Do we sell our home?

andyfromotley

I think selling would be a great mistake, owning your own house gives you some security and some scope for growth of equity.

i rented for three years following my divorce, and had to move with the kids 3 times. Its very hard to plan as you are only ever two months away from being forced to move again. You can do nothing, literally nothing, to your rented house and it was MORE expensive than having a mortgage in my case. In short, i hated it! My only caveat is that it may be different if you are able to secure renting with a housing association or similar? It may be worth looking into.
If space becomes an intolerable burden then perhaps you could look to rent yours and rent elsewhere at least you will be able to remain on the ladder without too much additional expense?
Sorry but it appears there is no simple or magic solution to your problems, it sucks. At least you have tackled your original problems and hopefully are on a long road to recovery.

rising_from_the_ashes

Mrs_Confussed wrote: »

We are outgrowing our house now with no chance of moving.

I'm sure you will be able to manage - I remember sitting down one day with an elderly neighbour having a cup of tea and she was telling me how she'd lived in her flat for nearly 60 years - her husband and her had raised 6 kids there ....... how they managed I really don't know as it was a 1 bedroom flat!

Anyway, what I'm getting at is that I'm sure you'll be able to manage with a new addition in your current home

Whether that means your 2 of the kids having to share at some point, it's not the end of the world and TBH when I was growing up (not that long ago lol) it was really the norm for siblings (of the same sex) to share rooms

Having a room each is a luxury ......

Skinnylatte

andyfromotley wrote: »

I think selling would be a great mistake, owning your own house gives you some security and some scope for growth of equity.

i rented for three years following my divorce, and had to move with the kids 3 times. Its very hard to plan as you are only ever two months away from being forced to move again. You can do nothing, literally nothing, to your rented house and it was MORE expensive than having a mortgage in my case. In short, i hated it! My only caveat is that it may be different if you are able to secure renting with a housing association or similar? It may be worth looking into.
If space becomes an intolerable burden then perhaps you could look to rent yours and rent elsewhere at least you will be able to remain on the ladder without too much additional expense?
Sorry but it appears there is no simple or magic solution to your problems, it sucks. At least you have tackled your original problems and hopefully are on a long road to recovery.

If you were to rent out your house you would have to pay tax on the income, so I don't think it would be viable option

dell2001

mrs confused I can totally identify with you. im currently in a trust deed and have a mortgage and secure loan on my house, like you we were torn between struggling on or selling up and starting afresh, we've decided to sell and I can honestly say I feel as though a huge weight has been lifted. I know its going to be difficult leaving our family home but I feel we will be able to enjoy our children and their childhoods more without the stress of debt and its only bricks and mortar aferall. my parents have 2 spare rooms which they've offered us. we have learned from our mistakes. my girls are looking forward to it and its close by to their school so there will be not to much upheaval. you have to make the decision that's right for you and your family.