Question:
My husband and I bought a house last year, but it is just not my dream house. I need to buy another one for more or less the same price in a different area.

Is this the right choice? How soon is it possible to change from one house to another if you feel you have made a mistake? Will there be any penalties?

I don’t have a deposit for a new house.

Answer:
A lot depends on the current value of your home. If you bought it for a bargain and it has increased in value then you may be able to sell it for more than you paid for it and have some capital to put down as a deposit on another property. However, in the current market it is unlikely. You also need to take into account all the costs when you purchased the property.

Supposing you did manage to sell the house for a profit then you still may have to pay an early cancellation fee on your bond.

You will also have to come up with a new set of transfer fees.

In my experience selling a home within a year of purchase is never a good idea. Realistically, you should own your home for three to five years in order to realise a gain.

So no, I don’t think it is a good idea to move especially with an unstable interest rate situation.

Individuals should take cognisance of the fact that buying a home is a massive decision and it should never be an impulse buy.