Current Events > Strongly considering selling our house and going back to renting for awhile.

(+) Yeah! (+)

Would have enough from the sale to pay off all our debts and have like $20k left over to just sit on.

Theres a rental community of big ass townhomes nearby and with all our debts knocked out wed be able to live there off of just my income so my wife could stay home with the kids. And I wouldnt spend every waking moment stressing the fuck out about some catastrophic home repair bankrupting us.

Building equity is nice but fuck Im tired of the constant anxiety of homeownership.

Do it

Different reasons, but I have virtually zero interest in owning.

can't you just take out a loan to pay off the debt and pay much less than rent would cost?

FolkenRawr posted...

Do it

Different reasons, but I have visually zero interest in owning.

I feel like I fell for a scam sold as the American dream

Aint nothing dreamy about $15,000 HVAC replacement bills

littlebro07 posted...

I feel like I fell for a scam sold as the American dream

Aint nothing dreamy about $15,000 HVAC replacement bills

if you live in MA you can get a 15k rebate from the state

every old AC system is going to have to be replaced in the next few years because the coolant is terrible for the environment and going to be obsolete soon.

Wait yea - what's your total monthly payment now compared to rent?

thronedfire2 posted...

can't you just take out a loan to pay off the debt and pay much less than rent would cost?

Theres like $110,000 owed between two cars, a HELOC, and a credit card (with the aforementioned HVAC replacement on it along with some medical bills)

Personal loan rates are too damn high to refinance all of that into a consolidation loan and come out ahead

FolkenRawr posted...

Wait yea - what's your total monthly payment now compared to rent?

Mortgage: $1997
HELOC: $150 (its interest-only for 10 years, would eventually start throwing like $500+ at it after other things are paid off)
Credit card: $350
My car: $262
Wifes car: $506

Rent at this place for a 1700sqft 4 bed 2.5 bath townhome with a 2 car garage: $2065

Oh and utilities are included. I can run the AC at 65 24/7 in the summer and pay nothing for it! Currently pay about $300 a month for utilities.

So wed be saving like $1500 a month with paying all that stuff off and not paying for utilitiesplus that $20k sitting in a HYSA would get us some nice interest earnings for a bit

110k owed between cars, but payments amount to 868? Dafuq?

JuanCarlos1 posted...

110k owed between cars, but payments amount to 868? Dafuq?

It's between everything

What's a HELOC?

JuanCarlos1 posted...

110k owed between cars, but payments amount to 868? Dafuq?

13k left on mine
24k left on hers
46k on HELOC
27k on credit card

FolkenRawr posted...

It's between everything

What's a HELOC?

Home Equity Line of Credit.

Did a bunch of renovations/repairs a couple years ago and had to use some of it for medical stuff as well.

That's 3K a month rent easy in Southern New England

Trumpo posted...

That's 3K a month rent easy in Southern New England

Yeah, rent here (Omaha, NE area) and the cost of living in general hasnt really exploded like most other places. Our groceries arent even much more than they were ~5 years ago

lol yeah the rent for my 2 bed 1 bath is higher than that

littlebro07 posted...

I feel like I fell for a scam sold as the American dream

...welcome to america!

No way I'd sell, it would be shortchanging the future just to get some temporary relief. Mortgages are long and hard to realize the immense value it will be once it is paid off. Not securing housing before retirement is just a good way to ensure that you will work until you die.

I contemplated this when the housing market exploded. I likely could have sold my house for like 500k or something and rent was around 3k a month, so it'd take me like 15 years ish to blow that in renting somewhere, but my thought process was that the market would eventually tumble and I could just buy another house after a year or two.

realnifty1 posted...

No way I'd sell, it would be shortchanging the future just to get some temporary relief. Mortgages are long and hard to realize the immense value it will be once it is paid off. Not securing housing before retirement is just a good way to ensure that you will work until you die.

This is how I feel. Paying mortgages and so on off can seem daunting, but if you rent, you're paying that literally the entire time you're there, and so if you're already struggling to pay things, it could result in you basically working your entire life, since the payments never end. It also puts you at the mercy of the landlord, to an extent, in that they have a lot of power to change things in the future that you'll have no control over.