What should I do 'stuck in a rut' - sort of

Gordon_Rabbit

Hi,
I'm new here, but I do know that no-one here's qualified to give me the answers, so I'd just like to know what your thoughts are.

I've a property worth about 180 in the current climate (others are on at 200 (some even 230, but that's silly!), but I think that's pushing it at the moment)

We can't afford a much bigger mortgage. So I can only buy at 200 as a max.

Numbers aside, my partner and I have often found "ideal" properties, only to ring the agent and be told that they're off the market / sold/ exchanging today.

We're a bit fed up of that happening, my thoughts are to bite the bullet and put our place on the market. That way we'll be in a better position to move IF the ideal place comes up. However, partner is worried that if we don't find the right place, we'll end up in a duff home which we don't like or can't afford to repair.

The reason we're moving is there is more and more knife crime in our area.

What would you do?

saveallmymoney

Well you don't have to take any offers you get if you can't see anything you like out there to buy.

We're going through similar thoughts, but the difference is we will be trading up to a property about double the cost of ours - hence the further things fall the better off we are.

If you're just trading to a house in the same price range, it might be better to wait until the market recovers and there is more choice.

sarah_elton

Alternatively, get a buyer and then if there's nothing perfect around to buy, rent for six months. Prices are unlikely to be going up in that time so there's no rush to buy, and since it can easily take 2-3 months for a house purchase to go through, you can look just a couple of months into your tenancy...

Idiophreak

Gordon_Rabbit wrote: »

The reason we're moving is there is more and more knife crime in our area.

What would you do?

Well, I'd avoid telling potential buyers why you're selling

Gordon_Rabbit

Thanks for your reply.

To be honest we're on a council estate. We want to get off it. The properties around us, not on the estate are normally 50k+ more than ours, we've looked and now some are still over the 250 mark (which also adds the stamp duty) but some (the more run down ones) are around 200K

If we wait (like we've been doing for the last 10 years) we will still have a gap, and the 'equity' (i think that's what I mean) in our home will depreciate, so our equity value will drop and the chances are we wont be able to get our hands on a mortgage based on the revised figures.

I hope that makes sense - we've been in this loop for such a long time now!

MX5huggy

You won't be really able to be taken as a serious buyer unless you property is on the market. Then any offers you make can't really be taken a serious untill you have a buyer. Best get it on the market.

Gordon_Rabbit

Idiophreak wrote: »

Well, I'd avoid telling potential buyers why you're selling

Yes! That's top on the list, I just have to find a 'nice' reason to sell.;)

To be honest we're happy IN our home, it's just where it is.....
I guess that's the same story country wide though

Gordon_Rabbit

sarah_elton wrote: »

Alternatively, get a buyer and then if there's nothing perfect around to buy, rent for six months.

Thanks for replying

I've asked partner several times about this. I think they're worried about the house prices rising (like they were) and we'd lose out. Although things are different now. I'll raise that again.

I'm worried about space. I'd want to rent rock bottom (as I'm going to try and save as much as possible) But we have 3 children, large furniture, and 25 years of possessions - those being things like hobbies and tools, which I don't want to part with because I'd only end up replacing them.

Davesnave

Gordon_Rabbit wrote: »

Thanks for replying

I'm worried about space. I'd want to rent rock bottom (as I'm going to try and save as much as possible) But we have 3 children, large furniture, and 25 years of possessions - those being things like hobbies and tools, which I don't want to part with because I'd only end up replacing them.

Start by researching rentals, the prices of which are generally falling. See what kind of space you can get for your money where you are. I was pleasantly surprised.

Where I am, for the same money, I could have had a massive 6 bedder with a double garage on a main road, a tired four bedder with a huge spare room and big integral garage in a posh road, or a three bedder with brand new decor in a nice, quiet square.

I took the middle option and 30 years of cr*p fitted-in.....just!

None of these was a rock-bottom property, but houses are falling at a rate which makes living here decidedly worthwhile. You will need to do your own sums, of course.

StevieJ

Gordon_Rabbit wrote: »

Thanks for your reply.

To be honest we're on a council estate. We want to get off it. The properties around us, not on the estate are normally 50k+ more than ours, we've looked and now some are still over the 250 mark (which also adds the stamp duty) but some (the more run down ones) are around 200K

If we wait (like we've been doing for the last 10 years) we will still have a gap, and the 'equity' (i think that's what I mean) in our home will depreciate, so our equity value will drop and the chances are we wont be able to get our hands on a mortgage based on the revised figures.

I hope that makes sense - we've been in this loop for such a long time now!

Move Oop North

Gordon_Rabbit

Thanks for your replies. I did look into the rentals around here and they were as expensive, if not more than my mortgage, for the same home as we're in - ish, so I guess although I wont be paying a mortgage, I know I can pay the rent, although IF I find a place I could be doubling up on the rent and mortgage. (But I did say the 'up side' of that was at least we have somewhere to live while the 'dump' is being transformed!)

As for moving up norf. I couldn't, I have too many ties here that I can't leave, I'm a dedicated charity worker, and without me they'd fold.