Do you think selling your property is better than taking loan? - page 5.

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Quote from: Dr.Bitcoin_Strange on July 21, 2023, 07:52:46 PM

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?

In my personal point of view, I will say that taking loan is not that kind of bad things but there is a terms that is where are you using it?
I don't think taking a loan is bad because if you see most of the big industries or businesses take loans to grow them in the initial stage.
But in terms of your friend, he has taken loan only to fulfill his personal wishes and desires which actually has no good side or out come. In this case, the purpose of taking a loan wasn't good at it all, then how I will tell you what could be better to take a loan or sell his property. I think there is no need to take a loan if there are all these reasons.
However, emergency situations can be of many types, such as people's physical diseases, I have seen many people selling their properties due to this. In this case, I will take it as the main reason for selling their property, maybe they did not have the ability to repay the loan amount, so maybe they sold it, so I would also say their decision is right. But if such an emergency situation comes to me and I have the ability to repay the loan then I will not sell my property.

Sanitough

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Quote from: rat03gopoh on July 21, 2023, 08:44:04 PM

Firstly, washing machine and fridge aren't included in the property.
Electronic goods aren't cashable well enough in an emergency situation, Or if you do have to sell it, it will be priced very low especially by random buyers who are ignorant of your situation. Borrowing is better with the intention that you'll also sell your goods asap to pay off the loan. However, avoiding loans and debt is the average person's top choice.

I’d also prefer borrowing an amount that I know I can easily pay than to sell my electronic appliances and deprive myself from living a comfortable life. Also, selling second hand appliances will only have a depreciating value so I think it’s not worthy after all. However, if you can avoid doing them both and just go for an extra work to gain additional income, then that would be better so you won’t leave yourself paying the consequences of your own action.

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Quote from: mvdheuvel1983 on July 22, 2023, 02:09:08 PM

I'll pick the one that will give me peace of mind after I have used to money to sort out the problem. And that is selling of my property. I can always get it back. Infact it is even better because getting a new one means getting a newer model or a better one than what I sold out. Secondly, I wouldn't be under any pressure to replace it immediately. I can do that at my place. A loan cannot afford me this as I would have sleepless night planning on how to repay the loan to avoid a dent on my credit score. There would too much pressure on me to meet up. And right now what my life needs is calm not chaos.

Selling real estate is not always the right decision. Depending on the economic situation, the price of real estate can start to skyrocket and you can lose a lot of money. A loan, on the other hand, is fixed, so unplanned losses are excluded. Therefore, a loan is better in some cases

mvdheuvel1983

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I'll pick the one that will give me peace of mind after I have used to money to sort out the problem. And that is selling of my property. I can always get it back. Infact it is even better because getting a new one means getting a newer model or a better one than what I sold out. Secondly, I wouldn't be under any pressure to replace it immediately. I can do that at my place. A loan cannot afford me this as I would have sleepless night planning on how to repay the loan to avoid a dent on my credit score. There would too much pressure on me to meet up. And right now what my life needs is calm not chaos.

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Quote from: Dr.Bitcoin_Strange on July 21, 2023, 07:52:46 PM

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?

if choosing between borrowing or selling this is actually a difficult choice, of course it's better if we use our own emergency fund if we have one.
in my opinion it depends on the conditions faced, whether we really need it quickly or if there is a time limit. for sure it is better to avoid applying for high-interest loans.
if it is for a truly emergency situation and we must urgently need money. borrowing money from friends, close relatives or family may be the first thing that comes to our mind.
if we don't have an emergency fund or maybe we don't have enough funds and we are urgently need money to solve the emergency problem, then of course borrowing from friends, close relatives or family is a better choice because we already know the person we are asking to lend money to us and may not charge high interest rates.
in my opinion, selling an item or property that belongs to us is not efficient when we need funds quickly because it will require more difficult time and effort and it is certain that if we rush we will sell it at a very cheap price.

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I don't think selling your property is better than taking a lone. Your property is your asset, this is what you have acquired for yourself, the value of that especially on good properties would always rise.

Also on the other hand most billionaires never sell their property no matter how important the project they have at hand is, they don't even use their own money most of the time, the always prefer taking a loan, it could be from the bank or companies, this has been their financial idea that has always worked for them.

Cryptomultiplier

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I have seen many big men who take a loan if it is available and pay back, rather than sell their property. Many of the times the issues that seem to prompt one to make such decision might simply slide or become better than the way it was presented.

Unless the reason for taking the loan is pressing, a loan request might require collateral incase one fails to payback, while selling a property of same equivalent amount might even make money available for other investment reason.
Taking a loan is how the rich get richer most times, because they have the mindset to take risk and can cover with insurance or collateral.

If I have a property to sell, for a good need, I would. Unless such a property is too valuable to lose, then taking a loan might just be better. Otherwise, I will ask my friends rather than go to the bank.

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Quote from: rachael9385 on July 22, 2023, 12:07:12 AM

Having financial difficulty is a normal thing every persons faces once in a while, everybody have been in that position, although I don't like loans but if by inventualy I am the loaner and I don't have enough money to pay back the loan I will just sale my property to pay the loan, selling to pay loan is more safer, I can take a loan fest thinking that I can pay back but if I can't pay back I will sell to pay. Before some is so desperate about money which means he/she is in a tith Conner.

Financial challenge is something that once happened to a human being and it is a beginning of any person story that is why almost every one experience a financial challenge, I don't want to say much of financial challenge because it's everywhere, selling of properties because of a financial challenge is not a bad idea but the stuff is that can you put the money you realize in your property in place that will give you what you want or needed and establish what that restrict you of having another future challenge.

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It depends on my finance how much money I need. If someone need little money then I think it is better to borrow money but if someone refuses to pay that money then it is not bad if money is available in exchange for some assets which are not much needed. Bank loan is not good but can be taken depending on the needs. There are many who may have assets or furniture which they have no desire to sell and if possible, take a bank loan. Basically, they are eligible to take bank loan who have enough ability to pay back the money.

usekevin

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Selling the assets is not the good option,because once you sell the property.It’s very hard to buy the property again after selling at the same price.If you consider the property like the land,it’s not easy to buy the same land at the selling price.Mostly the reselling price will be 20-30 percentage from the sold price.So it’s the only reason for the people avoid of selling the asset as compared to getting the loan use their asset.Some people use the gold to get the loan as compared to use of asset for the loan.

marcous

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I will look for a loan and make the property as collateral, simple but will give confidence to others to provide a temporary loan when the due date for repayment has arrived. In principle, it is almost the same as what is done by the bank when the customer applies for a loan.

Building connections, maintaining good relationships, and caring for the trust of others will be very helpful if a situation like that happens to us. Return to each other in taking a stand if one day you face such a situation. What is certain is that helping others is kindness and repaying a loan is an obligation.

Nerdy doctor

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Quote from: Dr.Bitcoin_Strange on July 21, 2023, 07:52:46 PM

A friend contacted me yesterday for some loans, which I declined (with some excuses) because I knew he really had no means of fast repayment. After some time, he called again and requested that I buy his refrigerator or his washing machine instead. Although I don't have a washing machine, but I had no interest in buying anything at that moment, so I contacted another of my friend who bought the refrigerator and the washing machine from that guy.

It's not a surprise that sometimes we find ourselves in emergencies that really require some funds to solve the problem at hand. We all know that life treats everyone differently depending on the country, city, or village in which they find themselves. You can't blame anyone or say it's a result of bad budgeting plans or inability to save for emergencies.

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?

  Sounds like a horrid situation to me. It also looked like your friend was really out of options as he decided to sell some of his properties. In some cases, maybe most, property can be considered an investment, but in relation to your story, a used refrigerator and washing machine would definitely lose value from the initial price when it was acquired, so not really an investment.

  In regards to your question of which is a better option; to sell property or take a loan... it all depends, if you're on a steady income and certain you can pay back what's owed in due time, then I'd advice you take a loan. But if the case is the opposite and critical, then I think you can consider selling property if you can handle the discomfort from losing such items.

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Quote from: Dr.Bitcoin_Strange on July 21, 2023, 07:52:46 PM

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?

Selling his property was his last resort since the people he must have asked for a loan all declined in helping him. So since it was a challenge to him, he has decided to get the money he needs with what he has since he will not have to repay anyone. It can be a tough choice to make, but instead of stealing or leaving the challenge unattended to, selling off something you do not need can solve the challenge. Rich people with better properties that are assets like land usually can make sales in time of financial need to sort the problem out. Your friend is doing the same, it is just that in his case, the property he is selling is not an asset, and he will sell it at a price lesser than what he got it because he is in dire need of the money.

