Week 7 of Beeny Knows Best, where our very own Sarah Beeny takes to the blog to answer your property-related questions.
I own my own flat at the moment and want to move somewhere bigger. However, although I have equity in my property, I wouldn't be able to get a mortgage for enough to get the property I want because I have too much debt which cuts my mortgage offer by a significant amount! So would it be better to sell up and use some equity to pay off my debt and put the rest away for a future deposit instead? - Karen
I personally think a clean slate is a good one and it's best to try and get on top of debt that has run out of control as soon as possible and as young as possible. However if you are ‘in’ the property market, my advice to anyone would be to stay ‘in’ the market so I would strongly advise you don’t sell, pay off your debt and leave the remainder sitting in a deposit account unless it is your only option. You could look at selling and buying somewhere bigger in a slightly different area that would perhaps not cost as much and that way kill 2 birds with one stone.
We are planning to sell our one bedroom flat in Leytonstone in East London in April/May 2016. When we bought it in 2014, viewings were all done on a Saturday and offers went straight to sealed bids on the Monday. As a seller, this option now appeals to us as it feels like it would easiest in terms of time and hassle. We would be looking for a quick sale and potential buyers would be first-time buyers, or investment buyers. Do you think that this option is a feasible one in the current market?- Nu
This is always an option but you probably need to be selling for a very realistic price to drum up this much interest immediately. I know I sound biased but I do think you should use Tepilo if you want this quick sale as our marketing means that we tend to generate more interest in properties for sale than other agents. That way you can hopefully build up ahead of steam that will enable you to have a ‘viewings’ day rather than draw it out.
If you have a question that you'd like Sarah to answer in next week's post, email it across to firstname.lastname@example.org with the subject line 'Beeny knows best'.