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Is there a reason we should'nt move now?
StressedSteph
Posts: 2,834 Forumite
Sorry sorry sorry if this is a stupid question, but I don't totally understand the total ramifications of the credit crunch and want to make sure we are not making a bad decision.
We currently own a £230,000 house, but have slightly outgrown it and as my husband is a builder/Electrician it would be nice for us to buy a house for renovation now the children are abit older.
We would either buy a house for renovation or rent for a while and then attend some auctions as most houses in a rough state go by auction.
I am just abit scared though. for many reasons, mostly by getting off the property ladder by renting and also the risk of then not being offered a mortgage because of the credit crunch.
Also by looking at this forum does it mean that house prices are due to drop, but does that really effect me as the cost of my current house would obviousley drop too.
Please don't slam me if I am asking a silly question
We currently own a £230,000 house, but have slightly outgrown it and as my husband is a builder/Electrician it would be nice for us to buy a house for renovation now the children are abit older.
We would either buy a house for renovation or rent for a while and then attend some auctions as most houses in a rough state go by auction.
I am just abit scared though. for many reasons, mostly by getting off the property ladder by renting and also the risk of then not being offered a mortgage because of the credit crunch.
Also by looking at this forum does it mean that house prices are due to drop, but does that really effect me as the cost of my current house would obviousley drop too.
Please don't slam me if I am asking a silly question
0
Comments
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you may think your house is worth £230,000 but will you be able to sell it at that price. Will the new buyers be able to get a mortgage for £230,000 .0
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If you are serious about buying a property to do up then selling now & going into rented would be a good idea. It would allow you buy at auction or put you in a strong position to negotiate on a purchase via an agent. You just need to be sure you want to put your family through moving twice in 1-2 years.0
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