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Should I downsize at this time?
paul_b1
Posts: 20 Forumite
Hi,
I wonder if someone could give me any advice. I have a young family and for the last several years my wife and myself have struggled, always living just beyond our means but always keeping repayments. At this point in time we are contemplating whether to downsize to a smaller house and therefore cut down on our mortgage payments.
So, my question is whether this is a good idea given the housing market at the moment. Naturally you would think that the best time to downsize would be when the market is at its peak, rather than at its lowest like it is at the moment.
I wonder if someone could give me any advice. I have a young family and for the last several years my wife and myself have struggled, always living just beyond our means but always keeping repayments. At this point in time we are contemplating whether to downsize to a smaller house and therefore cut down on our mortgage payments.
So, my question is whether this is a good idea given the housing market at the moment. Naturally you would think that the best time to downsize would be when the market is at its peak, rather than at its lowest like it is at the moment.
0
Comments
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Hi,
Naturally you would think that the best time to downsize would be when the market is at its peak, rather than at its lowest like it is at the moment.
Correct.
This is a terrible time to downsize, and would wipe out most of your hard earned gains.
Don't do it unless you really have to. Changing property in a crash only works for upsizers in theory, and even then it's debatable in practice as nicer houses tend to devalue less in percentage terms and more slowly as well.
Better to make cutbacks elsewhere and hold for the mid term gains.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
Downsizing properly reduces energy bills, council tax, hopefully mortgage too.
Do some figures based on what you reckon you could get for yours0
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