Hi. I have been on the Simple Living Forums for some time, but only just discovered this site. Love the practical advice I've read so far!
My situation: I have been in my current home for 7 ½ years. My previous position paid well, so I was able to afford the monthly mortgage. I was laid off 16 months ago, and have finally found a position, but at 72% of my previous salary, and a longer commute (35 minutes vs. the previous 10 minutes). I am not at all attached to the house (it’s circa 1950’s ranch, 1656 sq ft, fair condition; not 'under water' but I'll be lucky to break even in a sale), but do have emotional attachment to the large yard, older trees, etc., because my children have enjoyed the space so much. Through very limited spending and some help from the Restoring Stability program for hardest hit areas, the mortgage has remained current :)
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I would like to downsize to continue to live more simply and to get a better handle on my other debt (not from frivolous spending, but major life events – spouse who contributed almost no $$ due to unaddressed mental health issues and very poor money management skills, resultant divorce with court costs, cross-country moves, child with special needs, etc.), and preferably live closer to the new job. I apologize in advance if my kind of dilemma has already been talked and analyzed to death on the forum (feel free to direct me to another thread if that’s the case), but here goes…. My questions:
– Do I buy again (but smaller and significantly less $$), or rent until I have a better handle on the future? (Having 2 school-age kids plus a college kid who drops by on holidays, and 2 dogs make renting a small apartment/condo or living in a tiny house not very practical at this time)
- After 5 years of advocacy and battling the public school system, both of my children (one very academically gifted; one very challenged with mild autism and several co-occurring disorders) finally could get what they need if I stay put, or close to this neighborhood. How do I weigh the important education piece against the cost savings and smaller/simpler lifestyle option?
Appreciate any insight you can provide, including good questions that will help me navigate the decision-making process. I’ve been preparing to put the house on the market for several months (doing repairs, simple upgrades, purging & packing, etc), and yet I haven’t put a ‘stake in the sand’ by putting the ‘for sale’ sign in the yard. I suspect it’s the emotional aspects that are the hardest, and as a single parent, I don’t have a partner with whom I can talk through this and get support. I may just need some encouragement or a good ‘kick’ to move ahead!
Thanks!