upgrade from apartment to house

M

mac77

Guest
I am very worried with the house prices falling that i will not be able to sell the apartment & buy i house. I'm just looking for advise on weather it would be better to stay in the apartment & wait for prices to settle or take the plung now & move.
 
If you are selling to buy, the fact that property prices are falling/rising balances out between sale/purchase, no?
 
Sorry Welfarite, what do you mean?. Your statement or question (cos question mark) probabaly made sense to you and probably loads of others, so not being smart. Just looking for clarification.
 
Sorry. Rattled that off the top of my head! What I mean is that if one is selling an apartment when prices are falling, they will then be buying a house in the same falling market.
 
I think what welfarite means is that the the difference between the prices will be the same. eg last year you may get 400k for your apartment but this year only 350k but in turn house you'd like to buy last year may be 500k but this year 450k so the difference is the smae in the amount you have to borrow/remortgage for. You will however pay less stamp duty and fees so there is a saving to be made.
Seems therefore that it is a good time to trade up. I would get the apartment on the market and wait until it's sold before you buy. But be looking around and determine where and what type of house you'd like and can afford and get your mortgage approval.
 
i'd put ur aprtment up as it's most prob going to take a while to sell and go looking at houses...
 
Look at it this way...the house is going to be more expensive than your apartment (most likely) So if you can do it this is a good time to move. Yes you'll get less than you thought for the apartment but the more expensive house will also be cheaper saving you money overall.
The only victims are those who are trading down or selling and not buying somewhere else.
 

Selling and not buying somewhere else is the ideal thing to do in a falling market if it is timed right - ie. rent/live with parents for a while and then the house you were looking to get is possibly 50k cheaper again.
 
danFTB said:
Selling and not buying somewhere else is the ideal thing to do in a falling market if it is timed right - ie. rent/live with parents for a while and then the house you were looking to get is possibly 50k cheaper again.
Click to expand...


I know I saw my crystal ball somewhere....................

mf
 
danFTB said:
Selling and not buying somewhere else is the ideal thing to do in a falling market if it is timed right - ie. rent/live with parents for a while and then the house you were looking to get is possibly 50k cheaper again.
Click to expand...


And ten years later you're still living with the parents waiting for prices to drop....
 
danFTB said:
Selling and not buying somewhere else is the ideal thing to do in a falling market if it is timed right - ie. rent/live with parents for a while and then the house you were looking to get is possibly 50k cheaper again.
Click to expand...

I thought it was clear I meant not buying somewhere else ever (moving overseas, selling an investment property etc)
 
Thanks Welfarite & NiceOneTed. What you say makes sense. Maybe someone should do an article in the press, about the market, using this view as opposed to all the scare mongering. Instead of talking ourselves into a recession, we'd be talking our way out of it. Might actually bring the market back on track. Ok, I know it's probably not as simplistic as all that, but here's hoping....
 
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