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Rent or buy?
scottishmoneysaver
Posts: 1 Newbie
I am confused in this crazy market!
I currently own a flat and need to move to a house because of space issues. I have spoken to mortgage advisors and they have given me quotes which seem low to what I would have expected and explained that it will be hard to sell in this market.
So, do I try and sell, with probably a low amount of profit and buy a house?
OR
Do I rent my flat and rent a house and look to sell my flat/buy a house in the future in a more stable market?
Any advice would be great!
I currently own a flat and need to move to a house because of space issues. I have spoken to mortgage advisors and they have given me quotes which seem low to what I would have expected and explained that it will be hard to sell in this market.
So, do I try and sell, with probably a low amount of profit and buy a house?
OR
Do I rent my flat and rent a house and look to sell my flat/buy a house in the future in a more stable market?
Any advice would be great!
0
Comments
-
I'd bite the bullet and stay put. Not a good time to make those kind of decisions0
-
Stay Put Unless You Want To Gamble...and Lose Money..why Would You Want To Be A Landlord?It is nice to see the value of your house going up'' Why ?
Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
If you are planning to upsize the new house will cost more.
If you are planning to downsize your new house will cost more than it should
If you are trying to buy your first house its almost impossible.0 -
How desperate are you for more space?
It will indeed be hard to sell in this market, although it also depends on your local market conditions.
Becoming a landlord isn't something that should be undertaken lightly! Start by doing some research, working out how much you could rent it for, costs involved (changing to BTL mortgage, insurance, letting agent fees etc...). If you decide it all sounds do-able, and you badly want the extra space, then go for it.Should've = Should HAVE (not 'of')
Would've = Would HAVE (not 'of')
No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)0 -
Stay put, save and think about it again in a year.....0
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