There aren’t many situations in life quite as stressful as losing your job. Whether you’ve been fired, laid off, or are unemployed for some other reason, the situation is undoubtedly worrying. Sadly, the COVID-19 pandemic has made the situation all too common: many people got fired and left with huge mortgage debt. Here are a few surprising ways that job loss can affect you as a homeowner.
Stress About Bills
Yes, the stress about paying your mortgage when you’re jobless is obvious. But there are still other bills to be paid besides your house payment. Homeowners may not realize how many costs they are faced with until money is short. Payments like electricity, gas, water, lawn care, cleaning services, and the like can be difficult, if not impossible, to afford.
Emotional Impact on Your Family
Job loss can also leave your family affected emotionally. If you previously had two incomes, one partner may now feel more pressure than ever to provide. You and your partner may be forced to cut back on “fun” spending and perhaps essentials as well. Your kids can also be impacted by the increased tensions in the home.
Less Time to Devote to Your Home
This point may seem counterintuitive, but unemployment can leave you with less time than ever before. You may now be spending hours updating your resumé or going to job interviews. Previously, you may have had time to tend to your home and keep it nice and tidy. Your new circumstances, though, may leave these priorities falling to the wayside.
Forced to Put Off Repairs
In the same vein, unemployment could force you to delay repairs to your home. If you’re facing small issues in your home, you may be able to fix them yourself or put them off for a while without consequences. Bigger repairs, however, often call for an expert, which can be quite expensive. If you can’t afford these repairs, you may find your quality of life impacted.
Potential Harm to Your Credit Score
Unfortunately, losing your job can have a negative impact on your credit score. With less (or no) money coming in, you’re likely to turn to credit cards more and more. Increased credit usage or unpaid bills can, in turn, bring your credit score down. A decreased credit score may make it difficult to get approved for future loans.
Added Worries About Unforeseen Circumstances
For those who have a “rainy day” bank account, issues like a flat tire or a sick child don’t have a huge impact on their finances. However, when you’re unemployed, these unforeseen circumstances can leave you scrambling for a solution. The stress of the situation itself on top of your financial worries is enough to derail an entire household.
Your Home May Not Be Right for You Anymore
Stress due to job loss may even provide a whole new perspective on your home. Perhaps you purchased your home because it was near your job. After losing your job, though, you may have no reason to stay in your town. Alternatively, maybe you had a home office set up, and losing your job has left you with more room than you need or can afford.
Job loss can affect you as a homeowner in many ways. To take the worries of a mortgage payment off your shoulders, you might consider selling your home and finding more affordable lodging. InHouse Offer can help. We buy houses in California as is, providing a cash offer within a week or two. If you’re unemployed and need to sell your house fast, working with a cash buyer can be a great solution. Contact InHouse Offer today to learn more.
