Most home sellers use the proceeds from the sale to purchase a new home, but there is another option—you could use the proceeds to pay down your debt.
Selling your home can be a great opportunity to pay off troubling debt.
A few days ago, I met with some clients who were considering selling their home. I usually help people decide which home to buy after they sell. These clients didn’t want to buy a new home; they wanted to rent a smaller place and use the proceeds from the sale to pay off their student loan debt.
It was such a great idea and I was so inspired by our conversation that I wanted to take this opportunity to share the idea with you.
The market in Charleston is very strong right now. If you’ve owned your home here for the last five or six years, it is very likely that you will make a lot of money by selling now.
Rather than buying a new home, it might be wise to rent something smaller for a few months until the market settles a bit. Then, you can use the proceeds from your home sale to consolidate any debt you have. You can use the proceeds to purchase an investment property or to pay off credit cards, student loans, car payments, etc.
If you have any questions about selling or paying down your debts, or you want to ask about finding a new home in Charleston, just give me a call or send me an email. I would be happy to help you!