thinking about selling

Hi first post
Situation as follows . Currently own 4 bed in D15 . Terraced house reasonable area . Now 8 years after buying 2 kids and a wife later would like to move up especially as prospects of buying a the type of house my kids could go grow up in etc seem very good .

Out of curiosity had a real estate agent round to value current house . The estimated sales price is 5-10K below what I owe coupled with say 5k costs to sell would leave me potentially 10-15K in the hole after selling .
Should I sell now and bite the bullet . I am self employed as a telecoms contractor currently working abroad making quite good money . My wife has a permanent job with a Multi which is safe for forseeable future .

I would probably be looking at buying somewhere around the 400k mark and would have 12-15% deposit by end of year .

Other than the mortage and maybe 500-600 euro on credit cards we have no debts .
My worry is if I dont sell soon and wait the difference between what I can get on the house and what I owe will increase to the point where I wont be able to sell .

Anyone any advice , Im just trying to way up pros and cons here .

T

Tull74,
What the real estate agent estimates the price to be may not be the price you get. You may get well below offers or if priced right you might get a few interested parties and get a bit more.
Have you approached the bank to see if you would get a mortgage of 400K - that is a big mortgage to be taking on. Perhaps you have as big a one now - you don't say.
You could always test the waters and put the house on the market. Is anything similar selling in your area.
I would then rent and save aggressively so as you have as much of a deposit to hand.

Tull74,
What the real estate agent estimates the price to be may not be the price you get. You may get well below offers or if priced right you might get a few interested parties and get a bit more.
Have you approached the bank to see if you would get a mortgage of 400K - that is a big mortgage to be taking on. Perhaps you have as big a one now - you don't say.
You could always test the waters and put the house on the market. Is anything similar selling in your area.
I would then rent and save aggressively so as you have as much of a deposit to hand.

Ted thanks for the reply I realise that the house may not sell for what its on the market for .there was a 3 bed house that went for 10K less a couple of weeks ago so Im thinking the real estate agent my even be a little conservative .
I dont mention the price because I though I saw mention of house prices was banned.
I think your right Ill put it on the market and get rid of it if possible then save like a lunatic.
I hqvent approched the bank to be honest I really didnt see the point while I still had current house . I dont see any diffuculties coming up with deposit up to 15% But I suppose no harm talking to the various banks.

Depending on your age the bank may not give you a mortgage after you sell.Also god forbid if you died your wife would be renting and your insurance on the mortgage would be gone.You can only sit in 1 chair and sleep in 1 bed.Be carefull .The kids will grow up before you know it and you could end up in a big house you dont want

If the house meets your current needs, then you should probably stay there.

You have a comfortable mortgage.
You have cash in the bank

If you have a cheap tracker, then this would also support staying where you are as your housing costs are artificially low.

If you don't have a cheap tracker, you should look at using your cash savings to reduce the mortgage. This is the safest place for your savings.

If you have to move at some stage, then you should sell your house first. If you can't get a mortgage after you sell , then you can rent. Perhaps not ideal, but not bad either. It's probably better to rent a house you like than to own a house you don't like.

Brendan

Thanks everyone for the replies , I have some thinking to do .
A house identical to mine with what I would consider very similar level of decor fittings etc is sale agreed for 3K under what I owe .

asdfg I can see your point . Im 36 so hopefully the bank wont write me off yet for a mortage.

Brendan I dont have a tracker . Actually I fixed for 2 years about 6 months ago . Current estimate from bank is 700 euro to sell .
I dont have to move however I would like to move but I dont want to do anything silly.

I can wait until end of the year when I should have a deposit and then sell or sell now and rent but if I understand what you are saying I should only sell when I think I can buy ?
If at that stage I cant I can rent until I do get a mortage .

Thanks again.