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To sell or not to sell
samtoby
Posts: 2,438 Forumite
Up so late - just don't know what to do!
We have been on the market since Jan and yesterday (my birthday) we received an offer pretty close to the asking price.
Prior to the Virus - we were going to sell up and move on. With 300k equity, we were planning to upsize to a much larger house around the 600-700k mark.
I was shocked to receive this offer today and even more so that its from two NHS employed Nursing/ Dr Staff so wanted to confirm with our agent that they were secure in their positions to offer. They are eager as one has started a transfer to the local hospital from another hospital in the same trust and they are commuting in.
We have our own company and our sales have massively reduced (wedding related) so its to be expected we will be low until this runs its course.
I do not feel we are in any position to buy right now, but we could sell now with no chain and then buy hopefully in the future and go into rented.
Our mortgage is currently 550 a month and we can afford to keep paying this ok as we have savings in the bank, (thank the lord) but renting a similar sized house would be around 1500 a month so would eat further into our money. We have three kids.
My heart says sell it before the prices drop (possible?) as we have been over paying to try and clear our mortgage as well as saving, my head says stay and take the risk that the house prices won't and sell when hopefully conditions are better.
What would you do?
We have been on the market since Jan and yesterday (my birthday) we received an offer pretty close to the asking price.
Prior to the Virus - we were going to sell up and move on. With 300k equity, we were planning to upsize to a much larger house around the 600-700k mark.
I was shocked to receive this offer today and even more so that its from two NHS employed Nursing/ Dr Staff so wanted to confirm with our agent that they were secure in their positions to offer. They are eager as one has started a transfer to the local hospital from another hospital in the same trust and they are commuting in.
We have our own company and our sales have massively reduced (wedding related) so its to be expected we will be low until this runs its course.
I do not feel we are in any position to buy right now, but we could sell now with no chain and then buy hopefully in the future and go into rented.
Our mortgage is currently 550 a month and we can afford to keep paying this ok as we have savings in the bank, (thank the lord) but renting a similar sized house would be around 1500 a month so would eat further into our money. We have three kids.
My heart says sell it before the prices drop (possible?) as we have been over paying to try and clear our mortgage as well as saving, my head says stay and take the risk that the house prices won't and sell when hopefully conditions are better.
What would you do?
3 Children - 2004 :heart2: 2014 :heart2: 2017 :heart2:
Happily Married since 2016
Happily Married since 2016
0
Comments
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Surely if the price drops for your property the price of the larger house will also drop too. No one really knows what's going to happen with the housing market but as your sales have already dropped significantly I'd be inclined not to take on anymore mortgage debt and stay put.0
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We sold and moved into a smaller rental for 6 months. Granted we don't have 3 kids living with us but you could consider downsizing for a limited time. Don't forget you'll get some interest on £300k in the bank and if you downsize for a while your bills (e.g. council tax) will be less.0
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£300k in the bank will earn you around £300 a month interest even if it's just in instant access accounts, so that will go towards any rent you pay.
The one thing I'd be cautious of is your security when renting. If things get really bad and your LL happens to chuck you out in the middle of it, are you in an area where there are always lots of rentals available? Where I am, rentals are few and far between at the best of times so I'd be worried about having nowhere to go.0
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