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Rent or buy?

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I have a mortgage on a house that I dislike (thought hate was a bit too strong). Thing is, I had a 6 year plan to move to something bigger cos the house is no where near big enough for my family, this… Read More
jinxie Avatar
8y, 2m agoPosted 8 years, 2 months ago
I have a mortgage on a house that I dislike (thought hate was a bit too strong). Thing is, I had a 6 year plan to move to something bigger cos the house is no where near big enough for my family, this was 7 years ago.

We can't get a bigger mortgage at the minute nor can we swith providers (tied in with a big penelty) and out fixed term ends in March 2010 when our mortgage will go up a significant amount.

My question is, should we sell up and rent? I've been looking round and we can get a house twice the size of ours for the money we pay.

HELP!
jinxie Avatar
8y, 2m agoPosted 8 years, 2 months ago
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#1
Simple answer; IF you can find someone to pay you what you want for your house, then sell. This recession is here to stay and house prices will not start going up for at least 2 years IMHO.
#2
I know this sounds convoluted and it's just an idea, but how feasible is renting somewhere for you and your family and renting out the home you own to others so you can at least cover the mortgage while you arent living there?
#3
ClarityofMind
I know this sounds convoluted and it's just an idea, but how feasible is renting somewhere for you and your family and renting out the home you own to others so you can at least cover the mortgage while you arent living there?


I have thought about this and will look into it but I kind of know the rent I would get wouldn't cover my mortgage payments. If I sell my house and rent I will also be completely debt free for the first time ever in my adult life..............nice thought!
#4
jinxie
I have thought about this and will look into it but I kind of know the rent I would get wouldn't cover my mortgage payments. If I sell my house and rent I will also be completely debt free for the first time ever in my adult life..............nice thought!


Yes, but then it can be hard to get back on the ladder... it depends whether you need the freedom more or long-term financial security.

Good luck with whatever you decide to do x x
#5
Decisions decisions!!
#6
stay put and look to switch to better deal next year
#7
My question is, should we sell up and rent? I've been looking round and we can get a house twice the size of ours for the money we pay.??????

so could i prob is i wouldnt want to stay there
banned#8
depends really if there is any money on the house? and whether you will need to use the capital to live, etc,etc

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