sell or buy

S

speirbhean

Guest
Hi there - I have a 2 bed town house in great condition in a not so great area - I reckon its worth about E290,000 following stamp duty changes. My mortgage is E125,000. I'm looking into buying a new home with my partner who doesn't own property. Should I keep my place and rent it, possibly on an interest only mortgage? Or sell it and maximise the new place we can get? I'm veering towards selling, because I don't think the rental market in the area is great, also I'm not a natural born risk taker!! But the lure of the bricks and mortar also strong... any advice appreciated.
 
It depends on your circumstances. If you need the bigger house that selling the old one will give you then don't sacrifice your day to day comfort and sell.
If your joint incomes are not so secure and selling will give your a much smaller mortgage them sell.
If you don't want the worry and hassle then sell.
On the other hand, if you can live comfortable in a smaller house, your incomes are secure and you are willing to take the risk then why not become a landlord?
 
thanks

Thanks - all the posts were very useful, as usual!!! I've decided to sell - the house isn't in a great area, and i'm a natural born worrier, not a natural born risk taker!! So I don't fancy the idea of worrying about two houses instead of one. We have a good chance of a nice home in the area we want to be so I'm going for that option. I'll invest elsewhere!!!
 
Back
Top