HOLDING ON CAN COST MORE THAN YOU THINK
Been there, done that—tried to hang onto a property after a business flop, thinking I’d “ride it out.” Here’s what actually happened:
- Mortgage was barely manageable, but the real killer was the stuff nobody budgets for: busted water heater, roof leak, property taxes going up. Those surprises add up fast.
- The stress? Next level. It’s hard to focus on getting back on your feet when you’re always worried about the next bill or repair.
- When I finally sold and moved into a rental, yeah, rent wasn’t cheap... but at least I knew exactly what I owed each month. No more guessing games or emergency fixes.
Honestly, sometimes starting fresh is less about money and more about peace of mind. That said, if you’ve got a killer rate or tons of equity, maybe it’s worth crunching the numbers one more time. Just don’t underestimate how much those “hidden” costs can drain you over time.
Totally get where you’re coming from. People always talk about “building equity,” but they never mention the constant repairs and surprise bills that eat away at your savings. I tried to tough it out with my last place, thinking I’d come out ahead, but honestly, the stress and nickel-and-diming just weren’t worth it. Renting isn’t perfect, but at least you know what you’re in for each month. Unless you’re sitting on a ton of equity or have some crazy low mortgage, sometimes cutting your losses is just the smarter move. Peace of mind is underrated.
Honestly, I’ve wrestled with this same issue after my bankruptcy. Everyone kept telling me “you’ll rebuild equity, just hang in there,” but the reality was, every time the water heater or roof went, it wiped out any progress I’d made on my credit or savings. Have you factored in how much those repairs set you back on your credit goals? For me, the unpredictability was the killer. I get that you can’t build equity renting, but sometimes the steady monthly cost gives you more room to actually focus on rebuilding your credit, you know?
Totally get where you’re coming from. I watched a close friend go through something similar—he kept the house after his bankruptcy, thinking it was the “smart” move, but every surprise repair just set him back to square one. It’s wild how those homeownership costs can sneak up and hit your credit recovery harder than you’d expect. Renting isn’t perfect, sure, but sometimes that predictable expense really does make it easier to budget and slowly rebuild. There’s no one-size-fits-all answer, but I wouldn’t underestimate the peace of mind that comes with fewer financial curveballs.
