Situation
I live in a house with my children. I hate our house. It is freezing cold and without any beautiful features. All the rooms are square and despite me adding colour and art work, it still is bland. The location is awful.
The trouble is that I can't sell. I've tried. I'm worried that I'll make a mistake when buying again.
I can't work out how to get out quickly but not regret it. Also I can only buy something else of similar value so cannot yet buy the lovely period property of my dreams.
The problem of the renting vs buying dilemma is that my ugly house which can't sell could rent for 2K a month (due to local university and industries), which would allow me to rent a property I prefer. But without the security I guess. Plus I'd have to meet affordability (I earn 32K so not loads but would have the rental income too minus mortgage)
Options
- rent house out and hope it increases in value or my income goes up so I may move somewhere nicer. But then will have to rent elsewhere, might give me time to think. Worried they'll not want to as I'm a sole earner with children.
- sell my house now, hope for a nice house to come up that needs some work doing.
- part exchange for a new build in a better area. Enjoy the warmth of a new build.
- rent house out, rent somewhere much smaller, save the difference in money and use it for a house move in the future.