Should I sell due to impending crash?

Woolsery

sevenhills said:

penners324 said:

Best option, sell up, stick proceeds on 0 at the roulette wheel in your nearest casino 

Or pick a share that moves by 10% on a weekly basis.

Which way? Some of mine felt like that this year!

Woolsery

TBagpuss said:

Booge said:

Hi

i bought a house last December. I delayed a long time because I saw what happened in 2008 and was always anxious that would happen again. I always used to say the moment I did decide to buy my luck would be that we would go into another global recession and that’s what appears to be happening now.

I bought the house with £450k deposit (savings plus an inheritance) and borrowed £250k. Bought house for £700k in London borough of hillingdon

zoopla now claims it is worth £760k but obviously that’s a hypothetical value. Paid £26k in stamp duty

with an impending recession coming and possibly a 1930s style depression lasting a decade I’m thinking of selling it again and buying a 2 bed flat in similar area that I can do in cash without a mortgage

wbat I’m concerned about is significant price drops in house value/ remortgaging at higher rates/ being the only person paying it/ possible job loss and being forced to then sell the house at a huge loss. 

At the moment I’m find paying the mortgage and even if rates went up to 5% I could still pay it. But obviously if I lost my job then I couldn’t. 

Are others thinking of selling too?

Id need to act very fast though I think as the imminent collapse will come this autumn I suspect. 

Jonathan 

It may help to try to start thinking of the house as your home rather than an investment. 

I agree with most of your post and that of Tiglet too, but people often say the above and I've never understood why. because the two things aren't mutually exclusive. You can love your home and see it as an investment.

We have no intention of moving, so the exact value of our property is largely irrelevant right now, but I always keep in the back of my mind the possibility that circumstances may change. Years ago, I made the mistake of thinking different property types would change in value proportionally and it was two years after checking what we could afford when we actually got around to the big move. Long story short, it didn't happen; sentiments had changed and our property no longer bought what we wanted next.

I think it's OK to keep tabs on what your home is worth, especially if it helps in making realistic choices.

Poshsalt

Sell, go on a very long 1 year holiday somewhere cheap spain, thailand. Come back once there is a major crash because bills and rent is sky high. Then buy a couple places and rent them. But I wouldnt sell now to buy now makes no sence.

hazyjo

Perhaps stop reading those posts or articles? Then you'll be living in your home, enjoying it, and the worry will be gone.

I wouldn't dream of selling my home to downsize in a recession. Unless you need to sell, just ride out any dips in the market - of which there will be many!

ManuelG

Each time I've thought there'll be a crash and decided not to buy as a result... prices have gone up overall. No doubt the time I do decide to buy is when they go down but, I'd go by the old adage that as your house is your home, what matters most is if you can afford to live in it.

newsgroupmonkey_

Snookie12cat said:

I'm so sick of these posts from people with their crystal balls. You should start playing the lottery because you are so certain of the future.


If you want to move, then move. I doubt others are selling the houses they just bought in droves because of something that might or might not happen. 

Ironically, they're also against the forum rules.

But they seem to be overlooked.