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Property/DIY

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Original poster

Would I be mad to sell my house

86 replies

dewisant2020 · 14/11/2022 18:06

I've been seriously thinking off selling my home lately and moving into rented accommodation.
The reasons for that is the sale of my house would pay off all my debt and leave a fair few pounds left to enjoy life a bit, I wouldn't have to worry about big repair bills and I could move around a lot more easily.

Some friends say I'm absolutely mad to be even thinking about doing that, would do you all think?

OP posts:

ninjafoodienovice · 14/11/2022 22:49

Be wary of the over 50s housing schemes as the ground rent/ annual fees can be very high and can go up and up too.
I would have thought your best option would be to downsize and release some equity to pay off your debts and reduce monthly bills too

TomTraubertsBlues · 14/11/2022 22:52

dewisant2020 · 14/11/2022 18:10

I'm 51 and my daughter is grown up now and living with her partner, my DS passed away so just me at home now.
It would leave me with a good £300k after all my debts were paid.

So surely the answer is to downsize, use that £300k to move somewhere smaller or in a cheaper area?

The rental marker is shocking right now, I wouldn't do it.

allboysherebutme · 14/11/2022 22:54

I would not do it. X

pavillion1 · 14/11/2022 23:07

Dontaskdontget · 14/11/2022 22:02

I’d sell the house and buy a one bed flat. I wouldn’t go into rented again can you imagine having to ask permission to put up pictures and paint walls etc and they can force you to move out if they want to sell and you could find yourself having to move house in your seventies and eighties and nineties no no best avoid that vulnerability if you can. More importantly you could live another 40-50 years and that’s a lotta money to waste on rent. Stay on the property ladder but downsize.

Agreed

Summersdreaming · 15/11/2022 07:07

I'm so sorry about your DS.

I think downsizing is the better option. Moving potentially every 6 months is exhausting and stressful, which I think is the opposite of what you want.

Renting is really really hard, and harder than ever currently, plus you'll eventually be paying it out of your pension. I can't even imagine how you'd get approved for a tenancy in your 70s + when two working adults are struggling now.

SilentHedges · 15/11/2022 17:45

@dewisant2020 NO, don't do it. By all means sell, consolidate your debts and buy something smaller, mortgage free if possible. Do not sell and go into rented, for emotional and financial reasons.

How are you going to feel when you have to move constantly and have cannot change the colour of your walls? It sounds free-ing, but from personal experience I can tell you the novelty wears off. Sorry, £300k is not going to get your far over the course of your lifetime with rent to pay, unless you have a very big pension. Always assume you'll live well into your 90s when finance planning.

SilentHedges · 15/11/2022 17:49

dewisant2020 · 14/11/2022 18:19

I'm not concerned about my debt to much as a whole, I owe about £11k and one of those is a loan that's got about a year left.
I worry as I get older and my income starts reducing about big repair jobs like roofs etc. I will have a pension but it isn't going to be massive and I also thought if I rented I could move with a months notice although I have seen on the news how bad the rental market is at the moment

I'm 53, and I understand the concern about repairs in retirement. I have a victorian house, but will save around 50k (and assuming for some reason I don't inherit) on top of my pension before retiring. Repairs are on my mind, so I could move to something more modern in a cheaper area.

Honeybee8409 · 15/11/2022 18:19

Don’t over 70s get housing benefit/council tax benefit…?

PearlclutchersInc · 15/11/2022 18:24

At your age, no! How are you going to continue to rent with prices the way they are all once your savngs are gone. Sell if you must but buy somewhere cheaper so you have some sort of security.

Social housing is like gold dust if you even qualify.

SongforWhoever · 15/11/2022 18:31

If your income is low enough to worry about repairs, how would you pay rent? Rent takes a very large percentage of a single person's income. Rent's much more than repairs usually are.

20questions · 15/11/2022 18:37

Noooooooo!!!!
Totally agree with@Wibbly1008
Don't give up your security for an £11,000 debt. Downsize or take in a lodger!

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