+ Reply to Thread
Results 1 to 6 of 6
  1. #1
    Join Date
    Jul 2010
    Location
    on a sandy beach!
    Posts
    6,417
    Thanks
    337
    Thanked
    2,217
    Reviews
    0
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 postsAmethyst Star - 5,000 posts

    Default Selling your home/restarting

    Has anyone does this before? And regretted it?

    We have had a rough year etc with hubby being unemployed for a long period of time our house is in a great area which is making profit! It's rented out but we have a car loan too. We haven't spoken to a financial advisor yet I guess I'm just over the stress.

    We couldn't consolidate as our house doesn't have enough yet I don't think. Our rent here is $150 more than our mortgage was!!!

  2. #2
    Join Date
    May 2014
    Posts
    2,851
    Thanks
    1,100
    Thanked
    2,640
    Reviews
    0
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 posts
    We had to sell our house and rent for three years due to long term unemployment. I can't say we regret it because we were drowning in debt and we just had to get rid of it. I cried, and cried, and cried the day we moved out. I still feel a bit sad when we drive past it because it represents such a hard time in our lives.
    We have since bought again, but our mortgage is huge, which is what we had to do because it was so hard trying to save for a deposit and pay rent. However, for us, selling got rid of our debt and it wasn't a great time to sell, so we broke even which left us with nothing. We quite literally started from the ground up. It gets me down when I think about it because we were so well set up at a really young age and never thought we'd be in the position we are now. But that's life isn't it? You take the good with the bad. Selling definitely released a lot of stress and allowed us to begin to building our lives again.
    I don't have a crystal ball to see what would have happened had we held on to our house (I suspect we would have had to declare bankrupcy though...things were pretty dire) to see if we could have pulled through and came out on top again, but I do know we did what was right at the time and I have no regrets. I just get a little envious when I see our friends living in much nicer houses than us with much cheaper mortgages because they bought before the market boom, and we had to buy 'in the market boom.'

  3. #3
    Join Date
    Feb 2014
    Posts
    3,242
    Thanks
    323
    Thanked
    980
    Reviews
    13
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 posts
    Quote Originally Posted by monnie24 View Post
    Has anyone does this before? And regretted it?

    We have had a rough year etc with hubby being unemployed for a long period of time our house is in a great area which is making profit! It's rented out but we have a car loan too. We haven't spoken to a financial advisor yet I guess I'm just over the stress.

    We couldn't consolidate as our house doesn't have enough yet I don't think. Our rent here is $150 more than our mortgage was!!!
    Could you move in for the short term? If rent is more and it's an option then it might be worth looking into.

  4. #4
    Join Date
    Jul 2010
    Location
    on a sandy beach!
    Posts
    6,417
    Thanks
    337
    Thanked
    2,217
    Reviews
    0
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 postsAmethyst Star - 5,000 posts
    Quote Originally Posted by maternidade View Post
    Could you move in for the short term? If rent is more and it's an option then it might be worth looking into.
    Our house is in SA we are living in Queensland as we couldn't find any work in SA. So this is where most of our debt has occurred moving interstate, putting our mortgage on hold for nearly 6 months (managed to get that paid off). Our mortgage is so small (180k) I just feel gutted. If we didn't lose our job in SA we would be ok. Bloody jobs 😓

  5. #5
    Join Date
    Jul 2010
    Location
    on a sandy beach!
    Posts
    6,417
    Thanks
    337
    Thanked
    2,217
    Reviews
    0
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 postsAmethyst Star - 5,000 posts
    Quote Originally Posted by Party of Three View Post
    We had to sell our house and rent for three years due to long term unemployment. I can't say we regret it because we were drowning in debt and we just had to get rid of it. I cried, and cried, and cried the day we moved out. I still feel a bit sad when we drive past it because it represents such a hard time in our lives.
    We have since bought again, but our mortgage is huge, which is what we had to do because it was so hard trying to save for a deposit and pay rent. However, for us, selling got rid of our debt and it wasn't a great time to sell, so we broke even which left us with nothing. We quite literally started from the ground up. It gets me down when I think about it because we were so well set up at a really young age and never thought we'd be in the position we are now. But that's life isn't it? You take the good with the bad. Selling definitely released a lot of stress and allowed us to begin to building our lives again.
    I don't have a crystal ball to see what would have happened had we held on to our house (I suspect we would have had to declare bankrupcy though...things were pretty dire) to see if we could have pulled through and came out on top again, but I do know we did what was right at the time and I have no regrets. I just get a little envious when I see our friends living in much nicer houses than us with much cheaper mortgages because they bought before the market boom, and we had to buy 'in the market boom.'
    This is great perspective for me thank you pot.

  6. #6
    Join Date
    May 2014
    Posts
    2,851
    Thanks
    1,100
    Thanked
    2,640
    Reviews
    0
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 posts
    Quote Originally Posted by monnie24 View Post
    This is great perspective for me thank you pot.
    No worries. It's a hard and stressful position to be in


 

Similar Threads

  1. Selling home privately? Has anyone done this?
    By Little Miss Sunshine in forum House & Gardens
    Replies: 4
    Last Post: 12-05-2014, 10:43
  2. Selling and emotions
    By maternidade in forum House & Gardens
    Replies: 0
    Last Post: 24-04-2014, 14:06
  3. Replies: 2
    Last Post: 19-01-2014, 11:06

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
free weekly newsletters | sign up now!
who are these people who write great posts? meet our hubbub authors!
Learn how you can contribute to the hubbub!

reviews
learn how you can become a reviewer!

competitions

forum - chatting now
sales & new stuffsee all
The Little Gym Bella Vista
Get ready for some serious, fun gymnastics! The Little Gym Bella Vista
The world’s premier experiential learning and physical development center for children ages 4 months - 12 years. Create opportunities for your child to try new things and build self-confidence, all with a grin that stretches from ear to ear
featured supporter
Heinz Baby Basics
Our BPA Free range offers you a choice for every stage of your baby’s feeding development. You’ll love our brilliant colours, inspired designs and innovative features. Heinz Baby Basics caters for your baby’s needs!
gotcha
X

Pregnant for the first-time?

Not sure where to start? We can help!

Our Insider Programs for pregnancy first-timers will lead you step-by-step through the 14 Pregnancy Must Dos!