Do you want to get away and see the world? Are you desperate for sun, sea, sand, and adventure? Lots of homeowners are, yet are tied into a mortgage. Damn you, responsibilities! The idea of going abroad while you have a loan to pay off isn’t appealing whatsoever. So, the majority of homeowners who are in the red put it off until they are older and mortgage-free. But, this isn’t the only option. If you’re looking to get away ASAP, there are ways to see the world and cover the costs of owning a house.
To find out more, take a look at the following.
Home Equity Loan
One way to cover the costs while you are away is with a loan. Of course, not every agreement with a bank is suitable due to the differing terms. Usually, though, a line of equity credit is a viable option. The way it works is that the homeowner uses the positive equity in the house to pay back the mortgage. Although it results in more debt, there are benefits. Experts like homeequitylineof.credit point out that the repayments are small if you choose correctly. Also, it’s a good debt to have because the equity might increase again. More importantly, it’s a quick and significant sum of money.
Roger The Lodger
If the idea of getting into debt doesn’t appeal, there are alternatives. The best one is to find a person to rent the house while you are away. Then, their rent will cover the cost of the mortgage and there is no reason to fall behind. Plus, they can cover the overhead expenses as they are the ones living in the house. Yes, you might have to pay tax, but it won’t be a significant amount. Just be wary of the applicants. No one wants to go away and come back to a squat.
It is possible to reduce the costs of owning a home to the bare minimum. Barring the mortgage, the rest of the expenses are easy to overcome. The key is to turn off anything which isn’t essential. For example, there is no reason to use electricity, so all the appliances should get switched off. And, make sure you do it at the socket and take out the plug to break the circuit. Also, turn down the heating to save on gas. A word of warning: don’t switch the heating off completely. During the winter the pipes can freeze and burst.
Sell Up
For those of you whose life dream it is to travel, there is no better option. Owning a house is great, but it isn’t what makes you happy. What makes you happy is catching a flight to exotic destinations and soaking up the culture. With a mortgage to pay for, it is a difficult prospect. However, by selling it, you wash your hands of the payments and responsibilities. Oh, and don’t forget the cash that will burn a hole in your pocket.
Now you know the options, the decision is yours to make.
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