Tough Decisions - The House Has To Go

Tough Decisions - It’s Got To Go!

Posted on July 24, 2008
Filed Under budget, debt, mortgage, survival |

There has been quite a bit going on over the past several months and it has reflected on this site. If you have been following my struggle to keep my house and grow my business, then you know that I have slashed my budgets to the max and frankly it hasn’t been enough.

Whether it was poor planning or just bad luck or a bit of both, the last year has seen my financial situation plummet. There have been months when I barely had enough money to buy gas to get to work or to eat. The last few months have been better.

The business is growing steadily and I am getting new customers every week. I have increased my gross income by about 45 percent over the last three months and I should continue to see a steady increase. Moving the business to the new location has helped immensely.

The bad news is that it still isn’t enough to meet my financial obligations. I have made the decision to sell my house. It is currently listed for what I paid for it. I will lose money on the commission and closing costs but as I told the Realtor, I am losing money every day that I keep it.

I have made arrangements to move in with a friend. It will cost me about a tenth of what it costs me to maintain the house during the winter which will help while the business is struggling. I will be commuting twice as far so my gas costs will go up but they will not be nearly as much as it costs me in mortgage, insurance, taxes and fuel oil.

Once I sell the house, whatever equity I get will go into an emergency fund or go to pay off bills. When that is done, I can start working on my retirement. All in all, I suppose it’s a good thing all around but it has been a very difficult decision.

Now if the house will just sell!

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Comments

4 Responses to “Tough Decisions - It’s Got To Go!”

marci on July 24th, 2008 8:46 pm

Major bummer. However, you are look at it realistically, you are trying to sell it before losing it, and you can see the positive side of things and the advantages to selling it. You have a great attitude! May things work out ok for you.
fathersez (1 comments.) on July 24th, 2008 11:27 pm

Keep your chin up, Cindy.

God Willing, things will turn around. It’s always the darkest just before dawn.

Best regards
Grace (5 comments.) on July 25th, 2008 1:26 pm

I am sorry that you need to sell, and sorrier still that you have to sell in the current economy. But although you will “lose money” on the sale, it sounds like you have sufficient equity to cover those losses and still give you some cash afterwards. All in all, not such a bad deal. I know far too many women (particularly those who divorced later in life) who are “house poor.” That’s no way to live.
cindys on July 26th, 2008 9:51 am

I am looking at this as a positive step but it was still a tough decision. I just can’t keep on going the way I have been for the past year. If the house sells fairly quickly, it will be a very good thing. If it doesn’t then I may have to regroup again and either reduce the price or find some other option. Thanks for the well wishes.