Should I (Can I) sell the house

[sarah]

I do not know what to do. I have a 2600 sq ft house on 4.75 acres of land. I owe 89000 on it. It was appraised in January of 2013 for 143000 I then put a 17000 roof on it. The roof is guaranteed for 20 years. I am retiring in 8 years and I do not know what to do with the house. It is way to big for me and my sister. It also needs cosmetic work. It needs new wallpaper in the upstairs bathroom and probably a complete bathroom remodel. Quite frankly the house is draining my finances and I am sick and tired of it. I do not know what to do. I am will afraid to sell the house. Although I am not at all certain why. Any suggestions would be gratefully appreciated.

[TBH]

I think you've answered your own question.

"It is way to big for me and my sister."
"the house is draining my finances"
"I am sick and tired of it."

So far I only hear reasons TO sell the house, not reasons NOT to sell the house. I understand being afraid. But it does sound like selling it would be a big load off your mind. Are you afraid it won't sell for very much? Are you afraid about finding another place to live?

I suggest two things.

1. Find out how much a more reasonable house would cost. If you knew that a house the right size for you and your sister cost $80,000 for example, you could sell this place and buy something smaller and have a very very small mortgage.

2. Ask friends to recommend a real estate agent, and ask the agent to come in and tell you what you think you could get for the house and what it would need in order to sell easily.

[Retired To Win]

Selling the house would net you about $25-$30K. That money could then go towards the downpayment on another house, lowering that mortgage payment even more. Financially, you would be a whole lot better off.

That new roof is a BIG selling point -- but only while it can still be considered new (2-3 years). So list the house now. Don't, however, sink a bunch more money into getting it ready to list. Have a real estate agent give you a listing price on the house as-it-is now before you do any more home improvement. Do repairs only.

(Been there, done that.)

Good luck!