Should I sell or not?

Charyork

I have been offered full asking price for my property with a caviate that I complete by 1st Feb - 6 weeks time. The money made on the property would make us debt free - with then 400-500 a month free to start saving.

Should I move into rented accomodation for the next 2-3 years and save for a new deposit or reject offer and wait until I find a new property.

We are in our early 30s and have a 2 year old daughter

PLEASE HELP, and many thanks!

tara747

How much debt do you have?

Charyork

20k which with the profit from the house sale would mean we would be debt free

mlz1413

You put the house on the market to sell it, so I'd go with the sold option.

If you find a house you like by this weekend you could put the same caviate into your offer.

Can you afford another mortgage if the interest rates rise? If no then stay in rented, if yes then look for another place to buy just decide if you want to rent for 6 months + inbetween.

Charyork

Thanks for the advice - really appreciate it

cycloneuk

Sell, buyers are few and far between and you may not find another buyer with the way things are atm.

tara747

mlz1413 wrote: »

You put the house on the market to sell it, so I'd go with the sold option.

If you find a house you like by this weekend you could put the same caviate into your offer.

Can you afford another mortgage if the interest rates rise? If no then stay in rented, if yes then look for another place to buy just decide if you want to rent for 6 months + inbetween.

+1

Being debt free would obviously be a great weight off your shoulders too.

I would sell tbh. House prices are still falling, you can start afresh and save up a deposit and jump back in (if you want) in the future. Good luck.