We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Downsizing in current climate

snollygoster7
Posts: 41 Forumite


I have an agreed sale, ready to exchange & complete once lockdown lifted. Have lived here for 17 years and loved it.
My purchase is some way off and while happy with the 10% discount I got I am seriously considering pulling the plug on it. It needs a lot of work, easily the 10% back.
The plan was to get the purchase sorted then travel (ha ha I hear). Using some of the proceeds of downsizing.
Friends advise me to take the money and run, sit on it & see what happens in the market. Rent a while. Although some say carry on as was. My heart isn't set on the purchase and I really like where I live now and don't have to move. I have also considered pulling the plug on the sale and waiting until the while covid-19 thing has passed as my real goal is to travel and that won't happen any time soon.
Any thoughts ?
My purchase is some way off and while happy with the 10% discount I got I am seriously considering pulling the plug on it. It needs a lot of work, easily the 10% back.
The plan was to get the purchase sorted then travel (ha ha I hear). Using some of the proceeds of downsizing.
Friends advise me to take the money and run, sit on it & see what happens in the market. Rent a while. Although some say carry on as was. My heart isn't set on the purchase and I really like where I live now and don't have to move. I have also considered pulling the plug on the sale and waiting until the while covid-19 thing has passed as my real goal is to travel and that won't happen any time soon.
Any thoughts ?
0
Comments
-
I'd get it sold before you are insulted by, then reluctantly accept MUCH lower offers.4
-
What graphs said, if you can sell it now or soon, get it done.
1 -
If you have a buyer at asking (or close to), then I would agree with your friends. It might be the nudge you need to get going!1
-
snollygoster7 said:I have an agreed sale, ready to exchange & complete once lockdown lifted. Have lived here for 17 years and loved it.
My purchase is some way off and while happy with the 10% discount I got I am seriously considering pulling the plug on it. It needs a lot of work, easily the 10% back.
The plan was to get the purchase sorted then travel (ha ha I hear). Using some of the proceeds of downsizing.
Friends advise me to take the money and run, sit on it & see what happens in the market. Rent a while. Although some say carry on as was. My heart isn't set on the purchase and I really like where I live now and don't have to move. I have also considered pulling the plug on the sale and waiting until the while covid-19 thing has passed as my real goal is to travel and that won't happen any time soon.
Any thoughts ?1 -
Well I don't HAVE to sell and am thinking might be best to stay put and rethink in 2-3 years time. Don't want to be anywhere else while all this is going on but realise it is an excellent time to take the money and run0
-
If it's a good house in a nice place it'll sell in a few years time just as well as it has now. Prices might be well down, but that will apply across the board.It's hard to advise further without knowing you, the property, or what the future holds beyond the broad economic background of a recession. Having lived through the restrictions of recent times, we're very glad we live where we are now, not where we were!1
-
AnotherJoe said:What graphs said, if you can sell it now or soon, get it done.0
-
It really depends on what your long term plans are. I'd actually agree with Crashy if you have a sale in the bag, proceed with it then its a case of do you want responsibility for an empty house when travelling? IMO its a great time to buy a long term house because of the ability to fix extremely low rates for 5 or even 10 years - you won't get that level of price lock in with renting. Travelling with assets in cash only may not be that attractive with rates so low, but gives you a lot more flexibility if/when you return. The risk there is of course the market could have moved on (and in my opinion will, area depending) so it then becomes a question what do you really want over the next 3-5 years.0
-
It appears that half of this thread has been pulled by the mods. (I've now found this is not the case)
0 -
Davesnave said:It appears that half of this thread has been pulled by the mods. Whether that was because a certain poster had reading comprehension problems or because Covid19 was mentioned is hard to say, but either way it wasn't very helpful to the OP.0
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 352.1K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.2K Spending & Discounts
- 245.2K Work, Benefits & Business
- 600.8K Mortgages, Homes & Bills
- 177.5K Life & Family
- 258.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards