in bought house less than a year - want to move

lkmc01

Hi

We bought our first house in August last year and I have already seen a better one I want to move into. What should i do?

googler

Assuming you want to sell the current one to buy the next;

Figure out what the current one is worth on the open market
Determine what extra lending you can get for the new one
Determine what spare cash or savings you have to put into the new one.

Add up these figures. Do they come out higher than the purchase price of the new one, with some margins for buying and selling fees, and for the possibility you may not sell at where you want to sell?

If so, go ahead and put the current one on the market.

If not, you can't afford to move.

lkmc01

This is where we are now

http://www.zoopla.co.uk/property/23-rolleston-avenue/maltby/rotherham/s66-8ln/20401363

This is what I would like

http://www.rightmove.co.uk/property-for-sale/property-23286054.html

I dont have a pound in savings.

lkmc01

My dad paid all the house costs when we bought where we are now. We just paid the deposit. We put down 25% (21,250 of 85,000) which is my student loan I saved.

DannyboyMidlands

There will always be a better house than the one you currently live in.

I suggest that you relax where you are for a few years. Moving house every six months is going to get expensive.

lkmc01

DannyboyMidlands wrote: »

There will always be a better house than the one you currently live in.

I suggest that you relax where you are for a few years. Moving house every six months is going to get expensive.

thanks but its 20 grand cheaper and better.

picklepick

Work out how much it would cost you to move and then see if you can afford it. Remember a lot of these will need paying before you get the money for your house so you'll need savings.

Estate agent fees
Solicitors fees/Fees for new purchase, searches etc
Mortgage arrangement/valuation/early repayment fees
Survey
Removals

Also, work out how much your current property is worth and be realistic. Look at recent sale prices in your immediate area.

Werdnal

lkmc01 wrote: »

thanks but its 20 grand cheaper and better.

Only if you get the same selling price now as you bought your place for 12 months ago - unlikely.

Plus taking out the fees, costs of moving etc? Are you also intending to pay your dad back for the money he put down to help you buy the first place?

I would get your current place valued at today's market price, before you get excited! Zoopla is a guide to the LAST selling price only, not what you'd put it on the market for TODAY!

Theres a similar property here:

http://www.rightmove.co.uk/property-for-sale/find.html?searchType=SALE&locationIdentifier=POSTCODE%5E734160&insId=2&radius=0.0&displayPropertyType=&minBedrooms=&maxBedrooms=&minPrice=&maxPrice=&retirement=&partBuyPartRent=&maxDaysSinceAdded=&includeSSTC=true&_includeSSTC=on&sortByPriceDescending=&primaryDisplayPropertyType=&secondaryDisplayPropertyType=&oldDisplayPropertyType=&oldPrimaryDisplayPropertyType=&newHome=&auction=false

Sold STC for £80K, so thats knocked £5K of your starting price already! Plus thats an EoT and they command slightly higher price anyway.

lkmc01

Werdnal wrote: »

Only if you get the same selling price now as you bought your place for 12 months ago - unlikely.

Plus taking out the fees, costs of moving etc? Are you also intending to pay your dad back for the money he put down to help you buy the first place?

I would get your current place valued at today's market price, before you get excited! Zoopla is a guide to the LAST selling price only, not what you'd put it on the market for TODAY!

Theres a similar property here:

http://www.rightmove.co.uk/property-for-sale/find.html?searchType=SALE&locationIdentifier=POSTCODE%5E734160&insId=2&radius=0.0&displayPropertyType=&minBedrooms=&maxBedrooms=&minPrice=&maxPrice=&retirement=&partBuyPartRent=&maxDaysSinceAdded=&includeSSTC=true&_includeSSTC=on&sortByPriceDescending=&primaryDisplayPropertyType=&secondaryDisplayPropertyType=&oldDisplayPropertyType=&oldPrimaryDisplayPropertyType=&newHome=&auction=false

Sold STC for £80K, so thats knocked £5K of your starting price already! Plus thats an EoT and they command slightly higher price anyway.

I wouldnt be paying my dad back, no. I viewed the house you have provided a link to and it needed alot of work done inside all new bathrooms, new kitchen, plastering etc.

We have done quite a lot of work over the past year to the house we bought, sorted out the garden, loft insulation, cavity wall insulation etc.

I'm going to have a viewing tomorrow on the house I have seen although they already have an offer on it. I thought a viewing doesnt hurt does it?

lkmc01

Changed my mind and cancelled the viewing (over email though) as we haven't got any spare money at the moment for any fees at all. I'm trying to pay back 2.5k I borrowed off my son towards the deposit and my graduate overdraft.

londonlydia

To be honest, if you think it looks like a better house there has to be a reason it's 20k cheaper. To me that house looks like it needs a fair bit of work internally, not something that has been looked after, and I suspect the owners know that the survey will throw up something. Either that or there is something wrong with where it is!