Advice on our house???

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Sinful Posts: 956
Hey, we are seriously getting worried about our house price and really just dont know what to do we have only bought it less then a year ago and it is gorgeous and i love it but i am afraid that the value will be alot less then when we bought it and out Mortgage is seriously huge 1 we could apply for green card to America ( how do we start this anyone know?) H2B has relations over there. 2 My parents have got accepted to emigrate to Australia could maybe head over with them but thats not happening for a couple of years, they are waiting till our Wedding, but that seems to far away. 3 just sell and move home, really dont want to do this i am afraid everyone will laugh at us. 4 just live in it forever in a valueless house.... :o( and pay a ridiculous mortgage on it and probably pay the value of it 10 times over by the time our 30 years is up... Oh god what do yous think? im getting really worried and im not much of a worrier im so laid back about things. Dose anyone know anything about things like this???
mammybean Posts: 10364
I think it is time to calm down! alot of us are in the same position. we have our house, paying - what to us is a ridiculous mortgage but thats the risk we took when we bought the house. worst case scenario - we dont sell it and build our dream house. if the value drops we will just stay here and make the most of it
Anonymous Posts: 24542
Technically, as long as you can afford the repayments, then the perceived value doesn't matter. You have a home to live in and otherwise you'd still have to make some kind of payment- rent, home etc.? Unless your affordability is an issue or negative equity, don't worry too much (easy to say, isn't it? *) ) Is there a particular reason causing the worry other than market value reductions?
Missus Lippy Posts: 5879
Unfortunately very few of us were lucky enough to buy a house years ago and make a packet. The market has just slowed down at the moment, due to the interest rates etc., it had to slow at some time. You have to have somewhere to live and you would be paying dead money in rent anyway, so it might as well be coming off a mortgage. You won't be sitting in a valueless house forever, things will improve but it might take a while. This is the way H2B and I are looking at it and it doesn't really matter what value is on our house anyway, we can't afford to move and we will be here for at least 5-10 years. I will be concerned about the value of it if we want to sell in 5-10 years.