Sell and rent/buy or Stay put?

K

krushed

Guest
Hi,

We recently had our house valued as we would like to move closer to work/family and the house is a little small for us with a new addition on the way. Commuting is costing us about €400 a month.
The estate agent wants to put the house on the market at about 200,000 and sees us getting about 185k to 190K. This is less than we bought it for but our mortgage is for less than 180k so we would not be in negative equity, if we realised those figures. Our mortgage is fixed at 3% till July 2012 and then we will have to move onto a variable rate.

Would it be a good time to sell now, cut our losses before the house worth drops any more and we get into negative equity, and then look to rent/buy in the area we wish to settle?.....or should we just stay put?

any advice would be welcome.

thanks
 
What are the values of the houses in the area you would like to move to/settle in?
Would you get a mortgage to cover this?
You will most likely have to pay a break out charge to pay off your mortgage early if you sell now, I would price what this may cost.
I take it you won't have the same commuter costs when you move?
 
Hi,

Houses are more expensive in the area we want to move to. That is why we did not buy there originally, but the prices are so much more reasonable now than they were 6 years ago when we bought our first house.
Between 220k and 280k for what we are looking for.
Petrol costs would be considerably reduced as we both work in the area.
Must get onto mortgage company about getting out of the mortgage early. One cost I had not thought about.

thanks
 
sell- if you've cash in the bank your in perfect position to put in an offer if you find a house you like in your dream location.....sell !!!!
lets face it prices aren't going up anytime soon- take what you can and run !
 
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