To Sell Up & Save Up or not To Sell Up & Save Up ... ??

Mike_&_Hayley

Hi,

This is my first post, so here goes,

Me & my partner have owned a house for approx 18 months,we have never owned a home before & had to borrow 100%, we have been thinking that it would be a good idea to sell up & move into my mums house, where all we would pay is for gas , electric & food.

If we did do this we stand to make approx £20,000 profit from the house & could between us save approx £38,000 in 2 years as that is what running the house costs us now, that would leave us in a position where we have a £58,000 deposit to put down on a new place, we would only buy if the market remains stable, ie low interest rates, good forecast ect,

What is the general consensus on interest rates at the moment, they are the highest they have been for 5.5 years & another increase is scheduled for May if what the people in the bank I work for are correct, would it be wise to sell up, take the profit, then wait for further rises, just in case, then when prices fall look at buying again ??

any replies are welcome,

youngie

It's not just about money would your relationship sufer if you move in with your mum lack of privacy etc.If hous prices keep rising would you actually gain anything,and just how does your mum feel about it are you sure she would want long term lodgers I think you really need to sit down together all 3 of you and have a long discussion writing down all the pros and cons then have a good think about it,also you don't know how quick you could sell your home and what about storing your furniture lots of things to consider

franklee

Well I did it but rented instead of moving in with mum but I wanted to move anyway and I would not advise anyone else what to do for an issue like this as it's a very personal decision.

(If I ever did move in with Mum for any length of time there would be a murder sooner or later )

But rates are still very low, plenty of upside to come IMO. Leaves room for house prices to go down IMHO.

Mike_&_Hayley

Hi,

We lived with my mum for 8 months before moving into the house we have now, I have spoken with her & she would welcome us back & tbh my mum appreciates that we would be doing it for the safety of our future & potentially her grandkids, so she is fully behind us.

All the furniture will be going into her garage as it is sat empty at the moment, so we wouldnt have any storage fees as such.

ALMAC, Im interested in what you have said, what makes you arrive at those figures ?? Im here to learn to try to make my life easier, so any comments greatly appreciated.

FRANKLEE, what do you mean by plenty of upside? sorry if im being a little dim

Thanks,

Mike_&_Hayley

Hi,

We lived with my mum for 8 months before moving into the house we have now, I have spoken with her & she would welcome us back & tbh my mum appreciates that we would be doing it for the safety of our future & potentially her grandkids, so she is fully behind us.

All the furniture will be going into her garage as it is sat empty at the moment, so we wouldnt have any storage fees as such.

ALMAC, Im interested in what you have said, what makes you arrive at those figures ?? Im here to learn to try to make my life easier, so any comments greatly appreciated.

FRANKLEE, what do you mean by plenty of upside? sorry if im being a little dim

Thanks,

spunkeyrich

Moving back with mum eh? just an observation from experience as an ex estate agent.

one case i dealt with was a couple moving in with mum, in the end they sold the home, the only way they would get info to eachother, living in the same house, was via solicitors letters. Who would have thought it, they seemed so happy at the start when I sold them the house.

I asked what went wrong (being a nosey sort) and the daughter said she didnt realise the difference of thier own little ways of running the home, all the advice at everything she did wasnt welcome, including the comments about private life, getting space, lovin time etc etc.

This made me promise ill never do it although i love me mar dearly.

cheers

rich

Mike_&_Hayley

Hi,

Thanks for that does anyone else have any opinions on the current interest rate changes, does anyone remember 1992 when they went really high, why was that ? could it happen again ? , would house prices fall because of it ?

Last year was a record breaking year for CCJ's & insolvancies after all,

leftieM

I suppose problems may arise because you would be at your mother's indefinitely. You don't know how the market will behave and if it doesn't go the way you hope you could be chez mum for years. Will this fit in with your and your partner's long term plans?
Perhaps during the last stay with your mother you all knew it was short term - I presume you were looking to buy at that point - and maybe that helped it to work.
18 months is a very short time to own a house and 20k is small potatoes in the scheme of things. I personally would take a punt with that kind of money and hold on to the house unless it was unaffordable and I was in danger of not meeting my financial commitments.