Sell up and rent??(get off the ladder?)

M

murray

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I own a property worth around 600k , owe 285k only bought it 3 yrs ago. I think I should sell , get the equity safe and rent. My mortgage is 1500 per month - i could rent the same thing for 1200 per month - and I think property prices are going to deflate due to massive supply and interest hikes. Any opinions????
 
It's tantamount to timing the market (mug's game etc), but it's something I considered myself not so long ago.

I said in this thread

CCOVICH said:
Simple answer-whatever makes you happy at a (monthly) price you can afford.
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Personally if I was not struggling to pay the mortgage then i would stay put. If you sell up you could save €300 a month and bank the equity you already have in the house (great if house prices fall dramatically) However if the value of your property even remains at its current value (or better still increases) then you are better off staying as you are because as you repay your mortgage your equity in the house is increasing as the banks is decreasing. You should get figures for the total cost of your loan over the life of the mortgage to help you decide as this is the real cost of the house to you if you remain where you are.
It all depends on your personal circumstances-you will always need somewhere to live though!!
 
murray said:
I own a property worth around 600k , owe 285k only bought it 3 yrs ago. I think I should sell , get the equity safe and rent. My mortgage is 1500 per month - i could rent the same thing for 1200 per month - and I think property prices are going to deflate due to massive supply and interest hikes. Any opinions????
Click to expand...
You'd better sit down this weekend, think long and hard and decide. Pretty soon, you won't have the option to sell (IMHO).

Personally, I'd sell.
 
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