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Selling up to pay off debts?
Comments
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Downsizing to clear debt isn't a bad idea - if it doesn't cost you too much to do that. Other options, can you remortgage to service some of the debt?
I think your idea of making money is a bit fanciful, sure it's possible but its a long shot. 'Repo' houses can be difficult to buy, if the opportunity is that good then cash buyers/developers will beat you to it, often having deals with agents to let them know in advance. You often have to complete quickly as the vendor usually wants quick sale for cash flow and you don't know how quick yours will sell.
It's good that you are looking at such options, just don't get caught up in the idea of making huge profit on property as is certainly not guaranteed anymore.
One final thing...downsizing with your level of debt could be a really good idea if your husband is in oil/gas as there are a huge amount of layoffs going on and likely more on the way, noone is safe (I work in mining).0 -
Even if the money side of this would work, which it sounds as if it doesn't.
Sticking 1-2 bedrooms onto a 3 bed house is not a easy or cheap thing to do, if you want to do it properly. Finding the right house will be very hard, as a 3 bed house is unlikely to have the living space a 4-5 house warrants, loads of living space, 2 bathrooms, big garden, if it is just a bog standard 3 bed, you could find you have real problems selling it on. And no way will £25k do it, nearer £100k
You sound very determined, even with almost everyone on here saying it's a bad idea, you should get as determined trying to get the house you are in to work.0 -
OP, I"ve just had a look at your other thread on DFW, you seem to have let it die and haven't posted an SOA even though posters have provided the link for you to do so.
I can't suggest strongly enough that you should keep that thread going and post the SOA. Have a read through some of the other threads on there and you'll be amazed at the help and support for tackling debt that some of the posters on there can provide.0
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