I bought my flat from my HA 3.5 years ago. I'm now allowed to sell it with no penalty, and this was always the plan as it's too small for me and teen DS now.
I have £7k savings and was planning to use this plus equity towards my next place. If the flat sells for what it was valued at when I bought it, I will make £18k equity. I've put in a new bathroom since buying.
However, considering the market at the moment, and the fact it's not a great flat, I'm doubtful that I'm going to be able to sell it at what it was valued at originally. It desperately needs a new kitchen and new double glazing in the living room.
Should I use my savings doing these things and hope it increases the value? Or just continue to save? I'm aware I'll have a good chunk of fees, etc. to pay, and obviously lenders now want 15% deposit at least, when I had been budgeting for 10% so that all eats into my saving and equity.
Thanks
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What should I do with my savings?
13 replies
facefate · 27/09/2020 20:56
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