Sell Your House To Start Over Debt-Free
Are you thinking about selling your house to pay off debt? There is nothing to feel guilty about; you won’t be the first. Although you may be working hard to earn enough money, it might take a while to pay off your debt, especially while you continue to pay your monthly bills and other expenses. Selling your house might be your way to catch a breath and will give you time to save more money than you would have otherwise.
There are many reasons why selling your home to pay off debt is not a bad idea. Here are some reasons you should sell your home and how you can sell it quickly.
When Is It a Good Idea?
Two main reasons why selling your home is a good idea revolve around starting over debt-free. Whether it’s due to a high mortgage or a relocation, both reasons call for a home sale that can alleviate your current financial situation.
Mortgage Payments Are Too High
If your mortgage payments are consuming most of your paycheck, there’s not much to pay towards debt. Professionals recommend that your mortgage payments should never exceed 25% of your monthly paycheck. If more than that gets consumed by a mortgage, cutting your housing expenses or downsizing your home completely is the only way to move forward.
You’re Moving And Need To Sell
Another reason you might want to sell your home to pay off debt is that you’re moving away, and your current mortgage is holding you back. With all that debt, you won’t be able to start over in a new place with another house. When you sell your current home, you can buy a smaller one to reduce expenses and reduce debt with what’s left of the money.
How To Sell Your House Fast
If you’re ready to sell your house and get rid of as much of your debt as possible, here are some ways you can get started to sell your house. The way you decide to use it will greatly depend on how much time you have and whether you accept your buyer’s offer. It is recommended that you opt for alternatives that don’t make you spend extra money, as this is something you aren’t likely to afford.
Work With a Realtor
The most basic way to sell a home is with the help of a professional realtor. This traditional way works if you have enough time and the money to spend on fees, commissions, and repairs.
However, if you are dealing with debt, the more time you wait, the more difficult your financial situation may become, and commissions and fees add up. Depending on how serious your situation is, you will or will not work with a realtor.
Another way you can sell your house is by doing it online. Many websites allow you to list your home and upload pictures and descriptions for potential buyers to look at.
With this option, you won’t have to worry about commissions, but being on your own can be risky. It would be best if you found someone with experience to guide you through this process.
With this option, time is uncertain, but depending on your price and how you market the house, you might be able to close quicker than with a realtor, but you’re on your own. You will also have to do all the necessary paperwork and check if your buyers can afford the house and get the payment to you on time.
Sell To a Homebuyer
With this option, you won’t have to worry about spending a penny, and professionals will guide you. Home buying companies don’t charge any fees, commissions, and they take care of all closing costs. They are known to make fair all-cash offers.
You can close in as little as 7 days with most professional home buying companies. This is a way to sell your house fast and start paying off your debt.
Bogino Properties: Sell Your House Fast in Atlanta
At Bogino Properties, we will buy your house, and you won’t have to worry about any payments or fees. We understand that you’re in a complex financial situation, and we want to help you in the fastest way possible so you can continue about your life debt-free. Give us a call if you have any questions. Our process is simple, and you’ll have cash in your hands.