I inherited my childhood home mortgage-free but it requires substantial repairs. With no income and crises, I’m deciding between renovating with a home equity loan or selling and relocating.
hey, if funds are pretty tight, selling might be less risky. i get its emotional tho, but repair costs can blow up unexpectedly. if you can get solid estimates and secure cash, stick it out; otherwise, selling might save u from future headaches.
Renovations can be appealing if you have a sentimental attachment to the property, but the financial risks should not be underestimated. My own experience taught me that repair expenses can rise significantly beyond initial estimates, making a budget for unexpected issues essential. With little income and uncertain crisis conditions, a thorough cost-benefit analysis is wise. Selling may provide more immediate financial relief and a fresh start without the additional stress of ongoing repairs. It is vital to align this decision with long-term stability and personal circumstances.