HELP! Should we stay or should we go?

Simon_Legg

My wife & I recently considered putting our house on the market. We’ve lived in the current house for over 5 years and now fancy a change of location.
I mentioned this to a friend who works in local government who (through his work) is quite knowledgeable on property around the Newport South Wales area. He’s advised us to stay put, as the area we live is adjacent to the Celtic Manor Resort which is hosting the 2010 Ryder Cup!
He and two of his colleagues predict that this will sky rocket the prices of houses in the immediate area. In particular, our location and another neighbouring area.
They’re so confident, that they’re already investing in exec. level properties in both areas, which they plan to rent out now and sell later.
Our dilemma is; whilst our friend has a track record of making money from property (and thus some credibility) I have a gut feel that he and his colleagues are wrong in this case. I can understand that key development and investment in an area can increase property prices, but what we’re talking about here is a single sporting event, and I cannot believe that a glorified golfing weekend for the rich and famous could increase the value of property that much! Not to mention that the prospect of hanging around in Langstone for another 3 years after we’re already geared up to leave is not the most desirable choice for us.
That said, I have to admit, if I saw my old house for sale at a stupid price in 3 years time, I’d be somewhat peeved to say the least. So before I dial the estate agents number in front of me, I’d appreciate any opinion or perspective on this!? Surely a simple golfing event can’t carry this much weight?

phlash

Its like going for the green instead of laying up infront of the bunkers and yellow staked water hazard. You could be a hero and go for it with a possible reward of getting a birdie, but it could cost you a bogey, possibly a double bogey. Most golfers I play with who do well consistently, do it by laying up, the eratic ones tend to go for it, sometimes they birdie sometimes they plop!

Another repeat!

wecanhelpu

stay..........

silvercar

stay and you might be able to rent your house out for the duration of the ryder cup.

can't see the cup bringing any other benefit. could be worth booking rooms at the celtic manor to sell on nearer the time though!

ono_no_komachi

Simon_Legg wrote: »

Surely a simple golfing event can’t carry this much weight?

As I understand it, there are going to be additional improvements to the surrounding road networks, etc. (maybe better public transport also) which may make the area generally more attractive to buyers. Plus I guess there will be investment in local retail, restaurants and other amenities. So presumably a greater knock-on effect than one might immediately think for a one-off sporting event. I think there are some events in the 2012 Olympics planned for venues in Newport also.

Having said all that, what would 3 years, in a place you like better, be worth to you in monetary terms? Myself and partner were recently looking at properties in Langstone and they seem to be up for prices, at the mo, that are not to be sniffed at. If you can make a move now, that works for you in location terms, would that be worth more to you than the (potential) financial gain (which you'd have to put up with the downside of putting your current wishes on hold for)?

Wee_Bargain_Hunter

Why don't you look on some irish webpages/newspapers to see what happened in Ireland. I don't know about actual house prices but I know that accommodation was at a premium for the actual event for miles around - much further than I would have thought. It was really difficult for my Dad to get even a basic room at a decent price for a family event miles away. Most places were booked up & he ended up not going. There was huge hype for a long time leading up to the event, with worldwide media attention.

lynzpower

People said this to me about the 2012 olympics ( my flat was litereally 10 mins walk from part fo the village)

"You can rent your flat out for 1k a week!"

What, so I put my plans on hold now for 5 years in the hope that I might make no more than 8k, Do me a favour, equally I MIGHT NOT be able to rent my flat out either.

Just sell and do what you want. If you really hate living where you do, then is money ( tenously projected at best) really going to make you love living there?

Simon_Legg

Thanks. We really appreciate these responses. I've spoke to a few other people since who pretty much convinced me that the event ‘would’ have a big impact and increase in prices. But that notwithstanding, your points have pretty much confirmed our feeling, which is; any price increase over the next 3 years wouldn't compensate for putting our plans on hold!
We’re ready and excited about a change today, not in 3 years time. So I reckon we’d be selling ourselves short if we stuck around just on the basis of getting some extra cash!
Thanks for all your responses. Really helpful and really appreciated.
Time to call the estate agents I think!

lynzpower

Best of luck Simon- usually my thoughts are "if it feels right then it is"