Should We Sell Our Home?

Should We Sell Our Home?

I’ve mentioned from time to time that we have done a lot of the things to speed up FIRE. Get rid of/avoid debt, have a plan to add more to retirement accounts, and trying to be more frugal.

There are things we could still do like get a side hustle, get a higher paying job, and sell our house. Problem is I haven’t found a good side hustle I would excel at and be able to fit in during my little free time. (I want to make sure I give my wife and kids the attention they deserve.)

I’m happy with my job right now. The seas are cloudy ahead (new project and management keep changing) but for right now I am optimistic. I also want to have my 401k vested before doing anything drastic. No point leaving money on the table.

Which leaves me with the last point, should we sell our home?

There are many things you can do to speed up the retirement date! Should we sell our home? Check out our thoughts.

We have joked about the idea for over a year but I’m starting to wonder if maybe we are a small percent serious. It occasionally comes up in conversation and both Ms. Blue Ribbon and I like to go online and see what the housing market looks like not only in our neighborhood but also close to downtown.

Here is the pros and cons list that I came up with of selling our house.

Pros to stay

  • We love our neighbors
  • We have put in a lot of work in this house to make it a home
  • Have a park less than a block away (with two kids that is invaluable)
  • Decent school district
  • Awesome-tastic commute for Ms. Blue Ribbon (about 5 minutes)
  • Right next to an ice cream shop (perhaps this should be a con to stay?)

Cons to stay

  • We still have lots and lots of work left to do
  • Having to deal with the frustrating neighbors and their annoying cars

Pros to leave

  • Could drastically lower our mortgage
  • Can find a house that fits what we want
  • Move closer to downtown opening up the job opportunities

Cons to leave

  • Finding all the unwelcome surprises in the new house
  • New neighbors may suck
  • Finding new services (medical, dentist, eye doctor, potentially daycare)
  • The โ€œlosingโ€ the memories made at our current home
  • Moving (nuff said)

Math on selling our house

If I use the example house that recently went on the market we would be able to save over $100k in a brokerage account by the time we would pay off our current house. We would also have saved around $30k in interest. In the grand scheme of things that would shave off 1.5 working years. An enticing incentive. Leaving open opportunities we had not thought of before as well.

Is that enough? I don’t know. There is no shortage of known and unknown variables in this problem. One thing is for sure, this is an emotional decision (perhaps that’s why there are so many in the rent for life crowd).

What will we do? Nothing for now. (That house was sold before I finished writing this!) (Seller’s market)

Maybe if the right house comes along or something changes in our world we may have different feelings. Who knows, my editor (Ms. Blue Ribbon) could read this and call our realtor (doubtful).

Have you thought about changing homes to get out of debt or speed up retirement? Do you have a side hustle you want to share?

16 thoughts on “Should We Sell Our Home?

  1. That is quite a question! I think we would not consider moving from our current home unless there was a serious reason or a very compelling argument, but our house/property are a bit of a different scenario ๐Ÿ™‚ Its tough, I see the benefits of moving, but I’m someone who likes to settle in and stay, so I’d have a hard time moving. Good luck!

  2. Since we’re building our home I can’t imagine selling it down the line. But I won’t say ‘never’ – who knows how I’ll feel in ten years? Who knows what opportunities come up that may require relocation?

    I think at the end of the day it’s about doing what’s right for you and your future. Best of luck however you decide!

    1. Ha building a custom house probably has your mind set for at least a while but you never know ๐Ÿ˜‰

      Usually, Ms. Blue Ribbon wishes we built our own house so it was exactly how we want it. Hard to find empty plots in an inner metro area though.

  3. We did a similar approach a few years ago, but with renting. We realized all our money was tied up in our $1,300 rent payment. We moved across town to a less-nice apartment for a $900 rent payment, saving an extra $400 a month. That was huge for us because it helped us pay off debt much more quickly.

    1. Wow! That’s great! I’m sure it’s easier to make moves like that with apartments. I sometimes think of our 2 bed 2 bath apartment we had in the middle of Wisconsin for only $750 a month. Simpler times

  4. We downsized in 2014. Sold a big expensive waterfront place (with a jumbo mortgage) and used the equity to pay cash for a townhouse about 1/2 the size (and 1/3 the cost). Now we’re 100% debt-free, mortgage and all. Not a single regret after this change!

    1. I wish we had bought a duplex instead of a single family. Would have kept our minimalism in check and had someone else pay our mortgage! Too bad we didn’t find Mr Money Mustache two years sooner!

  5. What would Mr. Money Mustache say? ๐Ÿ™‚

    Are you commuting more than 10 miles? Would moving help your commute? Would your wife look for a new job close to the new home? Oh, so many questions!

    My two cents is to figure out the job thing first, then consider moving based on your commute as well as the other things you mentioned. With 2 small children, anything more than a 20-30 minute commute gets to be a nightmare. And it usually just gets worse instead of better.

  6. We daydream about how we are already FI and buy an inexpensive house. We both have new jobs since we bought our house, so we also talk about moving into the city center.

    For now our 15 minute commute isn’t too bad (especially since we carpool). We love having a large garden and backing up to woods and a river. It’s a fun thought experiment/option.

  7. I have a spreadsheet to calculate whether it’s better for us to move or stay put. There’s a lot of assumptions but currently its a wash. Which is a good thing because my wife really does not want to move!
    Good luck with all your decision points!

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