house move? aibu ... i can't decide!

[Silverstone67]

To move, or not to move... That is the question.

I'm in a 2 bed mid terrace. Just me and DD (9). Probably got £75k equity so can afford to move to a 3 bed. I want to do this because I want a passive income, I.e. Rent out room to foreign exchange students for a couple of months at a time. Long-term I think I might apply to be foster carer. (obviously that's not a passive income!)

I've seen 2 houses and put 2 offers in, both turned down. I am scared about selling mine and then not being able to find somewhere suitable in my price range... Mine is a first time buyer type house and I don't think I will have much difficulty selling it. I'm anxious, never done a sale and buy before.... The chain thing stresses me out. Is this a bad time of year to start thinking of moving? Should I wait til January? Or just sack the idea altogether?!

If yours is a first time buyer price range house you won't have an issue selling it as long as it's in good condition - we bought our first house this year and everything in that price range was snapped up within a few days of going on the market. Our house is beautiful and we were really lucky we were in quickly.

If you can afford it I don't think it's ever a bad idea to upgrade to a bigger property as long as it's a sound purchase (no major issues etc) - percentage wise as prices go up you're in a better position. Having £75k in equity in your current house isn't benefitting you which is fine if it's your longterm home and you don't want anything bigger but it doesn't sound like that's the case.

Are you putting offers in without even being on the market??

That could be why they have declined.

Have you even had a valuation and got a mortgage in place?

Yes had valuation and got mortgage offer. Like I say, mine is in good nick and ideal FTB place so I plan to market it with an online estate agent with upfront fee (save about£1000 in commission this way). My offers haven't been accepted because people offered higher.