Should we take the plunge??

ooknows

mbga9pgf wrote: »

staying put might be the most sensible option imho. Renting out house = lots of complications.

If you are that keen to sell and are upsizing, why not haggle the property down you are buying and reduce the price of yours by a similar %? Becuase of the upsizing, you wont lose any money this way. By getting 2 mortgages, you run a serious risk of coming a cropper if the tennant moves out or starts defaulting on the rental payments. You also will be waiting a very very long time for real house prices to reach the level they did (and currently, house prices are not even down to the long-term average yet) Last crash took nearly 10 years for prices to recover. Prices in Japan (what will happen here if things get BAD) havent recovered since the 1990s crash.

I personally would be looking to drop the price of my house AS LONG AS I could guarantee a corresponding drop in the hous e i was buying. If you own a house now is not the time to get greedy.

I doubt we would mortgage existing house - would have to work out the maths. But we're not financially dependent on the rental income - just want existing house to be occupied.

At this point, plan would be a mortgage on the new house. Have dropped price on ours already - more than what we could probably negotiate on next house - and it's still not shifting.

I just don't know how long we can put up with 'staying put' for.

Gwhiz

What makes you think the bottom of the market has been reached? I think we still have a good 15-20% to go!

ooknows

Yes I would agree there. Happy to sit it out a bit longer - it's just sitting it out until we sell that makes me feel miserable as I have no control over when that will be

carolt

Join the club.

At least you have a v expensive house and 9K a month to soften the blow.

green_tree_2

ooknows wrote: »

Yes I would agree there. Happy to sit it out a bit longer - it's just sitting it out until we sell that makes me feel miserable as I have no control over when that will be

We are all in the same boat chap! i have come to realise that you just have to be patient otherwise you may well end up in !!!!!! creek

ooknows

green_tree wrote: »

We are all in the same boat chap! i have come to realise that you just have to be patient otherwise you may well end up in !!!!!! creek

I know I know. It's just that my other half keeps saying 'we earn 9k a month - of course we can afford it'. And part of me thinks that's right and we should just buy a new one (as I'm thoroughly miserable where I am), part of me is a bit nervous about it as I'm not used to having a big mortgage and have no other loans.

ooknows

Ha ha!! But seriously, I am not considering this as a way to make money. It is because I am desperate (underlined) to move and make a better home for our family - not to make a quick buck.

geoffky

rd_se3 wrote: »

I was looking round at houses on Saturday (in Surrey, for what it's worth). All 3 estate agents that I spoke to were all surprised/pleased at just how many people they had booked in for viewings.

Maybe people are beginning to take a view on buying again given the lower interest rates. Interesting !

Richard

THEY LIE...

ooknows

geoffky wrote: »

THEY LIE...

Yes, they sure do. My estate agent swears he's selling plenty of houses .. yeah right!

Anyway, I've found a solution to my problem. I'm applying for the job as caretaker of the Whitsunday Islands with a 3 bed house thrown in. Have to take a pay cut but what the hell!!

hethmar

How wonderful that would be.