House advice please!

ducey

Hi,
Our house is currently on the market for £161,950 and we've received an offer of £157,500 for it. We live in the North West, and have worked out that our ideal selling price to cover moving costs etc is £160,000. The dilemma we have is this.

Option 1. Sell the house for £157,500 and then rent an apartment for £550pm, saving us about £400 a month, comparing it to our current mortgage. Then in say 6 to 12 months time, with the money we've saved along with the equity we get from the sale, use it to purchase a house in the region of £200,000-£250,000. We are unsure if the market will have recovered by that time though, so what are your thoughts?

Option 2. Sell our house and purchase a house in the region of £190,000, but with the market the way it is, I think we'd lose out in making any money on it within the next few years. However, it would mean we'd have somewhere of our own and not wondering if the landlord will stop renting from 6 months to the next!

Would it be best to wait this period out in our current house and reject the offer? Or to take the money?

Any advice / suggestions / words of wisdom are welcome!

Thanks!

SquatNow

.....sell!

You're ideal selling price appears to have factored in a profit!

You've got an offer. If it's a serious offer take it now. You wont get another offer... or at least not at anywhere near the same amount.