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cypher007

Should We Sell?

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were thinking of putting the house back on the market early next year, probably April. heres our situation:

1) want to upsize from a 3 bed semi to a 4 bed detached.

2) semi is worth about £110k, if were lucky.

3) detached is worth about £170k.

4) short fall plus savings about £20k. so not sure if we should get a mortgage or loan? would prefer a loan as it is unsecured.

5) spent £1200 on a new kitchen, installing it ourself.

6) is it worth to do the bathroom?

7) on a low income £16k.

8) btl and eatern european buyers only in our area to be honest.

9) low income area.

10) bbc hp for my area: semi's sold 51, in a year i think, prices down -1.5% this quarter. detached sold 89, prices up 0.5% this quarter.

im getting bored of waiting, ive waited 3 years already for a supossed hpc that just hasnt materialised. our savings are now being eroded by less than inflation returns. is it worth to hang on another year? or will i see our dream of a nice house disapear even further into the distance as detached prices pull away from semi prices by even more of a margin.

i was hoping the hpc would bring what we wanted closer to what we were selling, so we could step up without a mortgage :( .

Edited by cypher007

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Firstly your savings aren't being eroded by inflation if they are soley for your next house purchase.

And why wait till April? Why not sell now and rent for 6 months then buy chain free? Also if you put your house for sale now it'll probably be April before it sells. Wait for April and your have the spring bounce flood of new properties to compete with too.

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Firstly your savings aren't being eroded by inflation if they are soley for your next house purchase.

And why wait till April? Why not sell now and rent for 6 months then buy chain free? Also if you put your house for sale now it'll probably be April before it sells. Wait for April and your have the spring bounce flood of new properties to compete with too.

:lol::lol::lol:

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Firstly your savings aren't being eroded by inflation if they are soley for your next house purchase.

Yes they are, regardless.

And why wait till April? Why not sell now and rent for 6 months then buy chain free? Also if you put your house for sale now it'll probably be April before it sells. Wait for April and your have the spring bounce flood of new properties to compete with too.

That's 2 sets of moving costs, plus the upheaval of moving twice within 6 months.

Have you ever moved house?

I bet you still live with your mum and dad. If so, you are ill-placed to give advice. Leave it for the grown-ups.

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It's more a question of CAN YOU SELL?

My sister is having no luck selling at the moment. She's got plenty of equity, but even if she slashes the price drastically, and the seller of somewhere she wants to buy can afford to do the same so she is happy to pay for their house, what about all the others in the chain?

Therefore the housing market seems close to paralyse at the moment. All it needs are rates to rise and it's crash on. However, the govt./banks will do all they can to prevent that and cause inflation, including HPI if they can. So, I understand your concerns vis-a-vis inflation eating your savings. Personally I'm in gold/silver with most of my cash for this very reason (plus a speculative play on the fundamentals of the world economy) , but I'm happy in my 2-bed house for the moment, so that gives me more freedom to invest in metals.

However, your desire to improve your living standards for your family and protect your savings makes this a tricky one to call (if indeed you can make such a play - i.e. can find a buyer and so on throughout the chain needed to sell your house).

F4cking meddling powers that be - f4ck'em.

Edited by General Congreve

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Stick for now...repay what you can while the rates are low....who knows what tomorrow holds never mind Spring of next year. ;)

sorry forgot point 11:

11) no mortgage on current home.

were not keen on renting, as we have a 2+ year old son, and 6 months of £575 pcm wouldnt be covered by the interest on our total savings.

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and 6 months of £575 pcm wouldnt be covered by the interest on our total savings.

Well, you're obviously not Bruce Banner are you? He can change the laws of physics as well.

Anyway, renting is fabulous, just ask all the happy renters on here.

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 Please don't take this the wrong way, but rather than borrowing to buy a bigger house and making monthly interest payments, would it be possible to use that monthly money you appear to have spare to invest in yourself or your partner to boost your income? Is there anything in your career path that would benefit from another qualification or certification, any potential for your own business or something on the side?

ETA: the last thing I would do if I owned my home outright  on such a low income would be to go and get a big monthly bill by renting or taking out a mortgage.

Edited by mikthe20

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 Please don't take this the wrong way, but rather than borrowing to buy a bigger house and making monthly interest payments, would it be possible to use that monthly money you appear to have spare to invest in yourself or your partner to boost your income? Is there anything in your career path that would benefit from another qualification or certification, any potential for your own business or something on the side?

ETA: the last thing I would do if I owned my home outright  on such a low income would be to go and get a big monthly bill by renting or taking out a mortgage.

probably have about £300-£450 a month spare.

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sorry forgot point 11:

11) no mortgage on current home.

were not keen on renting, as we have a 2+ year old son, and 6 months of £575 pcm wouldnt be covered by the interest on our total savings.

