Should I just buy?

[Pop321]

On 24 July 2017 at 6:57 PM, awkwardturtle said:

So I've been trying to sell my flat for just over a year. Bought in 2010 it's now on the market for 77K (6K less than I paid for it) and I've still had no offers. I'm unhappy here, my neighbours two dogs bark a lot (probably not more than some, but they're loud and I'm highly sensitised to it after 7 years), I don't have a garden I can sit out in, the neighbour above has hardwood floors and quite clearly wears wooden shoes, etc, etc.

Much to this community's disgust I'm sure, I've been exploring the prospect of buying another property and renting the flat out, avoiding crystallising the loss on it.

Terrible idea right? Head says I'd be buying a much larger property at the top of the market and would be left over exposed when the whole thing turns to shit. Heart says "yer but, I wanna live in a bigger house, duhh"

Whenever I seek advice from family and friends they tell me to stop postponing my life, they tell me to drop the price further, take the hit, and buy the big shiny thing. Each time I buy into that consensus and start planning the finance I read more tasty bear food, which makes me think "...if only I can put up with those benefit scroungers next door for a little while longer"

Should I wait it out? What if it takes 10 years? What if they just use more props when things start to slide and this ******** lasts indefinitely?

Sell. If the music stops playing and you hold 2 houses,  the tenant loses his job and the government puts rent controls in or extends S24 and interest rates rise to 7% then you lose everything. 

And if you must buy in this insane market then buy well. If prices are disproportionate to incomes then proceed with caution. 

But in the meantime ditch the crappy flat.