Should I sell my house to get out of debt?

May 5th, 2015

Country House

Photo credit:  Google Images

This is a question that come up occasionally and the answer is always tailored specifically to the circumstances of the client.  However, there are some basic truths that generally apply here.  First of all, the only time you’ll ever hear me tell someone to sell their house to get out of debt is as an absolute last resort.  If there’s just no other way, then it might be an option.  Another would be if the house is just too expensive and using too much of your income to make the payments.  Then downsizing may be the answer.

Often, the problem isn’t the house in these situations but other things, like credit card debt and car payments.  Giving up your home for a car or credit card debt is not a good plan.  Your home is an asset that will appreciate with time while cars and things depreciate.  You need to get a handle on these side debts whether through financial counselling or by simply being aware and disciplined in your spending.

There is also the emotional aspect of giving up your home.  Being forced to sell your home under financial stress can be an emotionally devastating experience.  I am always willing to discuss your options with you.

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