Better to pay off existing home, or use monies to upgrade/sell?

[mrblotto]

Pretty much as the title states.

I created a thread a long time ago about selling our business. Well, lo and behold, it may have happened!

We still have to wait until 'due diligence' is done, but the wife wants to use the proceeds to pay off the existing 'mortage' at the business, then use some (or all?) of the rest to upgrade our existing home, get it ready for sale, and move to another county where the taxes aren't stoopid expensive (relatively speaking). It's a sellers market in my area right now, so the time would be right to sell, but my uneasiness remains.

I'm a bit concerned. I would rather have the house paid off. If I were to lose my job (unlikely, but regardless) I wouldn't be stressing over a mortgage payment every month.

What say you ATH&G?

 

[NutBucket]

Wait, you want to remodel and then sell? Unless the place is a dump don't bother unless we're talking about cheap cosmetic things. Sell it and move on.

 

[pmo]

You generally don't make your money back on upgrades, so I would lean towards selling as is.

 

[mrblotto]

Good advice. Thank you

We're leaning towards just doing little/cosmetic things now.

 

[NutBucket]

The best thing you can do is stage it properly. Either have it empty or with a minimum of furniture/stuff. Cluttered just makes the place seem small.