To sell or not to sell, when it comes to your possessions, is one of the most important decisions you will ever make. But, did you know that there are quite a few money pits that you should sell and buy new? We'll take a look at five money pits below so you can decide for yourself whether or not to sell or buy new.
Car
The first money pit that you should definitely sell is your car. Cars are not as reliable as they used to be, and problems can pop up at any time, which will cost a lot of money if left unrepaired. If the problem really is minor, like having an oil change or tire rotation done, then it's probably worth fixing yourself if you know how to do so (or pay someone else who knows what they're doing). But bigger issues such as engine failure often require expensive parts and extensive labor hours to fix them, even for people who work on cars for a living. So rather than sink more cash into something that may break again soon after this repair job anyway, why not invest that same amount of money into buying a new car? Do your research. There are many sites and dealerships like Edmunds that not only offer options on new and used vehicles but also provide reviews on brands and models.
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Real Estate
The next money pit you should sell is your home. Now, this doesn't mean that you have to move out or anything. Instead, selling simply means getting rid of the house and cashing in on whatever equity you have built up. And if moving is something you're not interested in doing right now, there are other alternatives such as a home equity loan or line of credit. These options can give homeowners access to a lump sum of cash that they can use for whatever they want, such as renovating their current home or buying a new one altogether.
Boats
Number three on the list of money pits to sell is your boat. Boats are another item that often requires expensive repairs, especially if they're not used regularly. And, like cars, boats can also be a massive liability if something goes wrong while you're out on the water. Even worse, boat repairs are often not covered by insurance. So rather than spend hundreds or even thousands of dollars on fixing up your boat, why not use that money to buy a new one that's already in good condition?
RVs
Number four is your RV. Just like boats and cars, RVs require scheduled maintenance to keep them running smoothly. But unlike those other two items, RVs can also be very expensive to purchase in the first place. Not only that, but they tend to lose value quickly once they've been driven off the lot. So if you're thinking about buying an RV, either buy a new one or invest that same amount of money into something else.
Roof
The last money pit to sell is your roof, which can cost thousands of dollars just to install. And because roofs are often ignored until they're already leaking or falling apart, it's very important that you inspect yours for these types of problems before putting the house on the market. If there are major issues like missing shingles or dry rot damage underneath the surface layer of asphalt, then hiring a professional contractor will be mandatory to fix them. Otherwise, buyers may not want anything to do with your home. Sellers often don't know how bad their roof has gotten until after inspection by a professional contractor.
