We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Should I sell and go into rented to preserve equity?
Ellie279
Posts: 26 Forumite
I bought a shared ownership house 3 years ago, I now have £35000 equity in my half. I love the house and have done a lot of work to it. I can well afford the mortgage and rent, however I am getting married next year and my fiance has moved in with me. We are planning to move in the next few years.
What is everyones opinions on whether we should get out of the market now and take the equity so we are in a better position when our dream house comes up.
What is everyones opinions on whether we should get out of the market now and take the equity so we are in a better position when our dream house comes up.
0
Comments
-
Will you have 35k in equity after selling for a realistic value ?
Do you think houses will continue to fall in value at least until you get married and want to buy a home ?
Will you be abe to get a mortgage at that time ?
The answers you honestly give to these question should guide you in your decision.
To my mind you currently have a home if you sell up now please be sure you will be able to buy again when you need to0 -
My friend and I bought our houses together when they were new. They are identical and are 10 doors away. She sold hers 4 weeks ago for the asking price, but my friend has dropped out. Im just thinking there is a buyer there and would I be missing out on that opportunity to sell now.
We have savings as well so would have a good deposit for our next house0 -
I think if you can sell your house now for the asking price, do it. Prices are only going one way at the min.0
-
I think if you can sell your house now for the asking price, do it. Prices are only going one way at the min.
Up? prices only go up right????
:rotfl: :rotfl: :rotfl: :rotfl: :rotfl:Bankruptcy isn't the worst that can happen to you. The worst that can happen is your forced to live the rest of your life in abject poverty trying to repay the debts.0 -
why line the pocket of a landlord and probably knock a hole in your equity savings when you have a home you can afford?
the market may be a bit slow at the moment but it won't remain that way, it never does.
as a homelessness officer i say stay put, you are very lucky to have a roof over your head, especially one you love and can afford, there are many who would trade places with you in a heart beat!
what's the saying.... act in haste, repent at leisure!0 -
Without seeing the figures I'd say stay where you are.
You can afford it, you love it, your partner's living with you, you're getting married... OK you will lose some of the equity if you stay put, but you'll disrupt your lives at a time when you should be enjoyiing each other.
And what if it put a strain on the relationship such that you split up in 2 years? You'd regret selling the house you loved then.
It's not always about money. It's only about money when there are financial problems and considerations. A few quid in equity just doesn't seem worth it to me versus a happy life and carefree love in a happy love nest.0 -
Aw thats really sweet, thankyou. I guess we could just save money whilst we live here and be in a better position when we do decide to sell.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.5K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.5K Spending & Discounts
- 247.4K Work, Benefits & Business
- 604.3K Mortgages, Homes & Bills
- 178.5K Life & Family
- 261.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards