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Buy bigger or expand?
Comments
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Terrible time to expand/buy. I would sell off what you have now before it's too late!0
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terrible time to expand? how on earth can you make such a statement, if you're wittering about this 'house price crash' then doing work to your own house is probably best bet in current climate, the cost of an extension is not going to change with a 'crash' is it?0
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Bert - selling up and doing nothing is not an answer!
If more space is needed they would waste money renting a bigger house only to find in two years time when buying again they have "spent" £15k of their "profit". Then if house prices have not dropped significantly (20%+) they will be in a worse position,
especially if prices have risen 10 or 20%.
Even if prices have dropped the interest rates are then likely to be higher to stop a huge price increase so again you are a looser.
The best thing to do in uncertain times is to stay put IMO and expand and consolidate.0 -
Sorry, I didn't actually read the Original post - just the subject header. I'll keep quiet now, I was just trying to get a random warning in! It's only really applicable to first time buyers. First time buyers beware!!0
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yes first time buyers beware, waiting another year for a house price crash could seriously cost you another years rent
(don't know if it's true but one of the sunday papers said that searching on google or something they found the first warnings of this 'imminent' house price crash dated 1997, thats shocking)0 -
Remember, interest on a mortgage is dead money. AND you will be paying back more than the house will be worth.0
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really? why didn't anyone tell me this when I signed up to buy a house?
*goes to sell house*
( you don't work for the companies that put warnings on stuff like "WARNING: This packet of peanuts may contain nuts" etc.?)0 -
Dont really understand how it can entirely be dead money since the more you pay off the more equity you hold in your house, unlike renting where you could just be evicted no matter how much rent you pay...0
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bert wrote:Remember, interest on a mortgage is dead money. AND you will be paying back more than the house will be worth.
It's much more preferable to be paying off your own mortgage than someone else's !0
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