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Renting long term(6 Posts)
We have been in a rented property for almost a year having sold last April. This property, the agent and the landlord have not been ideal or easy and although we have been offered a 6 month extension are looking at other rentals. A possible has turned up with a AST of 3 years minimum, which on paper fits the bill re size, location and what we need. BUT if we take it on, it reduces considerably our ability to buy, in fact it almost negates it for the future.
We have been looking for 2.5 years for the right property without success so we are beginning to wonder whether we shouldn't give up on the search and become long term renters, until the dc's have finished their education and our requirements change a little - they are 17 and 14 so it wouldn't be a huge amount of time.
Can you give me what you think are the pros and cons of each - I'm typically anxious about not owning, but maybe it just isn't going to happen for now and perhaps I need to relax about renting. Our experience of renting so far has been pretty crappy and really put me off.....
No helpful advice to offer - but you've been looking for two and a half years without finding anything ? Do you have very specific criteria and are they likely to be met in the next couple of years? Why do you think that you have been unsuccessful house hunting? Would you be prepared to compromise on the bought house to avoid renting?
it is only in the UK that there is an attitude than renting is 'lower' than buying. If renting suits your needs then why not - it may enable you to live in a property that you could not afford if you were paying the mortgage.
pros of renting - you don't pay for fixes, you can move at shorter notice (although not with a three year fix - ask for regular breaks with the first one at six months), it can be cheaper
cons - limits on what you can do to the house, may have to move at landlord's behest.
if the landlord isn't providing good service, leave.
What we need is pretty specific and our area is restricted by school & college - we're in a rural area so there isn't much stock. We sold originally because we were too far out - ds's were travelling over an hour each way to college and my work base changed - we were spending up to £100 pw on diesel when the prices were at their highest! We've extended our criteria from the original 4 bed/2 bath for the house to anything that might be possible to extend, bungalows, complete wrecks, new builds - our problem is that we need a couple of acres plus outbuildings. I have horses and have tried putting them out at livery this year and it has been very difficult and family life has suffered as a result so although we have been looking at properties without land but near facilities we've removed those.... I know this is a lifestyle choice but it's one we won't budge on!
As ever if we had another £100k it would be easy but we don't!
I think it looks more likely that we will rent long term and see where we are in a couple of years - to be honest I'd like to step off the merry go round and the obsession with Rightmove!
We rented for 2 years and I thought it was great. We have bought again now, and I love the location and feel settled , which was important as our children are very young, but in your shoes, wiith older children and a limited number of years where you have to be somewhere (i.e. close to children's school and friends etc), I think I'd carry on renting. We could afford to rent a better house than we could buy, every time there was an issue we simply phoned the managing agent - leak, breakage etc. Never spent the weekend doing DIY (which we do all the time now), never had to spend money on maintenance, we were much better off. I know we weren't paying down a mortgage in that time but in our situation with our equity from the sale of our previous house properly invested, the difference financial was only nominal when you factored everything in. Obviously there were frustrations - bland decor, single glazing etc - things we'd change if it'd been our house - but I don't think not being on the property ladder is necessarily a bad thing.
Went to see the possible long term rental and there is only one word for it - squalid! No way am I living there for 3 years - it was old and a bit tatty, which is fine for the rent, but on top of that it was dirty and completely knackered. So disappointed, but back to the drawing board!
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