Preparedness for when

Frugalsod

COOLTRIKERCHICK wrote: »

so if we are to go by what that guy thinks/reports/assumes because of previous trends etc if I wanted to sell a property.. in the next 3 months would be a wise move???


I appreciate what he has reported is only his calculated views etc.. and they potentially could be wrong, so I am not holding anyone to anything due to his views... lol..


but just wondering if it is wise to sell a property sooner rather than later..as estate agents and the government etc do say property prices are the best they have been in a long time..

Only you can decide. It also depends on the amount of debt or mortgage you have outstanding. If you have a lot of debt and not much equity it might be good to get out before things crash. In the end if you get out ahead it might help. Ultimately until you clear that mortgage you are only renting. The bank could take it off you after many years and in which case all those mortgage payments will be dead money.

If you have only one home and it has no mortgage then even if it fell to a £1 you would still need somewhere to live. It all depends on your personal circumstances and how you feel. If you have a 2nd buy to let home with no mortgage it could be either or. If it does fall in value you would still get an income even if that was also falling. Selling up totally poses its own risks. A bank collapse could swallow up all your house sale proceeds. Also you could have the place empty trying to sell into a falling market.

Remember house prices will fall over time not in one big go. Whereas a bank failure could happen any time and be very sudden. What ever happens you still need a home to live in and if this was your only property it would be better to concentrate on clearing the mortgage so if prices do fall then hopefully at least your mortgage is falling faster.

COOLTRIKERCHICK

we have one property ( Smallholding) we bought outright and slowly doing up, the house we live in, is mortgaged, and no room to manovure due to no/little equity left in it.. was going to put it into auction next month, but too much to clean/clear out lol.. so it was/is on the cards anyway, it not a matter of if, but when... so maybe it is worth doing it sooner rather than later... anyway...




I personally think things will be more turbulent after this election... and the sting is in the tail of all these cut backs, which haven't finished yet..

GreyQueen

COOLTRIKERCHICK wrote: »

we have one property ( Smallholding) we bought outright and slowly doing up, the house we live in, is mortgaged, and no room to manovure due to no/little equity left in it.. was going to put it into auction next month, but too much to clean/clear out lol.. so it was/is on the cards anyway, it not a matter of if, but when... so maybe it is worth doing it sooner rather than later... anyway....

Is the intention that you sell the mortgaged house and live at your smallholding? I'm not sure if the s/h includes living quarters or if it's land and sheds etc only?

I believe that it's reckoned better to sell property in the spring/ summer period as people are more ameniable to looking at it than they are in the depths of winter. And, of course, things show to their best advantage in the nicer weather.

Ultimately, none of us here, although all interested and intelligent observers, has a crystal ball, so anything we might suggest will be a guess.You must follow your instincts and do whatever works out best for you, and hope it comes good. All the best with it.

Mardatha, I came across that John Ruskin quote last week and simply knew it had to be my sigline for a while. Sums up where I'm at, just now. Glad you like it.

COOLTRIKERCHICK

there is a house at the SH, GQ... yes sell the mortgaged house, and have no mortgage, the house at the smallholding will just about have water, and electric lol...
but we do have a very large touring caravan there, and a smaller one lol..


my instinct and something at the back of my mind is saying sell now, this was before I read the article that was posted on here..

GreyQueen

COOLTRIKERCHICK wrote: »

there is a house at the SH, GQ... yes sell the mortgaged house, and have no mortgage, the house at the smallholding will just about have water, and electric lol...
but we do have a very large touring caravan there, and a smaller one lol..


my instinct and something at the back of my mind is saying sell now, this was before I read the article that was posted on here..

Sometimes you feel it in your water, or hear it whispered on the wind, don't you?

If, in the worse case scenario, you had to sell later for less than you could expect to sell for now, how stuffed would your finances be? Could it be as bad as not being able to clear the mortgage with the proceeds from the sale, and therefore having a debt hanging over the next stage of your life?

Perhaps you could run some scenarios as to what would happen if the price you achieved was £5k, £10k, £15k or whatever less than you would expect now, and what that impact would have on your future?

Frugalsod

GreyQueen wrote: »

Sometimes you feel it in your water, or hear it whispered on the wind, don't you?

If, in the worse case scenario, you had to sell later for less than you could expect to sell for now, how stuffed would your finances be? Could it be as bad as not being able to clear the mortgage with the proceeds from the sale, and therefore having a debt hanging over the next stage of your life?

Perhaps you could run some scenarios as to what would happen if the price you achieved was £5k, £10k, £15k or whatever less than you would expect now, and what that impact would have on your future?

If you sold today you may not make a profit and would have selling costs but then you would be debt free. If you had to be foreclosed would the bank come after your small holding for any difference?

If you can live on your small holding adequately then you might be much better off. No debts to worry you and you could cope on a much lower income.

COOLTRIKERCHICK

EditWe could take a little hit on the mortgaged house if it didn't sell for what is owed on it... We were advised as house was in Hubby's sole name to have Sh in my name only..we do have some other debt, but that is manageable, and we are slowlybhacking away at it.. If we stopped work on the Sh it woyldnt take ages to get rid of it... Which we are more likely to do now, as we don't know how or what things will be like after the elections.. As you say GQ you get that feeling in your water things are not going to be right some how... Goungbto try and do some more stockpiling while there is some price wars going on lol

Edit....sorry all the typos on my notepad in the bath lol

Ryanna2599

Does anyone know of any companies that run foraging courses or are there any other ways of gaining this knowledge? I would be scared of poisoning my family, so I'm keen to learn. I'm in awe of those of you who know what is edible when out for a walk. We live nr. Manchester. Thanks Anna x

GreyQueen

Ryanna2599 wrote: »

Does anyone know of any companies that run foraging courses or are there any other ways of gaining this knowledge? I would be scared of poisoning my family, so I'm keen to learn. I'm in awe of those of you who know what is edible when out for a walk. We live nr. Manchester. Thanks Anna x

If you do an internet search under 'bushcraft courses' you can probably find something suitable.

Not that many native plants are actually poisonous, although you should be extremely wary of fungi. Autumn is their main season, and you may be able to find guided mushroom walks then.

A larger proportion of native plants fall into the category of not-actually-poisonous-but-bitter-and-inpalatable.

You could start with baby-steps, as I'm sure you know a dandelion by sight, and there should be chickweed around on cultivated ground which isn't constantly weeded. Borrow or buy a wild plant book and take it with you when you're out and about.

As always, exercise caution and commonsense and, if in doubt, don't eat it.

nuatha

Ryanna2599 wrote: »

Does anyone know of any companies that run foraging courses or are there any other ways of gaining this knowledge? I would be scared of poisoning my family, so I'm keen to learn. I'm in awe of those of you who know what is edible when out for a walk. We live nr. Manchester. Thanks Anna x

In my area there are courses run by a couple of the local woodland organisations (one is a Friends of, the other is part of the National Park) there used to be (and may still be) courses run by the WEA and by the continuing ed dept of one of the local universities.
I've found others on library noticeboards.
Wild food is now officially trendy, I've seen several food blogs either running courses or reporting on courses they've attended, it might be worth looking for a local food blog?
With the exception of fungi, it is fairly safe to use a guide book to identify plants - there's a Collins Gem version of Richard Mabey's Food for Free which many have found useful over the years.
HTH