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Time to sell?
Jellyfish23
Posts: 2 Newbie
We paid £295,000 for our 3 bed semi about seven years ago. Since then we have extended the kitchen and renovated the bathroom and it is now valued at £600,000 (house price increase has been fueled by the building of a new rail station within walking distance of where we live)
We would like to buy a holiday home in Spain so we are considering cashing in, downsizing to a two bed out of town and paying off the mortgage. (we owe £110,000)
Hopefully this would leave us mortgage free and the owners of two properties. The worry is we might regret selling an asset that is increasing in value year on year.
Should we be considering going about this a different way? It is our long term goal to retire to Spain in about 15 years time and hopefully have some assets that will bring in some additional income
We would like to buy a holiday home in Spain so we are considering cashing in, downsizing to a two bed out of town and paying off the mortgage. (we owe £110,000)
Hopefully this would leave us mortgage free and the owners of two properties. The worry is we might regret selling an asset that is increasing in value year on year.
Should we be considering going about this a different way? It is our long term goal to retire to Spain in about 15 years time and hopefully have some assets that will bring in some additional income
0
Comments
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How are houses selling in your area?0
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The market has slowed down but there are thousands of new homes being built around the outskirts so city homes should continue to rise0
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Past price increase is no guarantee of future + if you downsize in the same area then you are still invested in that area anyway. Unless there is an unusual reason why your particular house will out perform others in growth it does not matter.
I'd downsize and get the holiday home and be mortgage free. Well played good game.0
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