Should I sell my house? (Scotland)

[Be creative]

So I bought my house in 2019. It’s a lovely small 2 bed end terrace and I got it for 5K below value. Faces out on to a park and has uninterrupted views. Nice garden and I’ve decorated it well.

I had problems with mice in the attic for months during locking (and before) and have spent hundreds trying to fix it. It’s caused me so much stress and anxiety - I actually posted a thread about it ages back for advice.

Thought I had managed to eradicate them for good a while back but unfortunately the other day I heard scurry scurry so they’re back.
Anyway, I can continue to battle the mice issue, that’s not what’s causing the question of should I sell, entirely anyway.

I’m 32, about to be 33 this year. I have savings but nothing substantial to write home about. I overpay my mortgage every month but have £88k left to pay off. As things stand at the moment, I can’t afford to buy bigger and will be stuck here for a while yet before I can move to a bigger house if things stay as they are (or get worse as is predicted in the near future).

With the cost of everything predicted to soar and a recession likely, should I take the gamble and sell up, move back home with mum for a year or two, save all I can, and buy bigger maybe during the recession? It would mean losing my independence again for a while, but I would make about 15-20k profit on my house if I sold now and be able to save about £800- £1100 per month. Of course 1-2 years could rapidly turn into longer and that’s a danger too. Also taking into account the independence issue etc.

Or should I rent it out and move back home? I’d be able to rent it for £700 per month, which is about 150 more than mt overpayment total monthly on the mortgage… but need to take into account vacant periods, repairs, insurance, tax (I’m a property manager so can manage it myself so wouldn’t have agent fees). The Problems with renting I can see is I run the risk of not making any money if I need to sell during a recession and delays if I need to serve notice etc because I want to sell to be able to buy. I know the notice periods for PRT’s so aware it would be months, not weeks.

Or do I sit tight and ride it out.

What would your advice be?

 

[saltandvinegarcrisps]

Get a cat for the mouse issue... I would rent it out if you want to save money. It's your asset, it's decorated to your taste and you like the location etc. You can't live at home forever so what is the end goal if you were to sell/ rent/ etc. What about renting your spare room on air bnb? You will also waste a lot of money on fees buying and selling for what seems like no real reason?

 

[Kim Mild]

Did you buy the house in order to make a profit or as a home? Moving up the ladder seems to be a dream for some people but being mortgage free on a smaller property can have it's advantages too, unless you have a family and need more space. Keeping on buying larger, more expensive properties could mean paying it off never gets any closer.



Is moving back in with your mum a feasible long term option? She might value her independence too.

As long as you can make your payments , I would stay put for now .

 

[Snippysnips]

Have you had a good look around the base of the house an if there's any gaps between you an the neighbours in the attic an also if the neighbour has the same problem, we had a mice problem as well, had traps all over the attic, couldn't figure out where the hell they were coming in or how they were getting in the attic, turns out we had a small hole by the outside step, we had to really look around all the base of the house to find it, under the step lips an all, turns out they had been using this little hole under the step to get in an then climb up the walls to the attic, closed it off an not had them back again

 

[Be creative]

Get a cat for the mouse issue... I would rent it out if you want to save money. It's your asset, it's decorated to your taste and you like the location etc. You can't live at home forever so what is the end goal if you were to sell/ rent/ etc. What about renting your spare room on air bnb? You will also waste a lot of money on fees buying and selling for what seems like no real reason?

Haha so many people have suggested the cat! The end goal is to eventually move up to a bigger house but happy to hold on to it meantime just unsure on the best route to go down. The second room isn’t big enough to rent out or it’s something I would definitely have looked into.

Did you buy the house in order to make a profit or as a home? Moving up the ladder seems to be a dream for some people but being mortgage free on a smaller property can have it's advantages too, unless you have a family and need more space. Keeping on buying larger, more expensive properties could mean paying it off never gets any closer.



Is moving back in with your mum a feasible long term option? She might value her independence too.

As long as you can make your payments , I would stay put for now .

Bit of both. Was a 1st time buy so was a home but with the minding I would want bigger later on. I see what you say about mortgage free tho and it’s what I’m working to - slowly!
Moving in with mum is an option, I think she actually really misses me so would probably suit her best and she’s said she has no issues with me moving back in at all.
I’m tempted to ride it out and just keep my plan as I have it but interesting to hear everyone’s thoughts so far!

Have you had a good look around the base of the house an if there's any gaps between you an the neighbours in the attic an also if the neighbour has the same problem, we had a mice problem as well, had traps all over the attic, couldn't figure out where the hell they were coming in or how they were getting in the attic, turns out we had a small hole by the outside step, we had to really look around all the base of the house to find it, under the step lips an all, turns out they had been using this little hole under the step to get in an then climb up the walls to the attic, closed it off an not had them back again

Yeah I’ve had 4 different companies out who have all looked around. Couple spots found but I’ve filled sealed stuffed cemented blocked etc all of them. The only thing left is the attic - there’s gaps in the wall between mine and my neighbours so my friends husband is going to come along and lay traps and put expanding foam in the gaps to see if that helps any. Fingers crossed! I’ll go around again and seal up anything I may spot. It’s just a nuisance - they’re pesky little buggers lol

 

[Snippysnips]

Yeah I’ve had 4 different companies out who have all looked around. Couple spots found but I’ve filled sealed stuffed cemented blocked etc all of them. The only thing left is the attic - there’s gaps in the wall between mine and my neighbours so my friends husband is going to come along and lay traps and put expanding foam in the gaps to see if that helps any. Fingers crossed! I’ll go around again and seal up anything I may spot. It’s just a nuisance - they’re pesky little buggers lol

