That's it! I'm moving

EmilyQ

Morning and happy Saturday! I'm new here and wanted to chat about selling our home and moving into renting. Wondered if anyone else is doing the same?

We bought at the height of the property boom, just before it crashed. If we sold our house now - four years later - we wouldn't gain anything, money wise. And we've only been on an interest-only mortgage anyway as we've had some financial difficulties along the way.

We're in an area we hate. Bought a big nice house and compromised on area. We are just so fed up and want to move to the location we want to be and our plan is to rent, save up like mad (as we now can) and just start living and being where we want to be.

The sensible me says 'stay put!' but my heart reminds me that you only have one life. Besides, if we did this we could both walk to work, walk to our local pub, walk to our friends and families homes. I can't see the market improving for another three to five years.

Is anyone else in the same boat? Houses are selling round here, usually £10k below asking price. But we can cope with that. Would be great to hear if anyone's in a similar position?

nic_santorini

We done the same thing 2 years ago, should have listened to Kirstie Allsop but got suckered into the space, but we hate our location too. We would still make £10k profit, plus money back from our mortgage payments, but we would have to seriously downsize now and that will be a hard hit to take really. I was thinking about using that property online selling agent for one fee of £500, as I believe that the internet is the way forward. I am starting to decorate the property and give it a face lift, will wait for the forest to re-shoot its leaves behind our house and then it hides our neighbouring properties and will pop it on the market and see what happens.

Orpheo

Where do I get one of these "interest free" mortgages?

Orpheo

EmilyQ wrote: »

And we've only been on an interest-free mortgage anyway as we've had some financial difficulties along the way.

Interest only mortgages; the solution to financial difficulties.

:eek:

EmilyQ

hahah! I meant interest only hahaha

EmilyQ

nic_santorini wrote: »

We done the same thing 2 years ago, should have listened to Kirstie Allsop but got suckered into the space, but we hate our location too. We would still make £10k profit, plus money back from our mortgage payments, but we would have to seriously downsize now and that will be a hard hit to take really. I was thinking about using that property online selling agent for one fee of £500, as I believe that the internet is the way forward. I am starting to decorate the property and give it a face lift, will wait for the forest to re-shoot its leaves behind our house and then it hides our neighbouring properties and will pop it on the market and see what happens.

It's all about location! That's for sure. We're doing the same. Currently doing up our house and garden on the cheap and putting on the market in May.

Where do you live? We're in the Midlands and in an area where prices have not moved really. No big drops but we worry that's on the menu.

We've got trees at the back of our garden too. It's a lovely house. Wish I could pick it up and move it to where we want to be.

I'm a bit scared and excited about going back into renting aren't you? It's all so uncertain and like an adventure.

For ages I felt we should stick it out here. But I've had enough. I'm pretty much renting this house anyway as we've never been on a repayment plan. I had big health problems that hampered my career for a while. We're ok now as I'm better but it hasn't half been a tough old time these past few years.

I think living where you want to be is priceless. Ok so we have to go back to renting but as long as we save like mad for a big deposit and keep an eye on the Market we'll be fine

poppy10_2

As you say, you've effectively been renting from the bank anyway over the last three years, you're not going to lose anything by selling up if you can break even

Pinky15

Lol - let me know when you find the interest free mortgage - I could do with one of those:rotfl:!
I am in a similar position but like the area so am quite lucky. We just need more space but again house prices are falling in the smaller houses and seem to be getting higher in the larger houses - doesnt seem to be anything in between.

EmilyQ

Just an update on this thread - which isn't even a week old!! We sold our house today. Got the asking price and everything!

I'm in shock!!!

avenida

EmilyQ wrote: »

Just an update on this thread - which isn't even a week old!! We sold our house today. Got the asking price and everything!

I'm in shock!!!

Emily that is wonderful news!! I hope it all goes through okay for you!

We were going to move to a less desirable area to get more space but my heart just wasnt in it, just have to make do with my wee house!

Good Luck:)

LandyAndy

EmilyQ wrote: »

We're in an area we hate. Bought a big nice house and compromised on area. We are just so fed up and want to move to the location we want to be and our plan is to rent, save up like mad (as we now can) and just start living and being where we want to be.

?

We nearly did this 20 years ago. It would have been a huge mistake when you look at that area now.

Glad to hear you've sold so quickly.