Struggling With Debt? 4 Great Reasons To Sell Your Home
Do you struggle with a load of debt? If you're a homeowner, you have a large resource you can tap in order to right your financial slip and avoid trouble that could follow you for years to come. The answer may be to sell your home. If this sounds like a drastic step, consider these 4 ways that it could instead be the most positive step you can take.
1. Your Home Equity Is Untapped Money
The equity in your house — the difference between what it sells for and what you owe a mortgage company — could fix many financial struggles. This money simply sits unused in your largest asset. It can only be tapped through getting yet another loan or selling the asset and freeing up the funds. Of these options, selling is the quickest and least financially burdensome.
2. You Control the Sale
By choosing to sell your home on your own, you control how and when the sale is done. You aren't forced to sell it in a rush to avoid collections actions. This means you have time to fix any problems with it, spruce it up, add curb appeal, and take other measures that will boost its value. You can vet real estate agents and choose one you trust. If you wait until the situation is dire, you may not have time for any of this.
3. You Avoid Losing the Home
Many homeowners are loathed to sell a home they enjoy living in, but this can lead them to wait too long. A mortgage or home equity loan allows the creditor to take back the property if you can no longer pay. This will result in, not only the loss of your house, but also negative effects on your credit for up to a decade. And you may get nothing from the foreclosure sale of the property, so your debt struggles will continue.
4. You Get a Fresh Start
Selling your house may not be something you want to do, but it can provide a clean break and a fresh start. Because home equity is usually a large chunk of money, it may pay off debt and create a stable financial basis in one fell swoop. You can begin looking toward the future rather than continuing to try to clean up the past through other, smaller means.
Where to Start
Want to know more about how much equity you could free up in your home, how to sell it on your timetable, and what might improve your sales price? Start by meeting with a real estate agent in your area today. The more you learn about this often-maligned option, the more you may see that it could be your ticket to a positive financial future. Reach out to a professional to sell your house.
