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Should I sell to gain?

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  • Should I sell to gain?

    I bought a property in August 2007 and am currently tied into a fixed rate mortgage. My property is currently worth around £200k with approx £60k equity. I'm thinking of selling already but estimate this will cost around £7k in all, taking into account the early repayment penalty that would apply plus other fees. Regardless, I'm wondering whether its worth selling in order to retain as much as possible of the equity so that I'll be in a better position in 2 or 3 years. I can easily afford the repayments but I'm thinking saving the equity could knock years off any future mortgage, or I maybe able to purchase something bigger of similar value. Any thoughts?

  • #2
    I'm curious - in what way would you be in a better position in 2 or 3 years?

    2 or 3 years as you are means 2 or 3 years paid off on your mortgage.

    If you're expecting to be able to sit around and buy into a property crash - that's a hell of a gamble.

    For perspectve, the stock markets have recently popped a bubble also. What would stop you from selling your home to speculate on the stock markets?

    If aversion to risk comes up, that's precisely what you're overlooking in this scenario - the associated risk.

    2c.

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