Should I stay or should I go? 27 August 2020 at 10:54AM in Mortgage-free wannabe 5 replies 181 views

BeckyPaws

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. 

South_coast

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

FtbDreaming

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.

LeighofMar

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.

MFWannabe

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) 

moneysavinghero

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.