Sometimes you just have too much house. We knew someone in this situation. Her children were grown, her husband had retired to his farm outside town, where she spent her weekends. She was spending her weekdays in a 5 bedroom, 4 bathroom suburban monstrosity, with all the mortgage payments and utility bills that went with it. It was so far from the main part of the city that she never got to go to fun restaurants, hear music, or shop at stores that weren’t large chains.
She was using the bedroom, one bathroom, and the kitchen in the big house. Hmm, that is not ideal. It would have been worse if the house payments were a burden. With 20 years of equity, losing that house would have been a shame.
She wanted to fix up the house to sell it for top dollar, but needed to be OUT of it to do that, and really, fixing it up would just have raised the sale price the same amount as the cost of renovation. There had to be a better way.
We were able to help her by buying the house as it was, and helped her find a much smaller, newly renovated residence we just happened to also own, where her bills are much lower and she can use all the proceeds to take care of other pressing needs. It’s much better and less stressful now that she can live within her means! Plus, she is closer to the city center and all the fun.
The suburban house will soon be ready to sell to a nice, large family who wants to live in the suburbs where there are good schools.
PS: In the spirit of full disclosure, I must share that the woman in the story is actually me, your blogger!