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Hi Emma,I would be very reluctant to sell your property in Beaconsfield. It gives you a foothold in the South East and sounds like a viable property.There may be other ways to extract some equity - such as a further advance or second charge - and you could also bridge against the equity in the Beaconsfield house to assist your other property activities.So it's a great asset to you all round imho and I wouldn't sell it, but use it to help you move forwards.A call to the team at Property Tribes Financial Services on 01206 654444 would assist you in clarifying how you can use/access/leverage your current equity without selling this property.Hope that assists and good luck?
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
If you decide to keep your property in Beaconsfield, you will need to consider the affordability of your plans.
If you purchase another property, you will have to pay the additional rate of Stamp Duty, plus the ongoing costs of 2 mortgages. If you decide to flip properties, do you have the trade skills to do the work yourself, or will you need to employ tradesmen? My DIY skills are appalling, so I call my father-in-law to do any work needed in our house. However, there is a world of difference between buying the in-laws a bottle of wine for doing work and becoming a professional developer.
If you would like to discuss the options available, please feel free to contact me and we can talk through the scenarios and likely costs.
Property Tribes Financial Services
You can contact me via Direct Message, or 07979 365467 or call the team on 01206 654444 for a personalised quote and advice
Wonderful to see that you have a property and have already thought of the different options for yourself now your circumstances have changed. Are any of these options best for you and you new circumstances? As while one may get you better return, it may not be the easiest option for you. Would you want to go into flipping properties, or have more properties overall? Or would you rather keep the current one you own? I hope these questions help and I can’t wait to hear what you decide to do!
Transparency notice: OneandOnlyPro is a commercial partner of Property Tribes.
The property in Beaconsfield will always be a better bet than buying up north. Your house may be valued at 440k but are those around actually selling for 550k- I think not. Also expect a discount as its ex council property. 2yrs stagnant growth is nothing expect that to last for the next 5 years at least. I would sell and keep cash as the economy is about to tank, and as a contractor you never know whats round the corner.Taking on more debt and property with job uncertainly and property prices going down is one way to problems.
Option 1 (Sell now, cash in and flip properties for a living  seems pretty dangerous in a potentially tanking (or visibly teetering) market, don't you think..?
Omega Property (Formerly SBS Ltd.)
I am not professionally trained to give advice, generally posting for the benefit of the community or my own personal development.