Still I would stay put...one extra bedroom and the costs to move would not be justified if you don't have to move and are moving to the same area.

I would save a much as you can and see how things pan out latter ( buy a bunk bed ) I would say you would have a better chance of selling your 3 bed than a 4 bed in the area you describe.....save hard a buy another 3 bed in a better area. ;)

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That's 2 sets of moving costs, plus the upheaval of moving twice within 6 months.

Have you ever moved house?

I bet you still live with your mum and dad. If so, you are ill-placed to give advice. Leave it for the grown-ups.

Did you get out of the wrong side of bed today?

Trying to sell and buy chain free is at least worth considering - for financial and practical reasons.

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Well, you're obviously not Bruce Banner are you? He can change the laws of physics as well.

Anyway, renting is fabulous, just ask all the happy renters on here.

For the record, all of the figures I post about my personal circumstances are 100% true. You VIs hate it, but that's not my problem :rolleyes:.

I rent a house for less than the interest I'd lose if I drew the money out of the bank to buy it. You don't like it? Tough, it's a fact :D.

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sorry forgot point 11:

11) no mortgage on current home.

were not keen on renting, as we have a 2+ year old son, and 6 months of £575 pcm wouldnt be covered by the interest on our total savings.

You own outright, and are debt free.

Are you sure you would be happier with a £20k debt and 1 extra bedroom??

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For the record, all of the figures I post about my personal circumstances are 100% true. You VIs hate it, but that's not my problem :rolleyes:.

As you've taken the time and effort to accuse me of being a VI on several occasions, please could you specify where my particular VI lies?

p.s I don't hate it, I couldn't give a f*** to be honest.

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As you've taken the time and effort to accuse me of being a VI on several occasions, please could you specify where my particular VI lies?

p.s I don't hate it, I couldn't give a f*** to be honest.

I feel proud that my situation annoys you VI tosspots so much that you mention me on a thread I haven't even posted on :lol:.

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Still I would stay put...one extra bedroom and the costs to move would not be justified if you don't have to move and are moving to the same area.

I would save a much as you can and see how things pan out latter ( buy a bunk bed ) I would say you would have a better chance of selling your 3 bed than a 4 bed in the area you describe.....save hard a buy another 3 bed in a better area. ;)

in our area 3 bed semi's used to sell well, but since the crash detached have sold easier (as the bbc figures show). we also need to consider our sons school placement in the next year or so.

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our savings are now being eroded by less than inflation returns.

Like other comments if the savings are solely to be used for a house purchase then the only inflation that matters is house price inflation.

What difference does it make to you if a loaf of bread goes up 10p but house prices fell?

You aren't going to spend the money on a truck load of bread are you?

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I feel proud that my situation annoys you VI tosspots so much that you mention me on a thread I haven't even posted on :lol:.

Ah, personal insults. The argument winner in the playground.

I'll ask again. Why am I a VI and what is my VI?

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Ah, personal insults. The argument winner in the playground.

I'll ask again. Why am I a VI and what is my VI?

First you show me an instance where I have mentioned you on a thread you've not posted on. If you can, I'll reply to you. If not, go to hell you SOB.

You say "p.s I don't hate it, I couldn't give a f*** to be honest", but that's obviously not true as you have just had a pop at me, out of the blue, on a thread I hadn't posted on :D.

They don't like it up'em :lol:.

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You own outright, and are debt free.

Are you sure you would be happier with a £20k debt and 1 extra bedroom??

and detached and with hopefully a double garage. see here for example:

like my current home, on the same estate: http://www.rightmove.co.uk/property-for-sale/property-27352570.html?premiumA=true

sort of like we want, but id prefer an alison build not a barrat hutch: http://www.rightmove.co.uk/property-for-sale/property-31431518.html

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Like other comments if the savings are solely to be used for a house purchase then the only inflation that matters is house price inflation.

What difference does it make to you if a loaf of bread goes up 10p but house prices fell?

You aren't going to spend the money on a truck load of bread are you?

trouble is we have got HPI here, and mostly on detached housing. its probably down to people from the south moving into the area.

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trouble is we have got HPI here, and mostly on detached housing. its probably down to people from the south moving into the area.

If you want my honest option a detached has to be a detached, something say that you can at least drive a car around, not a narrow gap that you can't even push a wheelie bin down...to me that is a waste of space and offers very poor heat installation...if it is a solid halls adjoining home you should have no trouble with noise from next door. ;)

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trouble is we have got HPI here, and mostly on detached housing. its probably down to people from the south moving into the area.

I think prices will fall for at least 3 years. You said April 2011, right? OK, you have 4 months. Keep your options open, see how the market goes in the next few months, and in March you will be able to decide between selling, or waiting. Your best asset is that you can pick the time.

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  • 277 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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