Sell, save or repay

swjf1q

I'm feeling stuck! 
Me and my husband are separating. 
I can't comfortably afford the house on my own, so I had put it on the market but now I'm doubting myself because, if I didn't have debts to pay back, I could afford it. 

Currently I owe around £20000 in debts, some of it are from family to buy the house. 

My first thought was to sell the house, use a lump sum to pay off the highest interest debts first and use the rest to buy somewhere smaller/cheaper to run and where I want to live. 

But now I'm doubting myself. If I stay where I am, I'll be saving estate agents fees, legal fees ect. If I try and work towards reducing debts by picking up an extra 2 shifts a months I could afford the house while making extra payments. 

I've managed to save £2000 just in the past 3 months doing this while the house has been on the market. As well as paying around £500 a month off the debts. Once I'm debt free, I'll be around £500 a month better off, which could go towards new house renovations. 

I can then, once have cleared debts I can look to move. 

I don't want to live here but the debts are like a ball and chain. 

I have seen a house I love but it needs a full renovation, which if I'm being realistic, I can't afford at the moment but it is livable as it is u till I get myself sorted out. 

badmemory

Another side of the coin too.  Would you be happier in a house that you had not shared with an ex-H.  That I suppose depends on how the separation went.  Even amicable ones can leave some issues.  So a fresh start may be preferable.

Hoenir

swjf1q said:

My first thought was to sell the house, use a lump sum to pay off the highest interest debts first and use the rest to buy somewhere smaller/cheaper to run and where I want to live. 

A fresh start in all regards is no bad thing. 

Sarahwithlove

Is the new place cheaper to run? It it better suited to you? Would it allow you to clear your debts? Even if u stayed for now would you want to move I'm a few years anyway? Are you just delaying the moving costs? Would you be better off somewhere with a fresh start? Is doing the extra shifts every month realistic long term? Maybe write a pros and cons list 

HampshireH

But could you afford to also pay him his share if you stay?

Sound like you want to sell but a doer upper wouldn't be affordable 

in_need_of_direction

My tuppence for what it’s worth. You clearly state “ I don't want to live here but the debts are like a ball and chain.”  You know exactly what you want so go for it.  Also, if you sold now, would the selling costs be shared whereas you’d have to cover them yourself in the future.

despite not wanting to, I bought my ex out of the marital home.  The children who now both live away, wanted to stay here.  I was left with the memories and the neglected to do list that is never ending.  I wish I’d made a clean break