To sell now or wait ? opinions please

milly123

Registered User
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162
Hi there,

We had our house valued at €230-€240 last week, we owe approx €195 (on a tracker mortgage). The bank have provisionally approved us for €110k, which restricts us somewhat in the new house that we would buy. My husband is a full time engineering student, so hopefully should have good earning potential once he qualifies. We have 2 young children also.

My question is, should we sell now before we go into negative equity, or sit tight until we can get a larger mortgage in the future. I worry about the latter option, as neither of us may be able to get a mortgage in the future and maybe we should take it now while it is on offer??. We want to move for 2 main reasons, (1) - to reduce mortgage and (2) - move to preferred area.

Thank you in advance.
 
If I, in your position, wanted to move to a different area then I would probably sell now either way. I'd probably rent in the area where I ultimately wished to buy but of course getting a mortgage at any time is a big hurdle so that would need to be factored into decisions on whether to buy or rent.
 
The valuation of the property does not necessarily mean that you will achieve this price if put on the market. All depends on the demand in the area where you live. Are properties in the locality selling?
Personally, I would see this period as being the most difficult for getting a mortgage. If it was my decision I would firstly consider putting your property on the market. This does not mean you have to sell, but it will test the demand & price for your current property. You can then decide whether to sell or not. After that, you have the option of renting or buying elsewhere. as per advice of the previous poster, it may well be advisable to rent in an area for a while before committing to purchase. Any residual funds from property sale can be put by to fund future purchase.
 
Thank you both for your replies. Unfortunate there doesn't seem to be much property selling locally at all. I suppose all we can do us bite the bullet and put it for sale, nothing ventured, nothing gained I guess
 
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