To Sell My Home or Not To Sell?
Hello,
I'm in a pickle... I am a divorced father who hasn't seen his twin four year old boys for a year after their mother took them to live with her parents in Pennsylvania. That's a whole other story, so I'll spare you the details, but in short, I am starting my own business in order to get the money to pay a lawyer to fight for the right of me and my babies to be with each other. I still own the home I purchased when I was married, and let me tell you, it is PERFECT! It is one block from one of the most historically iconic main streets in Texas, Grapevine. It is also in the "Historical District." I am waiting on it's historical plaque from the city, and it is a reconstruction.
The city has undergone a resurgence, basically, people are knocking down all those OLD homes, historical homes, and rebuilding them within the regulations such that are still considered "historical homes," and are eligible for their own historical plaques. What this means is that the exterior and interiors are redone such that they have certain aspects that are modern, i.e. the tile, new wood floors, new cabinets, etc. However, they are all in the style of the 1920's and 40's. This is happening for most all homes in the neighborhood. Not to mention, it is in a PRIME location in DFW, and the city is known for festivals, wineries, parks, and a massive lake we live about 1 mile from.
I LOVE THIS HOME, and I bought it for my babies, but they are no longer with me, and I have some debt, but expect to pay it all off once my business gets going. Moreover, the home has rough valuations from the city and Zillow/Trulia at around $225,000 to $240,000! I bought the home for $185,000! With 4.00% APR, under 4 interest rate, like 3.85%. It is a VA loan, thus I didn't have to put a down payment down which is why I could afford it.
My question is, since the market in that neighborhood is so HOT right now, to the point just about all the homes have been redone and some are new constructions fit into lots within the neighborhood, should I sell the home and take the equity, or should I get a home equity loan? I HAVE NO IDEA what to do? Please, any advice would be greatly appreciated. Also, there are some issues with the settling bc the area is set on soil that is rather loose. The whole neighborhood has it, and I'm sure my home owners insurance would cover it when I go to fix it, which I'll end up doing whether or not I sell the home...
Thanks in advance!
Respectfully,
Daniel Stratton