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Author Topic: Do you think selling your property is better than taking loan?  (Read 712 times)
dothebeats
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July 22, 2023, 07:58:05 AM
 #21

It depends on what kind of specific property you are referring to. Moreover, it depends on how badly you need the money. If it's just a small amount then I'll most likely go for loans since properties such as lands can go higher as time passes. However, if you really need a big sum of money then go for selling property.
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July 22, 2023, 08:00:56 AM
 #22

And which of them is a better option, to sell property or to take a loan?


If in that situation, I need to see what property it is, if it is rarely used and not required, I will sell it. And if it is a great value property such as a house, car, gold, silver, etc., I will consider borrowing money to solve the problem rather than selling my property. For me, selling assets will be considered a last resort when there is no other option, because I think selling is easy but buying back is extremely difficult, especially for valuable and scarce assets.

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July 22, 2023, 09:05:49 AM
 #23

From the OP's story I think it's not difficult to come across similar situations in my life, I also went through very difficult times when I really didn't have money to spend, and there were times when I struggled with various jobs but still decided to take out a loan with a high interest rate, despite anticipating the risks but really in that case I couldn't have made a better choice. So sometimes life is not always smooth for us to go easily, selling things you can sell or taking out loans are all options to deal with at that time, there is no winning or losing here because inherently such situations we can't anticipate.









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July 22, 2023, 10:03:25 AM
 #24

Properties are big investment on their own but I choose Bitcoin over them, if you have to sell the property to buy Bitcoin make sure you have many properties, that's when the risk will make sense.

I don't like loans because it's not mine, using someone else's money to invest is a big turnoff for me because my mind will always be there that it's a loan, but selling property is much better than taking a loan, at least you are your rightful owner, whatever happens is still yours, and you will not have to run around trying to settle a debt.

Using what's yours to take risks is better than using what belong to someone else.

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July 22, 2023, 10:14:27 AM
 #25

I'd rather take a loan option than sell my property. In fact, many people take loans to start a business and succeed but some had failed also. That is why it is important that we know where to spend the money taking the loan and must have good reason, not for pleasure or else, that is the reason to be in a worse situation that we don't expect to happen. We don't have to be afraid of taking a loan if that is the only best option to consider because as long as we can pay it out, there is no problem with that.
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July 22, 2023, 10:20:29 AM
 #26

If someone is in a truly desperate need of money for covering basic needs or dealing with a serious emergency, selling things which a person can temporarily live without can be a simple solution, and a better one than taking a loan, in my opinion, because this way you don't owe anything. But it's also very important to work on a midterm if not long-term plan toward a more stable financial situation that wouldn't require selling pretty essential appliances just to get by.
If I were in that position, I would sell property instead of taking a loan.

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July 22, 2023, 10:33:28 AM
 #27

From the OP's story I think it's not difficult to come across similar situations in my life, I also went through very difficult times when I really didn't have money to spend, and there were times when I struggled with various jobs but still decided to take out a loan with a high interest rate, despite anticipating the risks but really in that case I couldn't have made a better choice. So sometimes life is not always smooth for us to go easily, selling things you can sell or taking out loans are all options to deal with at that time, there is no winning or losing here because inherently such situations we can't anticipate.

Life is like that, inherently not easy and everyone will have different circumstances, so we cannot give advice to anyone because we are not in their situation. For me, when we are in a difficult situation, everyone will have a choice, and depending on the case, there will be a choice to sell assets or take out loans. In my opinion, any choice is fine as long as we find it suitable and least harmful to us, then it is the right choice.

I was in a similar situation where my small business went bankrupt, and I chose to take out a loan because I could pay off those debts without even thinking about selling my assets.

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July 22, 2023, 10:41:02 AM
 #28

It depends on what kind of specific property you are referring to.
Based on his example and story, the property that he's talking about are the appliances and not the land properties that we used to believe it is what's being referred to when it's mentioned.

