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Should I stay or should I go?

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Hello, I’d love some help making a decision about my home life.

I’m a single person (aged 38) who currently owns a four bed house with two lodgers. I bought the house cheap and renovated it and have ended up with more debt than I had planned (mortgage, bank loan, credit cards and borrowing from friends) The house isn’t finished and I’ve run out of money. It’s liveable but all I see is unfinished bits to do. 

I have a good job but it is demanding and I work long shifts (specialist nursing) I can afford the debt as long as I have two lodgers and I could even bring in a third lodger. I‘m not really enjoying sharing my space and would rather live alone. 

Should I sell the house and move somewhere more modest and pay off all of my debt? I had the house valued and was very surprised by how much value I have added.....yippee. I could buy somewhere and be mortgage and debt free. 

Is it more important to be debt free and relaxed or keep struggling for a while to keep a big house that I don’t really need. Bigger isn’t better! 

Thanks you and I’d appreciate any advice. 

Comments

  • South_coast
    South_coast Posts: 5,819 Forumite
    Fifth Anniversary 1,000 Posts Name Dropper Photogenic
    I think I'd be tempted to stick with the lodgers for a bit until they bring in enough money to finish the work on the house, as this might put off a fussy buyer. Then the world is your oyster!

    Good luck with your decision x
    Mortgage start: £65,495 (March 2016)
    Cleared 🧚‍♀️🧚‍♀️🧚‍♀️!!! In 5 years, 1 month and 29 days
    Total amount repaid: £72,307.03. £1.10 repaid for every £1.00 borrowed

    Finally earning interest instead of paying it!!!
  • FtbDreaming
    FtbDreaming Posts: 1,127 Forumite
    Fifth Anniversary 1,000 Posts Name Dropper
    If it’s valued now at what you need to buy elsewhere and clear your debts I’d go for it. We always shared pre kids and it’s not ideal- housemates always went well for about 6 months until everything started to irritate me! 

    I would deffo go for something more affordable and on your own. Think how relaxing it would be to go home all by yourself and it’s not a work in progress that you need to worry over.
    Mortgage started August 2020 £69,700
    Mortgage ends Aug 2050 MFW: Aug 2027 
    Current Balance: £58,678
    MFW2020 #156 £723.13
    MFW2021 #26 £1184.71
    MFW2022 #11 £197.87
    MFW2023 £785
    MFW 2024 £528.15

    Determined to make it! 
  • LeighofMar
    LeighofMar Posts: 672 Forumite
    Fifth Anniversary 500 Posts Name Dropper
    I would definitely go and get the house you want. Nothing better than being debt-free AND in a house of your choosing where you can live the way you want to.
    Mortgage start date Dec 2015 - $64,655.00
    Mortgage end date Dec 2045 - NOT!!!!
    Mortgage balance  - $4600.00
    Business Savings $43,310/100k
    Hope to be mortgage-free by end of 2023 
  • MFWannabe
    MFWannabe Posts: 2,455 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    BeckyPaws said:
    Hello, I’d love some help making a decision about my home life.

    I’m a single person (aged 38) who currently owns a four bed house with two lodgers. I bought the house cheap and renovated it and have ended up with more debt than I had planned (mortgage, bank loan, credit cards and borrowing from friends) The house isn’t finished and I’ve run out of money. It’s liveable but all I see is unfinished bits to do. 

    I have a good job but it is demanding and I work long shifts (specialist nursing) I can afford the debt as long as I have two lodgers and I could even bring in a third lodger. I‘m not really enjoying sharing my space and would rather live alone. 

    Should I sell the house and move somewhere more modest and pay off all of my debt? I had the house valued and was very surprised by how much value I have added.....yippee. I could buy somewhere and be mortgage and debt free. 

    Is it more important to be debt free and relaxed or keep struggling for a while to keep a big house that I don’t really need. Bigger isn’t better! 

    Thanks you and I’d appreciate any advice. 
    I think you know what to do x Buying somewhere and being debt free sounds far better than struggling on in a house with lodgers (a situation you’re not happy with) 
    MFW 2025 #50: £1139.75/£6000

    12/06/25: Mortgage: £65,000.00
    07/03/25: Mortgage: £67,000.00
    18/01/25: Mortgage: £68,500.14
    27/12/24: Mortgage: £69,278.38 

    27/12/24: Debt: £0 🥳😁
    27/12/24: Savings: £12,000

    07/03/25: Savings: £16,500

  • To me a more modest house that i had to myself would be massively more preferable than a big house that i had to share with several lodgers.
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