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Trading up now - would you???

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  • 26-08-2009 2:18pm
    #1
    Phlux
    Registered Users Posts: 8 ✭


    Hi,

    Just married and myself and hubby are thinking of selling up our small 1 bed apt and trading up to get a house with a garden.
    The apt is in a very good area but we know we are going to take a massive hit with it if we sell now. We are thinking that we should just cut our losses on the apt as we should be able to purchase a house at a good price now in the same area. Unfortunatley we need the capital from the apt to be able to purchase the house so holding onto it isn't an option for us.

    We know it's the million dollar question at the momnet, but we would really appreciate some of your opinions as to whether you would go for it now or would you wait?

    Thanks a mill, Phlux


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    #2
    thejuggler
    Registered Users Posts: 857 ✭✭✭thejuggler


    I personally believe that prices have further to fall but we won't have an idea of where things are headed until Nama has been finalised and takes over the banks/developrs toxic debts.

    However with the prospect of further job losses plus rising ECB interest rates from Q2 2010 onwards I would not care to bet that house prices will be increasing any time soon.

    If you decide to go for it make sure to sell your apartment before committng to another property


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    #3
    Phlux
    Registered Users Posts: 8 ✭Phlux


    Thanks a mill for your reply. Probably best to wait for the NAMA report to come out.

    Cheers, Phlux


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    #4
    faceman
    Moderators, Category Moderators, Arts Moderators, Entertainment Moderators, Social & Fun Moderators Posts: 16,603 CMod ✭✭✭✭faceman


    As the previous poster said, make sure you can sell your own place first, or alternatively if the rental yield covers your mortgage thats always an option too. 1 Bed apartments are a popular rental property with professionals and couples.

    aside from that, when you buy is down to your own personal circumstances. You could wait 1 year and of course whatever house you want to buy will come down in price, but so will the value of your apartment and generally speaking, apartments are hit harder than houses, depending on location etc.


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