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jakemcree
ChasnotRobert
Is this a terrible idea - if so, why?
As I have been banging on about, I have a crazy idea to move from E17 to somewhere on the other side.of LBR. The main objective is to end up with a slightly smaller, cheaper house and less or no debt.
A sub objective is to move from a big money pit to a smaller money pit, and ideally do most or all of any building work up front so once we are in, it's just maintenance. I'd rather find a place which needs work than pay for someone else's idea of what a refurb looks like.
It seems that we can rent an adequate place for about the same or maybe slightly less PVM than current debt repayment costs us.
So, sell house. Pay off debts. Have a pile of cash left over. Move into rented place. Become a cash buyer. Buy a doer upper. Do up said wreck. Move in. Maybe with a small mortgage depending on how sums exactly end up.
Obvious risks I can think of:
In a "hot" market your cash pile declines relative to house prices - doesn't seem to reflect current market conditions.
End up having to pay rent / pay a penalty for longer than needed if you find somewhere quickly due to terms of STA.
End up having to rent for longer than desirable if we don't find somewhere we like.
Building costs exceed budget - probably inevitable.