Moreover, it depends on how badly you need the money. If it's just a small amount then I'll most likely go for loans since properties such as lands can go higher as time passes. However, if you really need a big sum of money then go for selling property.
I'll do the same loans if I need a very small amount and that's like to cover for some bills that I need to pay when payday isn't around yet. But I'll refrain to take a huge loan because it also means a huge interest. I don't want to see the bank earn a lot from me while me working my ass off for several hours then they'll go easy with this business.

I was in a similar situation where my small business went bankrupt, and I chose to take out a loan because I could pay off those debts without even thinking about selling my assets.
It really differs as per situation. If I have a business and then it's on the verge of getting bankrupt, to take a loan is the first thing that I'll do in order to save it. But then, there are also other options like giving it up or looking for a co-owner to save it and have it financed by them.

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July 22, 2023, 10:42:00 AM
 #29

I have done this in the past and it makes sense why you took the decision not to give away money to your friend. With my experience I would do the same. I have two friends from whom I need to recover my money that I lend them interest free because they were my friends. They promised me to give that money back within six months period of time. Guess what is happening right now? It’s been more than a year I am still chasing my money. From this you can imagine easily how hard it is to trust on someone’s word.

This is bad in two ways, first you lose your money and second you lose your friends due to financial clashes. It’s better to keep away such transactions. Just kee it limited to well “friendship”.
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July 22, 2023, 11:26:14 AM
 #30

Going through a bad financial situation to this degree should be a lesson for the future to avoid being in similar situations. If you had a financial crisis without an emergency situation (accident, fire, tsunami, war), then you must rethink your job and your spending rate, as there is something wrong.
You have to learn that debt is the last thing for you, because if you are used to taking debts, when you have a real problem, you need someone to lend you money, you will not find that person.
If I go through such a situation, I will choose to sell things that are dear to me, or even things in the house. In the end, I cling to things, and if I lose them, it will be a lesson, not because I pay attention financially. I pray that your friend solves his problem.

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July 22, 2023, 11:41:35 AM
 #31

That depends on what kind of properties you intend to sell, if it's cars and things that you will love that you know you can get right away, it can be possible.But if it's about houses and land, it's better to just borrow from banks.

But if you really need a large amount of money, there is nothing you can do but sacrifice the properties you own rather than take out a large loan and find it difficult to pay it off.

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July 22, 2023, 11:56:47 AM
 #32

It's called sacrifices, but for me, it I can sell anything, including my properties, then I would do it instead of taking a loan from a bank or from individual. I know it's tough decision to do that, but if you look at the long term effect then it could be good for you, in my opinion.

Although I haven't been in this kind of situation before, and the biggest properties that I sold is my car because that time I needed money and so I decided to offload it for a good price and I just think that I can buy a new one in the future which I did.

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hyudien
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July 22, 2023, 12:03:39 PM
 #33

I just decided to put this up here to see what you guys think about it. If you are in a situation that requires some funds immediately, would you go for a loan or would you sell one of your properties to solve the problem? And which of them is a better option, to sell property or to take a loan?
To be honest, I'm not used to selling existing property at home, especially if it's property needed to complete the job. As for your story, I think your friend did the right thing where he sold a washing machine because clothes can be washed manually. When the property has other functions that can still be utilized, of course it is not an obstacle so that your friend can get money instead of having to borrow.

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July 22, 2023, 12:05:03 PM
 #34

If you are in a situation that requires some funds immediately, would you go for a loan or would you sell one of your properties to solve the problem? And which of them is a better option, to sell property or to take a loan?
Need some funds immediately, why do you need it instantly?

We should have plans in our life and with your question, I think two options are bad and they are the same. Selling your properties is painful. Taking loan is risky.

