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Downsizing in current climate

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 ?
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Comments

  • graphs
    graphs Posts: 109 Forumite
    100 Posts First Anniversary
    I'd get it sold before you are insulted by, then reluctantly accept MUCH lower offers.
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
    10,000 Posts Fifth Anniversary Name Dropper Photogenic
    What graphs said, if you can sell it now or soon, get it done.
  • blue_max_3
    blue_max_3 Posts: 1,194 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    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!
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    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 ?
    Bad time to get holiday/travel etc. money out of a very illiquid asset, take the money and run, if you really want to sell that is.
  • 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 run 
  • Davesnave
    Davesnave Posts: 34,741 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    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!
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    What graphs said, if you can sell it now or soon, get it done.
    Agreed.
  • Ozzuk
    Ozzuk Posts: 1,884 Forumite
    Eighth Anniversary 1,000 Posts
    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.
  • Davesnave
    Davesnave Posts: 34,741 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    edited 1 May 2020 at 11:26PM
    It appears that half of this thread has been pulled by the mods. (I've now found this is not the case)
  • snollygoster7
    snollygoster7 Posts: 41 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    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.
    Has half of it been pulled ? How do you know and what have I missed ?!
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