Back-to-back start home not selling - advice?

wiggy001

jonewer wrote: »

I have read this statement several times and still cant make head or tail of if.

What do you mean?

£15k off of my property is £15k not in my pocket the minute I complete the sale.

£15k off the property I buy next is £15k off the mortgage I will spend the next 20+ years paying.

I can afford the latter but not the former (unless I am really missing something here)

jonewer

Err... if you spend the proceeds of the sale your back-2-back entirely on a deposit for your next place then it wont make any difference.....

dolce_vita

wiggy001 wrote: »

£15k off of my property is £15k not in my pocket the minute I complete the sale.

£15k off the property I buy next is £15k off the mortgage I will spend the next 20+ years paying.

I can afford the latter but not the former (unless I am really missing something here)

Over 25 years, that extra 15k on your mortgage will cost you about 30k

selectcase

Take the £145k and be happy - I think the market will be level or drop up to 10% over the year but I am not going to start discussing HPC stuff as it can go on and on and people can get nasty.

If no-one has offered more than 160k back in May at a peak selling time you are going to have to face facts that 145k is now the going rate. I really think you should take that offer or perhaps stay where you are?

mrwibble

dolce_vita wrote: »

Perhaps your competitors (the other vendors with similar properties) were also being greedy.

As in most financial matters and investments it comes down to timing.

In the long run, you are always better getting in front of the herd. Even if it means missing the very top or bottom.


("leave something for the next guy" , as the saying goes)

Agree 100% - calling the top or bottom is next to impossible anyway !

CYBERCIDERSAVER

I thought the dual aspect windows in the living space lovely... until I realised that one looks right into next doors!! They don't usually do it on "normal" properties so why is it okay on a back to back???

Have you considered selling and renting. If the market is coming down, a few months at home with your parents could save you a fortune and earn you a leg up the ladder. Just a thought

pink_muppet

Do you really have to move at this moment in time? if not perhaps it would be better just to hold tight for the next couple of years, if you do have to move then you may have to just cut your losses, but in the current market, I would definitely not move unless you absolutely must, whatever you market your house at you are bound to get offers around 10% lower at the moment anyway, buyers want a bargain

ruggedtoast

- It is in one of the nicer areas of town and, as such, you could buy a larger place in a not-so-nice area fairly nearby for similar money

TBH - this would ring true more if the location in the Righmove link didnt clearly say ORPINGTON.

You're trying to sell a starter home in sub-prime central in a falling market. Looks like you had an offer for £145 - looks like you should take it.

MissMoneypenny

wiggy001 wrote: »

but

- It is in one of the nicer areas of town and, as such, you could buy a larger place in a not-so-nice area fairly nearby for similar money

I thought the opposite end of Orpington, the Chelsfield end, was the nicer area of town Has Orpington changed that much?

silvercar

If you are selling and buying at the same time, losing 15k on your sale and reducing your purchase price by 15k leaves you no worse off.

You had a buyer at 160k and lost the sale, please don't make the same mistake at 145k.

In the last major crash (early 1990s), the people with smaller homes lost out most. Once the market showed signs of recovering, the FTBs jumped the one bed flats and houses as they could suddenly afford 2 beds. It took longer before the 1 beds started selling again and a long while before their prices recovered compared to larger properties.