Real Estate

Can’t afford your home anymore? Do this

Advice from the BBC

So the British Broadcasting Corp has a website called BBC Capital.

Despite the lofty name, it’s mainly dedicated to personal finances.

But does the advice stack up? Judge for yourself.

Here’s an article that directs homeowners on what to do if their property investment becomes a financial burden.

This isn’t just mortgage advice, rather information on what to do if “the roof starts to leak or the property taxes increase or you lose your job.”

The article Kate Ashford advises:

1. Pinpoint the problem.

2. Determine your timeline. 

3. Talk to your mortgage broker.

4. Leave your retirement alone.

5. Get some objective help.

And if none of these steps work, ditch it.

“If you truly can’t afford your home — or it’s costing so much that you’re in danger of running out of money in retirement or not being able to meet other goals — it’s time to consider selling it and buying something cheaper, or consider renting for a while,” the article states.

Agree, disagree? Tell us about it in the comments below.

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