After looking at comparable houses on the market in our area it brought us to a place of "whoa, we are not going to sell our house for what we listed it for." Long story short, we are considering a short sale.
A few pros to doing a short sale:
1) Quicker sale of house
2) Better chance to clear debt completely
3) Less consequences than a foreclosure
A few cons of a short sale:
1) Credit loss - which leads to
2) Lack of loan possibilities for about 2 years
3) Affects the value of neighbors homes (but would lower their property taxes)
At this point in the planning stage we are excited to see some available land and need to keep in mind all variables when it comes to a land purchase. It would be wise for us to have a transitional dwelling in order to save up for the right land.
We have written up a couple plans for transitioning comfortably before we build our home. This will help to ease any rush in picking land or having to live in rustic condition with our toddler.
We don't think that "going off grid" means giving up certain necessities of life that we are accustomed to. Certain conveniences may need to be done without for a time, but after the transition we believe we will have a quite comfortable lifestyle to enjoy and be grateful for. Not to mention, completely free of debt! This is the end goal we desire most.
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