Should I stay or should I go?

Pincerpry

I’m caring for live in parent on a salary at our house, where we have an interest only mortgage. House worth triple at the moment and property still selling quickly here.

Worry that cost of living/bills/mortgage payments are going up and up, if parent dies my income stops abruptly. 

Parent has bungalow in another county. Keep feeling that selling my house and moving there would be a good idea as I think house prices will begin to fall soon. Could live there after parent dies, or buy somewhere (v small) there. Husband has multi trader skills so would find work
Does this sound like a sensible plan? I just think we need to address what’s coming ahead with cost of living, and quite fast….do you think house prices will fall? Or am I over thinking/worrying 

Hippycamper

If everyone wants to move to the bungalow in another county and you are sole beneficiary of the bungalow, then it sounds wonderful.

if however, you are not sole beneficiary of the bungalow then what happens?

It’s a difficult one to comment on, because we don’t know all the facts 

Pincerpry

The question is really whether house prices are bound to go down, with all that’s going on 

(It would be prudent if so to sell while the profit from the house is higher as after parent dies there’s going to be some lean months as I won’t have a job and have been out of my profession for four years already. But I thought they’d go down in covid and then the opposite happened )

steve866

Could you rent the bungalow out? Prices might fall, but with interest rates rising, a new mortgage may end up costing you the same or more per month even on a cheaper house.

Pincerpry

Thanks for your answer- true about interest rates….
parent’s home is air bnb at mo, we’d probably look to buy a small place with money from house sale with v small mortgage - it just feels like a v big decision being made trying to look through a crystal ball about house prices in the future, and I usually like to be more practical😵‍💫