

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  • tallyhoh
    tallyhoh Posts: 2,307 Forumite
    Part of the Furniture 1,000 Posts
    I would get some quotes in for the work & knock that amount off the selling price.
    Tallyhoh! Stopped Smoking October 2000. Saved £29382.50 so far!
  • Jireh_2
    Jireh_2 Posts: 12 Forumite
    eyeopener2 wrote: »
    personally, i'd sell it as soon as is practicable. Do the work needed and use any equity to clear your debts.

    You are then clear of debt, you have one home and then you can start building up savings again to maybe buy something again in the future.
    Good luck

    E2

    ok would you spend £4000 to do it up as recommended by surveyor to get it from a potential 235k(half debt cleared) to 260k(all of debt cleared)?
  • nimbo
    nimbo Posts: 3,701 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Jireh wrote: »
    ok would you spend £4000 to do it up as recommended by surveyor to get it from a potential 235k(half debt cleared) to 260k(all of debt cleared)?

    forgive my bad maths but how is 25 k difference equating to half of your debt????

    Stashbuster - 2014 98/100 - 2015 175/200 - 2016 501 / 500 2017 - 200 / 500 2018 3 / 500
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  • Allypops
    Allypops Posts: 244 Forumite
    Jireh wrote: »
    ok would you spend £4000 to do it up as recommended by surveyor to get it from a potential 235k(half debt cleared) to 260k(all of debt cleared)?

    I think you've answered your own question there! ;)

    Assuming that your confidence about the ease of selling is well placed then it would make sense to invest the 4k as long as it wont affect your ability to meet your outgoings while the work and sale are completed.
    Allypops
    Married with 2 children
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  • eyeopener2
    eyeopener2 Posts: 1,783 Forumite
    Part of the Furniture Combo Breaker Debt-free and Proud!
    Jireh wrote: »
    ok would you spend £4000 to do it up as recommended by surveyor to get it from a potential 235k(half debt cleared) to 260k(all of debt cleared)?

    Yes I would.
    I'm Debt Free :j 2/09/2013
    Debt at LBM 30/04/2010 £24,109.38,
  • Jireh_2
    Jireh_2 Posts: 12 Forumite
    nimbo wrote: »
    forgive my bad maths but how is 25 k difference equating to half of your debt????

    The balance on the mortgage taken off these amounts would pay off half or all of our debts.
  • Jireh_2
    Jireh_2 Posts: 12 Forumite
    Allypops wrote: »
    I think you've answered your own question there! ;)

    Assuming that your confidence about the ease of selling is well placed then it would make sense to invest the 4k as long as it wont affect your ability to meet your outgoings while the work and sale are completed.

    I'd be dipping into the overdraft more up to the maximum allowed limit so the charges would still be the same but it leaves less wriggle room.
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