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I need advise on handling the following situation. I live on Long Island and
I can't afford to stay in my home anymore due to high property taxes.
I currently pay $12,000 per yr for tax and I have 2 school age children in Private school because the school system here is corrupt and the children aren't learning as they should, so I pay $12,000 on tution yearly. My husband and I can't handle it anymore. We used most of the equity in our home and with the slow selling market I don't know if I'll get much from my house. My salary is not the same due to cut back, instead of laying off, my company has us working 4 days a week instead of 5. My husband owns a business that been slow lately. I need suggestions. I was thinking of re-locating to Delaware where the taxes are very low and the school system is fairly decent but then I'm faced with a large down payment. I need help.
You're facing struggles many of us have from time to time.
My thinking is to do what you have to do. In most people's lives there will be up & down times, economically speaking. The worst thing to do is to pile up debt over the situation. Make the tough decisions now, despite how painful they may be, and don't look back. I've had to sell a house twice and go live in a duplex for 5-7 years. It kept me solvent and kept my credit good. Now, at age 50, I'm finally back in a house and even have a hot tub. Times are so-so, but getting better.
IMO paying 12k a yr in taxes and still having to send the kids to private school is insane! The duplex is not a bad idea. You could also rent a small place for a year or two until you save up money. I dont know how old your kids are but this could also be a good teaching opportunity. Do what you feel is right and dont live "above your means".
I would suggest talking with a real estate agent (or doing the work on your own if you prefer) to get a realistic sale price for your home. Once you have that number, you can more accurately analyze your situation and come up with a plan.
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