What would you do regarding a potential house move?

Hi, the house we live in at the moment is semi detached with 3 bedrooms. We have done a lot of work to this house and there is still a bit more to do. It is on a very quiet road and our house is literally about 20 feet from a beautiful green park area which is overlooked by the surrounding houses. The area is very sought after. It was valued today at about 160k and our mortgage is for a little under 120k.

Now, we have seen a house in the same sought after area, but on a busy road. It needs completely redecorating. But it is a three bed detached house. It is on the market for 169k because of the amount of work needing. The size of the rooms are on a par with the house we have now, the garden is smaller but much more use-able and it has a large block paved drive.

Other similar houses in finished condition, in the same area usually sell for around 200k. So there is a potential for us to own a house worth, in finished state, around 200k with a mortgage of around 120-125k.

The dilemma is our house is lovely and it is not possible to beat the view of it. So do we sell up and move to a house that we can add a lot of value to and then hopefully in a few years move to a detached house on a quieter street. Or do we stay where we are?

5 Answers

Relevance
  • 1 decade ago

    You sound to be well suited to your current home (and I stress the word home).

    Unless you absolutely HAVE to move, this is not really the time to be contemplating moving off to somewhere that you will have to put a lot of effort in simply to get to what you have at the moment. Maybe the other property could be worth 200k, but there is no guarantee that it will. The market may have further to drop yet.

    If you have surplus funds to use, you would be better off, if permitted, to reduce the mortgage on your current property instead.

    In your position, I would definitely stay put.

  • Em
    Lv 6
    1 decade ago

    Are you looking for profit or a lovely home where you are comfortable? You've seen their garden - now you can add that to your list of things to do in your current house!

    It really does sound as though you dont really want to move!

  • Sal*UK
    Lv 7
    1 decade ago

    Make a silly offer for the other one - like 150k - you will almost certainly get it. Will that sway you?!

  • 1 decade ago

    STAY

    Too many negatives with move and that house

    Source(s): longtime LL
  • How do you think about the answers? You can sign in to vote the answer.
  • 1 decade ago

    Stay put. Definately.

Still have questions? Get your answers by asking now.