Step 1: Define the decision clearly.
My husband and I have been talking a lot lately about wanting a life free from yard work, pool maintenance and the constant repairs that our house currently requires. In the next few months, we’ll be making the decision on whether or not to sell our house to live a more carefree lifestyle.
Step 2: Consider all the possible choices.
1. Sell our current home and rent/buy a condo
2. Rent out our current home and rent/buy a condo
3. Stay in our current home and hire someone to help out with maintenance
4. Just suck it up and deal with it!
Step 3: Gather all relevant information and evaluate the pros and cons of each possible choice.
Possible choices | Information needed | Pros | Cons |
Sell our current home and rent/buy a condo | Is our house worth the amount left on the loan? Should we hire a realtor to sell our current home or sell it on our own? Do we need a realtor to help us find a condo to rent or buy? | Less maintenance Less stress More harmonious marriage Freedom to travel more More money left over at the end of the month | Having neighbors that share a wall. No yard for the dogs. Possibly losing money in the sale of the house. Losing the tax write-off. |
Rent out our current home and rent/buy a condo | Do we need a property manager? Will the rent cover the mortgage? Do we need a realtor to help us find a condo to rent or buy? Will the new tenants take care of our house? | Less maintenance More harmonious marriage Less stress Freedom to travel more More money left over at the end of the month Being able to write off the interest and other expenses. | Having neighbors that share a wall. No yard for the dogs. Having to deal with tenants possibly ruining your house. |
Stay in our current home and hire someone to help out with maintenance | Can we find someone that is trustworthy and takes pride in their work? Will we be able to afford the help? Should we enlist the help just for the spring and summer when the most maintenance is needed? | Less stress More harmonious marriage No packing More time for having fun on the weekends Being able to write off the interest. | Less money at the end of the month |
Just suck it up and deal with it! | No packing. Pride of ownership. Being able to write off the interest. | Continued stress Continued bickering between myself and husband about responsibilities. Dealing with the constant upkeep of the house. |
Step 4: Select the choice that seems to best meet the needs of the situation.
In doing this exercise, I believe that the best choice would be to stay in our current home and hire someone to help out with the maintenance. Even though we would have less money at the end of the month, by hiring someone to help out for the spring and summer would allow us more time on the weekends to have some well-deserved fun instead of constantly doing housework.
Step 5: Implement a plan of action and then monitor the results, making necessary adjustments.
· Determine how much we can afford to pay someone to help us out
· Determine how much help is actually needed in order to free up some of our time
· Find a reputable trustworthy person to fill the position
· Enjoy the free time!
Hey Jennifer!
ReplyDeleteYeah, these decisions are always tough. One thing I thought about that you may have thought about, but I didn't see it in your post, would you be able to find a good sized condo at a reasonable price that would accomodate all of the things you currently have. Maybe you don't have as much stuff stored around your house as I do, but I think we'd have a hard time fitting in a condo! I think you did a good job on this though!