Could be the way they are getting in is from the neighbours, have you spoken with them? Our house sits alone so we had to look since there was no other way in, they can be a absolute nightmare an somtimes they sound 5x the size as well, hopefully sealing up the gaps between you an your neighbour will stop the problem

 

[Be creative]

Could be the way they are getting in is from the neighbours, have you spoken with them? Our house sits alone so we had to look since there was no other way in, they can be a absolute nightmare an somtimes they sound 5x the size as well, hopefully sealing up the gaps between you an your neighbour will stop the problem

Yeah I have asked my neighbour but bless him he’s, without sounding judgemental, not the most keen on gardening and I don’t know how house proud he is. Plus I don’t think he has a lot of money so home repairs probably aren’t a priority until urgent type thing. I’m also an end terrace and the house 2 doors up feeds the birds all the time despite knowing I’ve been having mice issues! Hopefully the attic work will do the trick!

 

[Choco88]

I’d move back in with parents just to escape the mice

 

[Be creative]

I’d move back in with parents just to escape the mice

I’ve been tempted so many time

 

[katyazamo]

So I bought my house in 2019. It’s a lovely small 2 bed end terrace and I got it for 5K below value. Faces out on to a park and has uninterrupted views. Nice garden and I’ve decorated it well.

I had problems with mice in the attic for months during locking (and before) and have spent hundreds trying to fix it. It’s caused me so much stress and anxiety - I actually posted a thread about it ages back for advice.

Thought I had managed to eradicate them for good a while back but unfortunately the other day I heard scurry scurry so they’re back.
Anyway, I can continue to battle the mice issue, that’s not what’s causing the question of should I sell, entirely anyway.

I’m 32, about to be 33 this year. I have savings but nothing substantial to write home about. I overpay my mortgage every month but have £88k left to pay off. As things stand at the moment, I can’t afford to buy bigger and will be stuck here for a while yet before I can move to a bigger house if things stay as they are (or get worse as is predicted in the near future).

With the cost of everything predicted to soar and a recession likely, should I take the gamble and sell up, move back home with mum for a year or two, save all I can, and buy bigger maybe during the recession? It would mean losing my independence again for a while, but I would make about 15-20k profit on my house if I sold now and be able to save about £800- £1100 per month. Of course 1-2 years could rapidly turn into longer and that’s a danger too. Also taking into account the independence issue etc.

Or should I rent it out and move back home? I’d be able to rent it for £700 per month, which is about 150 more than mt overpayment total monthly on the mortgage… but need to take into account vacant periods, repairs, insurance, tax (I’m a property manager so can manage it myself so wouldn’t have agent fees). The Problems with renting I can see is I run the risk of not making any money if I need to sell during a recession and delays if I need to serve notice etc because I want to sell to be able to buy. I know the notice periods for PRT’s so aware it would be months, not weeks.

Or do I sit tight and ride it out.

What would your advice be?

My thoughts for what it's worth... I'd stay put if I were you. Keep up the overpayments to bring your mortgage down - £88k isn't a huge repayment in the grand scheme of things, especially if you're putting around £550 per month into it. As someone else said, sizing up means a bigger mortgage and more to pay back. It depends where you're located but the housing market is insane in some towns/cities with places going way above the home report, so there's the added stress of that too. I completely understand about wanting a bit more space, it's a trade off between that and ultimately paying more to do so.

Selling would be my second choice so you've made a clean break with the mortgage and put the profit aside and into savings. What type of mortgage are you on, have you come to the end of a fixed rate deal? If you're in the middle of a fixed rate deal you'll likely have to pay a fee for early exit but you've obviously got more options if you're on the SVR.

IMO renting out the property for a profit of £150 isn't worth it, as you say you'll have insurance and need to put aside some money for eventual repairs. Ideally you'd be on a buy-to-let mortgage with interest-only repayments to make it worthwhile, or rent it out for significantly more than your current mortgage amount so you might struggle to do that when you're making overpayments. You'd also need to get consent from your lender to rent out for a short period of time.

 

[Be creative]

My thoughts for what it's worth... I'd stay put if I were you. Keep up the overpayments to bring your mortgage down - £88k isn't a huge repayment in the grand scheme of things, especially if you're putting around £550 per month into it. As someone else said, sizing up means a bigger mortgage and more to pay back. It depends where you're located but the housing market is insane in some towns/cities with places going way above the home report, so there's the added stress of that too. I completely understand about wanting a bit more space, it's a trade off between that and ultimately paying more to do so.

Selling would be my second choice so you've made a clean break with the mortgage and put the profit aside and into savings. What type of mortgage are you on, have you come to the end of a fixed rate deal? If you're in the middle of a fixed rate deal you'll likely have to pay a fee for early exit but you've obviously got more options if you're on the SVR.

IMO renting out the property for a profit of £150 isn't worth it, as you say you'll have insurance and need to put aside some money for eventual repairs. Ideally you'd be on a buy-to-let mortgage with interest-only repayments to make it worthwhile, or rent it out for significantly more than your current mortgage amount so you might struggle to do that when you're making overpayments. You'd also need to get consent from your lender to rent out for a short period of time.

i think I’m working along the same lines in my head as you. I see the sense, from a personal perspective and logical one, to carry on as I am. I was thinking to sell in the peak and maybe benefit from buying in the dip but there’s no guarantee there will be a dip and tbh it’s a gamble on how long I could live at home again v suitable house coming up.
Renting is probably my least favourite option, as it can be a hassle and problematic if I needed the cash quickly or to secure a purchase so I’ve kind of ruled that one out. I’m currently on a 3 year fix, almost 1 year in so I would have penalties if I sold, but marginal in comparison to the savings I could recoup.