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Originally Posted by 1stnewcar
Heart is ruling head at the minute so will probably move anyway!!!! Depends if we sell ours though. Thanks for the responses  |
I was in two minds about moving 4 years ago, because I though the market might crash then. I'm amazed that it's held on so long.
You have to think in the long term with property. If you can withstand a 30-40% drop in house prices without hitting negative equity then you are pretty safe. Worst case, you end up with a mortgage which represents a far larger percentage of your homes value and equity that you built up through the rising market is lost. In that case you have to take the view that it was never real money anyway .. just a symptom of a fluctuating economic cycle.
In the end .. you have to get on with your life .. and if that means moving then I would do it. Make sure you can afford your mortgage payments if interest rates double as well. You never know.