is it a good time
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Q&A » Buying and selling property
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134liesarenocomfort postedIf you think the Tories might get in they've promised to scrap HIPs within weeks of being elected which might save you a couple of hundred quid if you wait 'til May (the EPC will still be needed though - EU regs).
I wouldn't let that swing a decision though.
Lots of doomsayers are talking about a housing market crash but I can't see it - the unnewsworthy truth is that prices probably won't move much over the next year (personal opinion). If you're buying and selling the market may not matter too much of course...
Posted on 18 February 2010 |
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272Swarbs posted
To do what? To buy or to sell?
If to buy for the long term (i.e. at least five and ideally ten years), yes. The market is around 10% below its peak, mortgage availability is low and there are very few buyers, so you will be able to negotiate a good saving off the price. Even if the market falls in the short term, which is more based on people's hopes than on any facts, it will still recover in the long term.
If to sell, no, for the same reasons stated above.
If to buy for the short term, probably not. Whilst there is little evidence that the market will fall again, it is unlikely to rise in the near future. Given the high costs of buying at the moment, mainly the high mortgage fees needed to get the best deals, you won't make much money in the short term, and could lose a lot if you need to sell again in a hurry.
That's my opinion anyway - I'm sure you'll get a hundred others from any number of people! Just do what is best for you, and what you can afford, and don't worry about the market.
Posted on 18 February 2010 | Love 1 love
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804MikeGG1 posted
If you are buying, decide how long you might realistically be wanting the house for then divide all the costs of buying by the term you reckon on. Add in the interest you would have to pay on the whole price and compare the total with the rent for an equivalent property.
That will give you your answer, but remember that you would be buying a home or renting a house. There is a big difference.
Mike
Posted on 18 February 2010 | Love 0 loves
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