What do you think ?

[Mamacute]

Opinions needed, please.
We bought our very first property sometime in 2016... a mid terraced house, with no off street parking but could park on streets.

Now, we’ve been talking about buying another place, preferably a detached. Trouble however, is , the mortgage as you can imagine, ll be considerably more , leaving us with less savings.

I am of the opinion we do not move just yet, maybe stay put for another 2 or so years & save up for the next one but my husband thinks we are better off moving now, seeing as there’s hardly been any uprise in value of the current property.

The said property is in Strood, Kent & the one he’s proposing we move to is in Chattenden, Rochester, in Kent as well.

Would you sell the current one to move & then save up for the BTL whilst in the new one or stay put in the current , even though you aren’t exactly “happy” there anymore?

“Happy” in this context is only cos you’ll ideally like something with off street parking & not cos there’s anything wrong with the area...

Many thanks.

Did you fully pay off your terrace mortgage? If you own the first house outright, you can afford the second property mortgage, you don't need sell it right now. Current market is buy's market. Wait the value of the terrace increase a bit say after 5 years, then you can try to sell it.

Above case may get second stamp duty /capital gain tax involved. But in the long run the property value will be increased to cover stamp duty.

@rabbitcarrot,
Thanks for your response. No , we do not own the property outright just yet.

I don't understand what saving up for the BTL has to do with moving to a bigger house. Am I missing something?

We were in this position and are moving

I released equity on my terraced house to buy our current house and I rent my terrace out. I have an interest only mortgage on the terrace which is more than covered by the rent. Would that work or have I totally missed the point!?

I think that in your position, I'd just move to the house that you want to live in. I'd then gradually invest your spare money but probably not in residential BTL as the government has been making them unviable and landlords' lives tricky and it's only going to get worse with Labour in power.

@wowfudge , cos we’ll then likely have less to put away in savings than we currently do.
@WBWIFE thanks ! I think we’ll do that too, actually. The new place has 3 toilets & just generally works better for us.

@Shadow the property hasn’t gained that much in price.

@jojo ... I hear you. We will. Thanks all.

We received an offer but way bow our asking price but even if we were willing to accept it, which we really aren’t , they are still waiting to sell theirs too. The ES thinks theirs shouldn’t take that long as it’s a flat & is a lot less in price, so they expect it’ll go soon.
It however, is a shared ownership. I have no idea how this works or if this ll make the process even longer.

Does anyone know, please ?

You can't accept an offer from someone who hasn't sold. You say "thank you for your interest, we look forward to negotiating with you once you have an offer on your own flat, if ours is still on the market"

DustyDoorFrames , thank you !