shall i sell my ex council house now or wait 5 6 yrs? it has been extended but needs futher improvements i dont know weather to
| Related: | Property, Home & Garden•Property & Living•Selling Property |
sell now or do improvements but will i gain on that im in ts23 area billingham help
Answers (3)
Hi cupcakebarb, and welcome.
Depends entirely to be honest. If you have an old mortgage and you're on their variable rate then now might be the time to snap up a good fixed rate deal before the base rate rises. Get a fixed rate for 5 years and then sell when that expires. You'll have more equity and property prices should have started to pick up again. Property is one of few safe bets, demand is always going to be there so prices will always rise over a 10 year period for example.
Or... sell now with a good chunk of equity, buy a repossesed property(these have increased in numbers recently) and take it on as a project. Develop the property, sell it on in a couple of years for a tidy profit and then start again. but, again, depends on personal preference and your equity as well as your personal situation, I assume you wouldn't want to move a family around with 'projects'. But now is the time to make the most of low mortgage rates in my honest opinion.
Hedley's answer is very comprehensive, cupcakebarb, but I feel this is such a complicated subject you might do well to get advice from an IFA.
Good luck!
lol at 'comprehensive', in others he writes a lot!
hi Feline, you've been quiet today, not much going on around here today =[
Oh, I've been looking in and out, Hetley, but you're right there's not much going on.
what is the reason you are asking the question? wrong time to sell if not needed for anybody
Posts within the money.co.uk community represent the views, experiences and opinions of members only. They should not be taken as financial advice and should not be followed without further research.
More Questions for Selling Property
Get fast answers to your money questions, Expert insight, top tips & much more...
