Yet again, I haven’t been around for a while. We’ve been living in a state of limbo, not being able to go backwards or forwards. I keep this blog anonymous for a variety of reasons and a lot of the things that have been going on I can’t really talk about (partly contractual, partly from wanting to stay anonymous). So the stuff we’ve been grappling with hasn’t been stuff I can blog about.
A set of circumstances have arisen that mean we aren’t realistically going to be able to sell our apartment for at least a couple of years. I can’t say why. You’re just going to have to trust me on it. The trouble is, we really can’t stand staying here. Mainly because:
- We’ve been stuck here for years. It was great in our early 20s but now we’re in our mid and late 30s with a child it is a nightmare.
- The walls are so paper thin that we often wake up our daughter if we attempt to do any of the following in the evening: run a bath, have a shower, flush the toilet (the water pipes all make a lot of noise), do any cooking. Talking too loudly. The phone or door bell ringing aren’t much fun either. This isn’t a problem for a single or a couple but for us now it just doesn’t work. We need to go.
- The space issue and lack of storage and the number of stairs are a problem but then this was never meant to be a family home. It is an old convertion not a purpose build flat even.
- There is no way we could have any more children here. No. Way. Our girl is now past her second birthday and while we’re not nearly ready yet, if we were going to have a go, we wouldn’t want too large an age gap.
- On a purely personal level, we hate living here. We’ve had enough.
- The garden is communal and backs straight on to a road which we can’t fence off so it is hard to use as a family. Also, it isn’t easily accessed from our apartment so we can’t sit outside in the evening while girlie sleeps (it would be like going out and leaving her on her own). Obviously being able to sit outside in the evening isn’t a critical thing but…
Due to all of this (and some other reasons) we’ve decided that the best option for us is to rent out our apartment, release a bit of equity and buy another place. I know this might seem like a crazy thing to do but we know plenty of other people that have done this successfully in our area. Obviously the main worry is that we’d be responsible for two mortgages so we’re putting enough savings back to cover 9 months mortgage and associated costs if the apartment is unlet. We would still have 25% equity in case property prices fall further or if we want to sell it at a silly price. The flip side is that we don’t have pensions etc and if it works we could eventually use rental income to pay off the capital and have an investment property. Or we could just sell it and make a profit (even a very small one would be fine) from having had the advtange of sitting on the property for enough years for the market to recover somewhat. The main advtange is that we could buy a decent size property while prices and interest rates are low.
As a side note, we did consider renting but over the last few months we’ve been checking what is available and all we’ve seen are one or two bed flats or huge, luxury properties we wouldn’t be able to afford. Not a single 3 bed house of any kind is currently available to rent in our town!
I debated about whether or not to write about this on here as I know there are plenty of people that would be really down on the idea and I don’t really need the criticism to be honest. The only thing I can say is that if I could tell the full circumstances behind this decision I bet any critics would understand.
We’re in the process of getting quotes and surveys done so we can look at the full picture. But this is basically why I’ve been quiet. Once the situation is resolved I’m sure I’ll be blogging about it all! I sincerely hope that sometime before Christmas you’ll be reading a post about 3 extremely happy people living in a proper family home with a tenant in their investment property…
Crossed fingers and good vibes will be much appreciated!