Time to sell to rent?

chattycathyuk

Hi guys

I bought a house in 2005 for 75k, after paying the mortgage we only had £150 left a month to live on :eek: After 2 years my house was vauled at 160k so we deceided to sell as if we carried on we would of split up!

We sold and are renting now, i was very lucky to find a 2 bed house for only £240 month and the interest off the profit we made, pays the rent. so we dont pay anything out to live here.

The thing is im now itching to get back on the house market, as i miss decorating ect and would like to plan for my sons furture, i know now not to kill myself by borrowing too much. ( good thing i did last time as i made 105k profit)

Anyway do you think im silly to buy now, or should we wait and carry on living the dream and worry about this at a later stage as if i give up the house now, i will never find another to rent again at this price???

Please help as my husband is not very good with money and loves buying thing but forgets about hows hes going to pay it back as he kindly passes this job onto me! (hes good like that lol)

Oh i forgot to say i found a house thats been on the market for a year, so i put in a silly offer (30k under asking price) and they are now willing to take my offer. I was thinking maybe do it up and resell then buy myself a place???

Gosh i had gambling!!

benb76

Melissa_Hewett wrote: »

:rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl:

I don't understand the laughter at this comment, rent will certainly increase over 25 years with inflation. Mortgage payments will always be based on the ammount owed, so whilst subject to fluctuating interest rates they will most likely remain the same (averaged out over 25 years of a varying interest rate) and certainly won't rise indefinitely like rent will.

pinkshoes

benb76 wrote: »

I don't understand the laughter at this comment, rent will certainly increase over 25 years with inflation. Mortgage payments will always be based on the ammount owed, so whilst subject to fluctuating interest rates they will most likely remain the same (averaged out over 25 years of a varying interest rate) and certainly won't rise indefinitely like rent will.

because some people are stupid, and because their house has increased in price, they borrow that equity so end up with a bigger mortgage and hence higher repayments.

But yes, a mortgage will stay stable (with obvious fluctuations with interest rates if not fixed), and rents in theory will increase with inflation. But with all these people selling up and wanting to rent, you never know, but rents might even increase because demand on rental properties will go up!

SteveG78

Quote:
Originally Posted by nollag2006
These House Price Crash muppets make me laugh !!!

Has history not taught them that its impossible to gauge what the market will do.

Even the list of archive predictions on thier own website shows that any talk of a crash isn't valid:
http://www.housepricecrash.co.uk/pre...ns-archive.php

The majority of these predictions of price falls specify time periods of "the next few years" or 2007/2008. Perhaps they expected a correction to be occurring by now. A phrase often used by economists to describe the UK housing market is "remarkably resilient"....