Need some opinions please!
Currently we live in a deprived area in a 3 bed terrace. Kids are 11, 11, and 8, all boys. I want to move to a 4 bed (or even a three bed with the third bedroom being bigger than a box room) but I think it's going to not be possible.
We possibly have between £20-30k equity in our current home, but that is assuming we can sell for what we bought it for (or £10k more), which was only £85k. I'm not sure this will be possible. Most recent sale in our street was below that, but empty and very very dated. Our house at least has double glazing and central heating but it's tatty.
I'm considering selling and then renting. Rent would be at least £500 more than our current mortgage, but that's still affordable. We could probably get a little garden as well. But is this a really really bad idea? Have considered letting this house to buy/rent another but tbh as I say it's shabby, so would probably need a decent refurb. Could maybe do for fairly cheap but of course we'd need to do that around what we have, move stuff out etc. We could afford the mortgage plus rent but not long term.
I'm honestly really veering towards wanting to do this. Sell, even with no profit on the original price will give us a deposit we can build on over the course of a couple of years. We don't really want to move too far out of the area as our twins start secondary in September.
Am I overthinking this? Am I daft thinking about it at all until we know more about the market?! Any and all opinions welcome!