Hi all, wonder if anyone would mind giving me some sage advice..
Partner and I are considering an amicable end to our relationship. We have no kids and both have steady jobs with roughly the same income.
We own a house together which we purchased last year for about 500k and have about 200k equity in (again, we put in about 50/50). We purchased at the peak, and I get the 'impression' that if we sold it now we'd probably have to take about a 60-80k loss (ie, market it for 420-440), to achieve a relatively painfree sale.
Would you accept the loss (so, 30-40k each) and move on, or change the mortgage to interest-only and rent it out (perhaps having to top up) until the market improves?
Obviously noone has a crystal ball, but what would you do if you were in my situation?
Thanks for any and all opinions!
Partner and I are considering an amicable end to our relationship. We have no kids and both have steady jobs with roughly the same income.
We own a house together which we purchased last year for about 500k and have about 200k equity in (again, we put in about 50/50). We purchased at the peak, and I get the 'impression' that if we sold it now we'd probably have to take about a 60-80k loss (ie, market it for 420-440), to achieve a relatively painfree sale.
Would you accept the loss (so, 30-40k each) and move on, or change the mortgage to interest-only and rent it out (perhaps having to top up) until the market improves?
Obviously noone has a crystal ball, but what would you do if you were in my situation?
Thanks for any and all opinions!
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