Need advice - want to move ASAP!

Rinzler

Basically we are looking to move house asap we are not happy with the area we live in mainly because it has turned into a student ghetto.

The problem is that the house is valued at 150k and our desired house is around the 200k mark.

We are new to selling as we had this property for over 20 years and we are not sure as to what to do from here in terms of either selling or putting it on rent.

I am the only person that works in the house and work part time earning under 15k.

We don't know where to start. Any advice?

agrinnall

How much equity is in your current house? If you sell and move to the new house how will you find the extra money, with earnings of £15K you will struggle to get a mortgage of any sort as your disposable income must be relatively small? If you rent the house out (not to be undertaken lightly) where will you move to?

Too many unknowns at the moment I'm afraid, you'll need to provide more details before anyone can help.

Rinzler

I earn under 15k but ill be joining a job that starts at 17k and we can pool together savings of about 40k or there about. I'm not sure what equity means but we own the house if that helps.

phoebe1989seb

Do you own outright or currently have a mortgage?

Rinzler

We own the house, we don't pay mortgage.

Guest101

So ur going to need approx 20k mortgage, what's the question?

Didn't see about saving - edit

AdrianC

Rinzler wrote: »

We own the house, we don't pay mortgage.

Equity is how much the house is worth minus what you owe on it. So you have about £150k of equity. Great.

You say you've got £40k of savings that you can put in. Again, great. So, really, you're only £10k plus moving costs short - call those another £10k. You shouldn't have any difficulty financing that, even on a low income.

If your house is in a student rental area, then you'll quite possibly sell it easily to a student landlord. Yes, you could rent it, but then you'd have to raise £170k with a mortgage instead of £20k - much, much harder for you.

Do you have a new home in mind yet, or have you not started to look?

First step on selling - talk to an estate agent! Even more so than normal, I'd suggest a local agent - yes, the fees will be higher than an online, but they've very probably got a bunch of landlords on speed-dial waiting for places to come on the market.

dimbo61

If it is in a good location for the local university and right size you may well sell at a good price.
Check if local council have Article 4 in place !

Rinzler

UPDATE -

So we have put the house on the market and it has been 6 months and we have had little interest. I am so desperate to move right now and it's making me upset.

We have put the house on the market for 170k it's 3 bedroom, terraced house and in a student ghetto.

Our ideal house is in the 170-190k bracket.

We have about 30k in savings.

What can I do?

Kirstyb1987

Unfortunetly you need to wait till it sells, release the equity and you can buy your new property outright.


Is your property on rightmove....post the link to it so perhaps you can get it looked at and we can give you tips/suggestions on making it more popular. Sometimes small adjustments can make properties more appealing.

Kirstyb1987

Also I notice you put the house was originally valued at 150k and you have put it on the market for 170k. Is this a refreshed valuation?