upgrading our home

[DubsB]

Hi - we're thinking of upgrading our home as our 2 bed mid terraced isn't practical for our growing family. Is now a good time to be upgrading - in the current unsure property market? I've ben told its a good time for buyers - would that also count for upgrading? We're in a position to just put our property on the market and see what happens right now so we're thinking it might be a good idea as we're not currently desperate to sell the house. I'm guessing if you're not getting as much for your own home as you would have a year ago then bigger homes are also going for less so it's not so bad if you're on the property ladder as you'll get your bigger home for less too. Or am I being naieve in this in thought?

 

[z109]

Yeah, ignore everyone telling you bad news. Only the people telling you good news are right.

The problem you may have in a buyers market is selling your existing home. Before you set your heart of somewhere new, look into the market for your existing home and realistically look at what you are likely to get and how long it will take to sell. As you say, the prices of the house you will be looking at should be coming down as well, so proportionately you shouldn't lose out.

 

[Butter]

If you want to ugrade the best position for you would be to have either either agreed the sale of your own house first or ideally to have sold your house and have the money in the bank (even if you have to rent for a short period).
When you bid on your next house you are in a much better position to complete the purchase. Vendors will also see you as better buyers than another purchaser who still has to sell their house.
Although you may not get as much for your property as you might have in the past, the type of house you want to upgrade to is likely to also have reduced in value.

 

[moneygrower]

It comes down to how much equity you have in your current house and much you need to buy your next house.