Buying and selling Houses

[AddieB]

Hi, I really need some advice..Im 26 and I bought a house five years ago, it was a three bed run down  terraced and at the time I felt the bigger the house the longer I can stay in it but in reality its just to big to maintain on my own..I did rent the spare rooms out but the girls I let the rooms to are moving on and I want to move on to. Letting them live there has made the house feel like a student pad rather than a home. The repairs on the house now are done. So the question is what do I do now? I have put the house up for sale and recieved an offer about 3k under the asking price...Im happy with that. Because im on my own should I downsize to a smaller house and put all the money back into property? sell up and invest the money? A few people have said to me that I should be upgrading to a semi!!...but shouldnt I just go for what I want - ease of living with low maintainance costs??What would be the best option?                        Thanks, in advance, Ads

[vicars]

1. downsize. Good idea from what you say re repairs and maintenance but the negative side is that you get better value for money I feel from a larger property. Especially now as larger properties usually hold their values better if prices fall. If you re-invest the money you could do a buy to let but tjis may also take up much of your time so think about whether you want the hastle. Stock market due for an upturn but remember you should only stick your money in if you can afford to keep it there for 5 years minimum.

2. Upsize - certainly an option but from what you have said probably not for you - you could always go for a brand new property as they can offer surprising value for money.

3. Stay where you are - unless you are unhappy why not?

[Miss Zippy]

You're one of the lucky ones to be on the property ladder at your age and if I were you I wouldn't come off it by selling up and investing your money elsewhere. Sell and downsize to a property that is suitable for your lifestyle. If you're single and have no family, understandably a three bed house with a garden is a bit of a burden to maintain when you want to be doing other things at the weekend other than gardening and DIY. What about a plush 2 bed apartment with all mod cons?  If you've had your current property five years presumably you've made some money on it (especially if you've done it up) so sell it and put all the money into your new property so you'll have a lower mortgage than you would have otherwise. 

[Hammer]

I think you've almost answered your own question. Upgrading is obviously not for you at this time, why not do as Miss Zippy suggests and buy a really nice smaller place for around then same price as you are selling for.

Plasma screens in every room, marble floors, fully integrated stereo with hard drive in the basement, en-suites.....