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thinking of selling up
Comments
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Melissa177 wrote: »One thing I do think is that if you are looking in exceptionally sought after areas to buy in, it might be sensible to put yourself in a chain-free position in order to make yourself attractive to a vendor. So if you're jumping on an off quickly (ie, 6 months) that might be good. But not for a year, and not more. That said, I don't know what the market in Milton Keynes is like - my London-view may be distorting things.
put it this way its cheaper than london but its way above normal at it stays that way, you cannot buy a new build house here for less than 200k min, also its a 30min train journey to london so its a qucik commute. i am looking at an up and coming area that has jumped in the last 2 years since i last tryied to buy there, my logic is 40k with interest in either 6months or 2 years its better than all prices dropping at some time and me losing my only hope of some money to save for a deposit in the future even if they dropped 20% it would be worth it imo
but in no way will i make this decision lightly , its a gamble but anything house related is0 -
Well, would have appeared to be a reasonable move any time over the last 3 or 4 years - however, we've only recently had confirmation of what some of us guessed, that the Bank of England (or Excess) real remit is to keep interest rates as low as possible to encourage ever-increasing debt.
If they were really tageting inflation, we wouldn't have been 30-50% over for the last year (minimal reaction - inflation will fall back sometime this century). Great way to encourage saving and prevent asset bubbles eh?0 -
well to come back with some sums, we brought our house for 83k , we have 40k ish in equity after various releases in the past, its now valued at between 153 and 155k by 3 agents and we pay £460 pm on interest only on 111k , to remortgage on a repayment fixed is likely to be £670 ,
i can rent a bigger house for around £700 - £750 pm and get it in an area that i plan to move to in the future i may pay slightly more council tax too going from a 2 bed to 3 bed house. this would then leave me after costs around about 39000 to put into savings, my plan would be to then rent for 6 months contract at a time and if the RIGHT house came along use the money as a deposit and costs for moving. if not ride out the rental until it was possible to buy what i want. i really can't believe that prices can keep going up with out coming down. i may be very wrong hence why i posted up on here
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Calculations of the cost of mortgage compared to rental are all well and good, but bear in mind that if you're looking towards the London market, in 6 months' time your chosen property will likely be around £10,000 more expensive than it is today.0
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Calculations of the cost of mortgage compared to rental are all well and good, but bear in mind that if you're looking towards the London market, in 6 months' time your chosen property will likely be around £10,000 more expensive than it is today.
Might be. You have no way of knowing, nor do I, the OP or anybody else.
I sold my crappy flat in Bromley a few years back. For the same money I realised an ambition of living in the Barbican and had a 4 minute commute into work.
I now live in a lovely town in Kent with Mrs Generali and the 2 Generalissimos, still renting. Back of envelope, I reckon that my LL is subsidising me to the tune of £4-500pm, or £5-6k pa. That translates to £9-10k of gross income I'm not having to earn!
Screw HPI, I've got a really nice life and my LL is paying for a good chunk of it. I'll be buying Mrs LL a nice bunch of flowers when I finally move out.0 -
Might be. You have no way of knowing, nor do I, the OP or anybody else.
For goodness sakes. We may all be dead tomorrow. But let's make a reasoned judgement, and plan for business as usual.
Of course no-one can tell the future, but continually stating and re-stating this is pointless and irrelevant. As I've clearly explained elsewhere, despite not having a crystal ball, we can use the evidence to make a highly confident judgement of what conditions are most likely to prevail.
You imply disagreement with my point, so are you advising the OP that it's a wise choice to sell up now, because prices will be more affordable in 6 months? As an intelligent individual you don't believe that, so why be argumentative, when I've already made it clear my assessment is a likelihood, not a certainty?I sold my crappy flat in Bromley a few years back. For the same money I realised an ambition of living in the Barbican and had a 4 minute commute into work.
Screw HPI, I've got a really nice life and my LL is paying for a good chunk of it. I'll be buying Mrs LL a nice bunch of flowers when I finally move out.
This sentiment, of course, I've already agreed with. If you like the lifestyle, then by all means sell to rent. But don't expect prices to be any cheaper when you want back in.0 -
You imply disagreement with my point, so are you advising the OP that it's a wise choice to sell up now, because prices will be more affordable in 6 months? As an intelligent individual you don't believe that, so why be argumentative, when I've already made it clear my assessment is a likelihood, not a certainty?
You said "in 6 months' time your chosen property will likely be around £10,000 more expensive than it is today."
I said you can't be sure. You don't know any more than I do what the future holds. Perhaps the sun will rise in the west tomorrow!This sentiment, of course, I've already agreed with. If you like the lifestyle, then by all means sell to rent. But don't expect prices to be any cheaper when you want back in.
I see my home as a home, not an investment. I believed that the idea that 'you've got to get a foot on the ladder' would lead to misery for me and my family. You seem to think that in your financial situation, things are different.
I wish you long life and happiness.
G0 -
Perhaps the sun will rise in the west tomorrow!
Very well - you put your money on the West, and I'll put mine on the East.I see my home as a home, not an investment. I believed that the idea that 'you've got to get a foot on the ladder' would lead to misery for me and my family. You seem to think that in your financial situation, things are different.
I wish you long life and happiness.
I like your sentiment, and your obvious contentment. Of course, my situation is different from yours, but I have no desire to imply that property ownership is the sole path to security or satisfaction. Just that for some, it does provide the means to enjoy the things they love.
Life is all about the pursuit of happiness. The means we employ to achieve contentment are not so important, as long as they make us happy.
Thank you for your wishes, and I too wish you prosperity and joy.
Regards0 -
part of my plan in life is to have a good base (home) and eventualy to own this home with out debt, inbetween that i need to support my family and provide my family with security, and being very realistic my chances of securing 40k in cash or in an investment are very slim, as i live a normal life without any dodgy dealings or other opertunites to make this kind of money without certain risk.
my plan to own a home for our future is very uncertain so waiting until the day comes to buy at a realistic price rather than just sit on inflated prices which as i see it will come to an end at some point may be a viable option.
i have seen so much growth in a short amount of time it can fall just as quick
im just putting my idea out there to see what others think, i maybe wrong or crazy but 40k from just living is worth having a think about, i'd would have to work nearly 2 years without any spending at all to see that kind of money (which is just not going to happen0
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