HI there. this is my first time to post so im hoping i may get some advise.
i have 2 houses.
one is family home worth 460 (before the recession bit) with 60k still owing on the property.
the other is an old renovation project with potential for developement worth 260k with no mortgage.
sounds great ?? problem is, im flat stony broke. i dont know what to do.
i recently divorced and have to pay my ex his portion of house which is 155e.
i reckon solicitors fees are going to be in the region of 40k (had to purchase the freehold and had to go to court for that as well as the divorce.)
the capital gains tax if i sell the 2nd property is approx 40k and the freehold is 15k.
I have a lot of personal debt trying to keep up with everything on my own.
currently my income is about 25k per year.
i dont know if i should sell the 2nd house, if i do, i reckon ill still owe money and will not gain enough to get me out of debt.
im wondering if i should try to raise money from the bank and renovate the property, maybe even knocking down the old house and building 2 small townhouses?? would it be worth the grief or would i be putting myself deeper in trouble. any advise ? greatly appreciate it if you have. Cheers.
i have 2 houses.
one is family home worth 460 (before the recession bit) with 60k still owing on the property.
the other is an old renovation project with potential for developement worth 260k with no mortgage.
sounds great ?? problem is, im flat stony broke. i dont know what to do.
i recently divorced and have to pay my ex his portion of house which is 155e.
i reckon solicitors fees are going to be in the region of 40k (had to purchase the freehold and had to go to court for that as well as the divorce.)
the capital gains tax if i sell the 2nd property is approx 40k and the freehold is 15k.
I have a lot of personal debt trying to keep up with everything on my own.
currently my income is about 25k per year.
i dont know if i should sell the 2nd house, if i do, i reckon ill still owe money and will not gain enough to get me out of debt.
im wondering if i should try to raise money from the bank and renovate the property, maybe even knocking down the old house and building 2 small townhouses?? would it be worth the grief or would i be putting myself deeper in trouble. any advise ? greatly appreciate it if you have. Cheers.
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