To Sell Or Not To Sell?

sweetpeas_2

me and my oh are considering selling up and renting to save on our outgoings and we would also be able to pay off most of our debts with the equity released from our property.
were considering private renting and council renting.

has anyone here done a similar thing and can give me some advice???


noggin

dolce_vita

It all depends on your own situation.

If you are thinking of moving anyway in the next few years, or just want to pay off your debts and start again, then go for it.

But make sure you've got you're spending under control, don't go into debt again and save as much as you can.

I think you'll be surprised how much further your money goes in a couple of years time.

beingjdc

You won't get a council flat unless you're in a really depopulated area with loads of empty homes, you'll have 'made yourself homeless'. Personally, I'd say it depends what interest rate you're paying on your debts. It may well be worth it - rents are much cheaper than mortgage interest in most of the country, and either prices will fall or interest rates will come back down, so you can either buy for less, or fix at a lower rate.

I sold a couple of years ago to move town. Best thing I ever did, solid amount of cash in the bank 'just in case', no worries about rates, or having to pay and have the hassle if something breaks, no need to pay for two places at once if I have to move again, etc.

PasturesNew

Yes, you won't be eligible for speedy council housing as you will have made yourselves intentionally homeless. So you could be on the list years.
Check with the council how long their list is.
Some people may never get an offer even if they are eligible and sit on the list their entire life.

The answer to what you should do also depends where you are, income/expenditure/mortgage details. So very difficult for anybody to help you decide without more information.

Good luck whatever you decide

franklee

It might work out if you can be disciplined about spending as has already been said.

I sold up and am now renting privately and am happy but remember with private renting you can get asked to move on if say the landlord wants to sell. You have to learn the ticks of the trade, reading AST's, asking the landlord/agent the right questions like what ALL the fees are, if they serve S21 notice at the start, through checking of the inventory to protect your deposit etc. etc. Basically read up on it first.

Also check and maybe view what is available to rent in your area and price range.

It can be harder if you have children or pets or smoke.

Remember house prices can go down :jas well as up :mad:

mon1o

hiya! My hubby and I were going to do the same as you we got ourselves into a bit of a mess with debt too. We looked into it though and we are going to pay off all our debt with the equity from our house and the bank has finally agreed to give us a mortgage as we havent missed a payment with them in 5 years. The mortgage advisor worked out that once we have paid all our debts off even with a larger mortgage we would still be £200 better off a month (thats just taking my husbands wage into account so will be more with mine). We are going to second view a house today and ours went on the market yesterday.

Monica xx