If you have no choice than selling your property, you should do it rather than take a loan because with a loan, you will have to pay loan interest and if you need to use a collateral for your loan, when you are unable to pay, your property (collateral) will be liquidated.
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July 22, 2023, 02:16:49 PM
 #35

Taking a loan is never a good decision. It is better to sell your property than to take a loan, because if you can sell your property, then when you have money, you can buy the property again, but if the loan is not returned on time, you may have to face various problems with the loan. Even so, if you take a loan from the bank, you have to keep your property closed, so it is better to sell your property to meet your needs than to mortgage your property to the bank. If the amount of property can be sold, you will never have the pressure of paying off the loan and when the money is available, you can buy the property again with ease. I don't like taking on debt myself it seems like a burden. And I've seen many good relationships ruined by money so take out debt if you can't afford it, no need to borrow if you can afford it.

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July 22, 2023, 02:41:33 PM
 #36

If it can't really be help, I'd rather to borrow money from a friend that is willing to lend me money without paying any interest. Selling properties is not a good idea, especially if you need it in your everyday lives, especially if it's land properties.

Because when you sold your properties, you will have a hard time to buy that back or to have a new one with the same price and area, while borrowing money without any interest is much easier to pay if you have a plan on how you will make your properties gives you money, like raising livestock and selling them, a poultry, etc.
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July 22, 2023, 02:56:12 PM
 #37


I just decided to put this up here to see what you guys think about it. If you are in a situation that requires some funds immediately, would you go for a loan or would you sell one of your properties to solve the problem? And which of them is a better option, to sell property or to take a loan?
The purpose of obtaining the loan will determine if to necessarily sell some of my properties, if the situation is very urgent then there is the need to sell some of my properties I will do so, selling of refrigerator or washing machine are equipment or gadget to solve the immediate problem is a welcome idea because those gadgets can be repurchased after the situation is brought to normal, however selling of houses or landed properties is not advisable because those assets do appreciate in values with time thus it's better to find other alternative properties to sell rather than those mentioned.

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July 22, 2023, 03:10:21 PM
 #38

...I just decided to put this up here to see what you guys think about it. If you are in a situation that requires some funds immediately, would you go for a loan or would you sell one of your properties to solve the problem? And which of them is a better option, to sell property or to take a loan?

Some of us have already been in that situation and done exactly that... It's what everyone does basically, we call a friend (friends) and we would try to borrow money without interest, then the bank and higher interest, and if that doesn't cover the problem that has arisen, then something has to be sold... usually much cheaper because we need money quickly.

In the last 8+ years, I had many "fucked up situations", marriage, kids, a new house, renovating, and zillion obligations... In the beginning, I didn't want to borrow money, so I sold a lot of coins (different ones) at very cheap prices. Now I guess it would be better if I took a one huge cash loan and kept coins, but who knew!? Smiley Now I rather keep coins and I try to take some loan somewhere, it will be repaid one way or another, but selling some coins is one of the last options.

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July 22, 2023, 03:49:35 PM
 #39

That is actually depends on the situation of the a person. Well taking a loan is an alternate option but maybe we could think that the person doesn't have a stable job to take a loan that might worsen his situation since he can't pay in time. While for the selling some properties you have, you could sell some items that you don't need to use already or you can live in long term without it for example television. I just think that selling some properties in case of emergency is much better if you are unemployed. Because if you have a job taking a loan is the first option as you have salary to pay your debt. But if it's for investment? It's a big NO! Never put money that you would be needing soon to a risky and complicated system such as crypto.

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July 22, 2023, 03:54:30 PM
 #40

Your friend did the right thing on second thought by selling his property. You can't have a disposable property and wait to suffer in abject poverty. However, I hope your friend didn't sell for some frivolous stuff. I won't sell my property for anything other than emergency or investment. If your friend sold so he could feed himself, he will still sell again to continue feeding. That shouldn't be a cogent reason.

On the other hand, it's a thing with me anyway, I never can bring myself to accept buying a friend's property off them when I know they're selling just to raise cash to make ends meet. If they're disposing the property to create more room in their space or replacing such with modern ones, I can buy. If they're disposing them because they want to move over to a different country I can buy. Other than that, I won't. But I can raise them some cash even if it's not all they're asking for as loan (which I won't be keen on asking them to refund me thereafter.) What are friends for.

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