This is the first of my three major goals for this blog. I know that I am a bit of a stickler for having a “big deal” for debt, but this is where you can find great deals for a budget. It is a goal that is a little bit of a cliché that I think may actually be true. But, when you are looking at a home that is already a high-end residence, there is nowhere to go from here.
I was talking to some friends yesterday about my desire to buy a home. I told them that I would be spending the next year or so renovating, and then sell and buy a new one. They had a few questions, but since I have a large house to sell, I can’t really answer that question. I can, however, give you a little bit of a glimpse at my financial situation.
I was thinking that I might be able to answer that question. I have an account with the bank where I deposit my money. As I am doing the renovations, I will be taking out more from my account to pay the bills, like the mortgage, utility, and credit card payments. I have a few hundred dollars in savings, and I have a couple hundred in credit line.
My house is currently in foreclosure. I have to sell it before I make another purchase. I can do that, but I just can’t get my house to stand up and move on. I have a few hundred dollars in savings, and I don’t have to keep it in a bank for quite a while.
You can save money by selling your house, but you don’t have to. In order to make your house sell faster, you must first take out the mortgage and pay the bills. If you can pay them off in a short amount of time, your house will be on the market quicker. You can also sell your house and make the payments on the other stuff you’re paying off in cash.
In the U.S., the standard rule of thumb is that if you sell your house and you’ve paid off all your debt, you can expect to sell your house for roughly 40% of the current market value. If you’ve paid off your mortgage in full, you can expect to sell your house for 75% of the property’s current market value.
But its not that simple. For one thing, you cannot actually sell your house unless you get a bank loan. Plus, you will also need to sell off your other debt, which means you will have to sell your home. What you are left with is an unsold house. If you are buying your house off the market for less than the current market value, you are stuck with paying more than the current market value.
Why don’t you buy your house? Why not buy your house for the money? That’s the only thing that will help.
Cognos finance has a really cool approach to the problem. If you have $100,000 in credit card debt and can pay off $75,000 in six months using your credit card, you can buy a house for $100,000. You’ll still have to pay up the $100,000 in interest with your bank, but the total debt is now less than $75,000. So you still have $75,000 in debt that you have to pay off.
So, you can either pay your debt off with your credit card, or you can pay it off with your house. If you pay off your debt with your credit card, you have to pay a bit of interest. But if you pay your debt off with your house, you only pay off the interest on the principal.