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Quote from: Dr.Bitcoin_Strange on July 21, 2023, 07:52:46 PM

It's not a surprise that sometimes we find ourselves in emergencies that really require some funds to solve the problem at hand. We all know that life treats everyone differently depending on the country, city, or village in which they find themselves. You can't blame anyone or say it's a result of bad budgeting plans or inability to save for emergencies.

Health issues require urgency so whether loan or selling your property can be implored because if you are alive then you can achieve more than what you have lost either the loan or property.

In this case now, it is better to use what you have to get what you want but depending on one's capacity because an individual knows their capacity. Selling the refrigerator and washing machine will be at a low price than the current price in the market and taking of loan comes with an interest, this is a dilemma but I think who wears the shoe knows where it pinches because if you go to rebuy those properties, you definitely going to buy them at a price higher than you sold because of inflation. Well, it all depends on the remedy that comes first because to safe a life is very important. It is the living that can own property, a dead person owns no property. Do what you need to do to safe a life.

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Quote from: Dr.Bitcoin_Strange on July 21, 2023, 07:52:46 PM

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?

Firstly I think I would prefer to know if the loan am taking requires an interest, duration of repayment or collateral before the loan will be given to me if it is zero percent interest, long term repayment plan and zero percent collateral then taking a loan will be the best option for me but in the case where I have to pay with interest or the repayment time is short and there is a collateral attached to it, I think putting my property up for sell will be a better option considering the kind of situation am facing at the moment.

Well the two options depends on what is on ground at the moment and the reason why your in need of money, if the reason why you need urgent money is to sort out a business project since at the end you will make profit then going for a loan to execute the project is a better option but of it is a personal stuff or a health issue I think selling off some of your property to get things fixed is the better option.

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Quote from: Dr.Bitcoin_Strange on July 21, 2023, 07:52:46 PM

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?

For me personally, reselling property is a bad habit that can be addictive.

I admit that we do not rule out going through difficult times which demand that we have to make decisions in emergencies for sudden needs. I've been in that situation and I've been through it, but I don't sell things to make money. I am lucky to have friends who are always willing to help when I need help.
I offered bail, but they refused. Maybe it's because I don't often ask for help or they already trust me so when I ask for help they say yes.

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Quote from: Dr.Bitcoin_Strange on July 21, 2023, 07:52:46 PM

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?

Taking a loan to fix a problem is good and I encourage it if only the interest rate is low. This problem could be investing in a business that the individual knows that the profit will be fair. But if the individual has a health challenge or a wants to buy a liability with the loan, I strongly advise against it . My advise would be to sell their personal property. The only issue here is that the price you sold the personal property is not the same price you would get it at when you intend to buy a new one. Whoever finds themselves in this situation and is thinking of what to do should think critically about their options, the pros and cons.

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Quote from: dothebeats on July 22, 2023, 02:58:05 AM

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.

You are correct on this, Probably quite reasonable considering the value of the property itself and the amount of money required. If the option is only short term, the loan is much easier. As for the property, it could provide great value in the future. But the friend the OP is talking about is in a state of having no source of income, so selling goods is better than borrowing and not having sure collateral which ends up in long debt.

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Quote from: Dr.Bitcoin_Strange on July 21, 2023, 07:52:46 PM

~
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?

It all depends on the situation.

The reason why we got a savings account for emergency funds is because of scenarios like this where you need money to buy something or to pay something that's urgent, and was out of your budget. Will I resort to selling my belongings or properties in this case when needed? No for me. I think I'd rather go and take the loan because I think that I can still pay that loan in a few years. The interest is quite high yes, but there's a chance that you will be needing that property that you sold again in the future. I mean if it's that important to you then you will really need it. On the other hand, if you sold some things that you aren't need anyway, and you need money just to pay things then I guess selling is my first option.

Like I said, it all depends on the situation. There are times where you need to take a loan especially if the amount of properties that you want to sell isn't enough to cover those expenses, but on the other hand there are some people who choose to sell things that they don't need just to have money to pay.

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Quote from: Dr.Bitcoin_Strange on July 21, 2023, 07:52:46 PM

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?

Taking the loan is the most convenient way since you can have access on instant liquidity while selling properties will take a lot of time if you need money for emergency purposes. Interest is nothing compared to the time that you will save since interest can be paid while time is irreversible.

You can sell the property afterwards getting the loan if you can’t pay the loan amount using your salary. Selling a property in rush always result to low price which is a bad option compared of paying an interest to a loan.

Topic: Do you think selling your property is better than taking loan? - page 5. (Read 799 times)