housing problem

[Katiex]

my and dh bought our 2 bed apt off plot 4 years ago at a competitive price for the area we live it was 96,000. we thought we had a good bargain. we got married decided to have jacob (pretty quickly, after being off the pill 1 month, thought it might take a while longer!) the apt is lovely but too small for a baby esp when he starts walking, plus we need a garden.

the apt has been on the market for 15 months at 109,995 and the profit would help go towards a new house which we are looking to spend 130,000+ as this house would be our house for a long time.

OMG just got the apt revaluated as its been over a year and changing market. its been valued at 75,000!!!!! and an apt down the road pretty similar has gone for 70,000! we would be 21,000+ in negative equity.

i dunno what to do we are stuck living here for another how long. i feel so upset. new home builders wont part ex apts as there are too many available at the moment.

so we are stuck here, struggling for space. my dh keeps saying he will sort it out but i cant stop worrying.

 

[kayleigh&bump]

gosh what a horrible position to be in i dont really have any advice but just wanted to say good luck xx

 

[GersPrincess]

Gosh, that is a horrible situation to be in, personally I'd stay where you are for the time being and ride it out a while longer.
Although we were renting, when I had my first, we were locked into a 1 yr tenancy (we hadnt expected to have a baby!) we had a ground floor apartment, no garden, on a main road with terrifically noisy upstairs neighbours.
The place was useless for a family with a young baby, but there was nothing we could do about it.
It was awful in the summer as we couldnt sit outside or dry clothes outside or anything, and we spent most of the time round my mum's, in the park or on the beach.
It was tough, but we got through it, Joe doesnt remember it, and we moved into a 3 bed house with a big garden as soon as we could.

It might be tough for a while, but its soon going to be winter and you wont get much use out of a garden then. Personally, I'd wait until early spring (feb sort of time) and get your place re-valued then. Many people think about moving in the new year/spring time and the market is expected to begin recovering soon. £21k is a lot of money to lose, so if you can, I'd wait a little while longer.