Need your opinions on whether to sell house or not

[CrazyCactus]

Hello all,

Just to give you a bit of background about me, I'm a 27 year old single male who bought a house back in April 2019 that required a lot of work which I spent about £9k on and now live in (I moved in Dec 2019 4 months before lockdown). I'm lucky enough to have a reasonable salary considering the circumstances and haven't been furloughed and I live on my own, completely independant.

However owning a home completly on my own has been quite stressful and alongside a difficult job I'm finding it possibly a bit too much to the point I've considered selling my house. I think working from home and being quite isolated has had a negative effect on my mental health which might be why I'm having some of these thoughts.

After doing some money math, I've worked out that if I were to sell my house and go in to a flatshare, my living costs would be considerably cheaper (around £300 per month). My closest friends think I should look for another job which aren't plentiful at the the moment in the covid situation and think I'm mad for thinking of selling my house. I don't get on well with parents.

What are your thoughts? Has anyone used sites such as spareroom? Would appreciate your opinions and experiences. Please be nice :)

Could you rent out a room in your house?

Why don't you get a lodger?

I think you'd be mad to give up your house, to be honest. Getting on to the housing ladder is getting harder and harder.

There are more options here.

Rent out your spare room for £300 a month, and then your living costs are £300 less.

Or put your house up for rent, then move into a house share.

Be mindful that if you're working from home, moving into a house share where you're not the landlord isn't always ideal. Other housemates might make noise throughout the day.

I remember my ex lived in a house share and one of the house mates thought nothing of having very loud and animated sex during the day, banging up against the wall, played video games shouting obscenities at the game and played music whenever he felt like it.

I actually considered renting out a bedroom in my house a few years ago. My spare bedroom is tiny so I was prepared to give up my master bedroom and move into the small one myself to help me out financially at a time when I needed it.

I think you are absolutely right that living alone and working from home may be negatively affecting your thinking. Do not make any big decisions right now, it feels to me like lots of people are struggling at the moment, it isn’t the time to turn everything you’ve achieved on its head.

Would you consider a lodger?

I'd get a lodger.

I met one of my best friends ever when I became her lodger after I'd changed jobs and moved to a new town.

She was careful to interview me, take a deposit, ask about my new job etc. It worked well for us till we both moved on, and we stayed friends.

Rent it out or get a lodger. I can't see how selling it is sensible. You might not get back what you invested, you'll lose the stamp duty you paid, solicitors costs etc

Please don't sell your house. You've already made a huge investment (consider stamp duty too) and you may not get the opportunity to buy again.

I can imagine it's hugely isolating being in your 20s and living and possibly working from home alone. But it won't be forever. Have you got friends you can meet in a socially distanced way? Or could you do some volunteering to get you out of the house and meet other people?

If money is a genuine issue, are there other ways you can bring your living costs down? Like switching energy supplier or cutting out on things you don't need?

In any case don't rush into any drastic decisions. It's a big deal to buy a house on your own and it actually gives you some security, so don't give it up easily.

No way don't sell your house you will regret it, it's great to get on the property ladder, you may not be able to afford it again. It's an investment for your future and a good way to make money.
The first 3 years of getting a mortgage are always hard.
Stick with it and get a lodger. X

Hi, you are so so lucky to own your own home at your age please don't sell it. I truly wish my children could own their own homes but in reality don't know if they ever will.

Look at Spare Room, you can choose who you would like to live with you paying rent, and you gain extra money each month.

Keep the house.

Work out what you can do to look after your mental health.

Exercise
Meet with friends for a walk
Phone friends
Get a lodger
Get involved with the community - food bank?
Start a neighbourhood what’s app group by putting notes through peoples doors

Get a pet

Owning a house on your own sometimes feels a relentless task. Nothing gets done unless you do it, you constantly have a "to do" list of jobs hovering over your head, and the weight of responsibility is all yours. That can make your mental health worse and I'd speak to your GP of you think you are suffering because of lockdown.

I have a lodger and I'm lucky enough that their room is large and I have a separate lounge that I keep to myself. But I have had lodgers in a different house where we lived in much more close quarters and even then it worked out ok. I agree with other posters that it's a good option that you are in control of.

Don't sell.

Oh and if you do use spare room you can see who is looking first and contact them. Less stressful than having lots of unsuitable people contact you and you having to say no.

I can see that your house was a lot of stress with repairs going on but now it’s sorted, it’s the time to enjoy it. If you feel you’d like a bit of company in the house, see if a friend want to rent a spare room.

Other than that, it’s best to address mental health issues with therapy and working out what will actually make you feel better. If you’re feeling lonely, try to phone/see friends and family more often etc.

Advertise your spare room for a lodger. Please try and keep the house although I understand you've got a negative feeling about it. Or maybe sell and buy a flat in an apartment block if everyone is friendly?

What's the main source of stress do you think? Is it the cost of living there? Are there jobs that still need doing?

To me having your own place is worth much more than £3600 a year and selling up and going into a house share would be a backward step.

Have you looked at ways of reducing your living costs if that's the biggest issue? I know this might seem counter- intuitive if money is tight, but if there are things you are too knackered and stressed to get around to doing then sometimes paying someone else to do a job gets it done and knocks it off the list of things nagging at you.

Moving into a flat share isn't ideal. You don't have much control over who your housemates are. A lovely one can move out and be replaced by a not-so-lovely one. At your age, people will be looking to settle down with a partner, so you may find yourself sharing with people at a different stage of life to you.

I second the idea of getting a lodger if you can, as it gives you total control over who you share with.

I also think it's a mistake to give up an asset. Houses over the long term tend to appreciate in value, despite short term fluctuations in the market.