Should I stay or should I go?

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: 4,792
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    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: 1,118
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    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: £60,700
    MFW2020 #156 £723.13
    MFW2021 #26 £1184.71
    MFW2022 #11 £197.87
    MFW2023 £785
    MFW 2024 £174.73

    Determined to make it! 
  • LeighofMar
    LeighofMar Posts: 672
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    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: 1,954
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    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) 
    28/12/23: Debt total £12,900/13,192.13
  • 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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