Im currently payin a mortgage but my house is for sale as need a bigger house but cant borrow anymore money to get anythin better. So been thinkin should I pay mortgage off and rent instead. But my current mortgage payment is same as rent for a bigger home. Please give good honest advise.
Rent or buy
- Thread starter deano1976
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There is speculation that house prices are set to fall in 2011. >Click here.<
If you couple that speculation with uncertainty in the jobs market and you can sell your house now then it MAY be worth waiting and going into rented accommodation for now. But if I knew what was going to happen in the economy I'd be a VERY rich man indeed. Sorry it's not much help.
If you couple that speculation with uncertainty in the jobs market and you can sell your house now then it MAY be worth waiting and going into rented accommodation for now. But if I knew what was going to happen in the economy I'd be a VERY rich man indeed. Sorry it's not much help.
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House prices have started to fall again after a little stabilizing, I think the fall will continue but not by a fantastic amount.
If I had a pot of money to buy, I would think now or in the near future would be a good time to buy, but it's all relative.
You are selling your house which will be effected by the price drop too.
But the simple answer is if you can not source money from elsewhere, you will not be getting a bigger house, unless you move to an area that house prices are lower or you buy a house that needs some work doing to it, ie refurb/modernizing.
So renting may be your only option.
If I had a pot of money to buy, I would think now or in the near future would be a good time to buy, but it's all relative.
You are selling your house which will be effected by the price drop too.
But the simple answer is if you can not source money from elsewhere, you will not be getting a bigger house, unless you move to an area that house prices are lower or you buy a house that needs some work doing to it, ie refurb/modernizing.
So renting may be your only option.
L
LooPrEvil
Sell and rent. When property prices have fallen further you may be able to purchase a larger house for the price you can get for your current house. But your capital will have also reduced by the amount of rent you have paid out.
Altermatively, buy a larger house in a cheaper area - best bet.
Altermatively, buy a larger house in a cheaper area - best bet.
I spoke to a Lloydstsb finance advisor recently and he could get me 5% bond investment. Which is pretty good and compares well with letting a property.
If you are able to sell up and get yourself mortgage free then buy another property in a good location that pulls in a good % rate of rent which covers the rent on your bigger property. If your property is in a good location it may not suffer the dips in price.
Choosing to drop off the property ladder to me is scary because even if the prices stabilise it will be expensive to get another mortgage.
You could keep a couple of thousand going in a mortgage, so if you need to you could re-mortgage easily.
Still its nice to chat about it
If you are able to sell up and get yourself mortgage free then buy another property in a good location that pulls in a good % rate of rent which covers the rent on your bigger property. If your property is in a good location it may not suffer the dips in price.
Choosing to drop off the property ladder to me is scary because even if the prices stabilise it will be expensive to get another mortgage.
You could keep a couple of thousand going in a mortgage, so if you need to you could re-mortgage easily.
Still its nice to chat about it
Sheez, Financial Advisors?, Snake Oil salesmen, the lot'of em. And what percentage of your investment will she/he be taking? - oh yeah its in the small print. If they were any good with money, they would not need to be 'advising' they'd be doing......
scalexkid
Unfortunately for us the banks have a system where certain products are not available to the public to buy off the shelf. They tell you about them through an adviser who then goes on to buy them for you, at a price. Sort of snake like don't you think?
However, they like property investments have their risks right now. So, what do you do apart from stick it under the mattress?
These people are salaried staff. Could be your neighbour who are dealing with other peoples problems because they need to talk to somebody about their spare cash. Most people need somebody to talk to about what to do, like come on here.
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