Hi Everyone,
I'd like to get some advice. I bought a house at the height of the boom. It cost 250,000 and I have a loan of 178,000 outstanding. However, the house is only worth about 100,000. It's not in a very good area and I had never intended living here long term. I bought it so that I could get on the property ladder. My original plan was to hang onto it for a few years and then sell it on and move to a more suitable are. Now that the value has completely plummeted. People keep telling me to sell or to rent it out and move some place else. I'd dearly love to get rid of it and move somewhere nicer but can't really see how that would be possible and the losses would be huge.
Has anyone out there done it? Could you give me any advice?
I'd like to get some advice. I bought a house at the height of the boom. It cost 250,000 and I have a loan of 178,000 outstanding. However, the house is only worth about 100,000. It's not in a very good area and I had never intended living here long term. I bought it so that I could get on the property ladder. My original plan was to hang onto it for a few years and then sell it on and move to a more suitable are. Now that the value has completely plummeted. People keep telling me to sell or to rent it out and move some place else. I'd dearly love to get rid of it and move somewhere nicer but can't really see how that would be possible and the losses would be huge.
Has anyone out there done it? Could you give me any advice?