Would you buy somewhere to only live in for max 3 years?

(12 Posts)
foodiefil Fri 27-May-16 21:24:59

Having a dilemma.

My partner and I are currently living in an acceptable house that is suitable for us two and his two children (DD17, DS15). It is only suitable because his kids are here; it is in a not-so-great-town an hour away from the city I work in and love. Lived there for 8 years then moved to be with him and we've been here for 2 years. We're ready to buy somewhere. My family/friends are in between us and this city. His are the other side of the country.

Do we buy here for the next 2-3 years and then move to where we will end up or keep saving and buy for the first time in where we are likely to end up?

He has no ties to here apart from his kids and is happy to move.

I don't want to move until his kids are up and away at uni - they've had enough upheaval.

Any advice would be really appreciated. Thank you x

lalalonglegs Fri 27-May-16 21:46:20

It would depend on how much I would have to pay in stamp duty on each purchase, how stable my current tenancy was, how I thought the property market might develop over the medium term, what was available locally - so there are a lot of question marks.

Qwebec Sat 28-May-16 00:14:31

Never, it's way too much work to look around, find the right home, go trough all the process, moving and then selling and going through all this again for the new purchase, not to mention costly.
In addition when you come to move it will put you in a better position to buy.

Terramirabilis Sat 28-May-16 00:20:07

It's risky generally. Unless you're in a hot market you're going to lose money in selling so soon once you factor in stamp duty etc. It wouldn't ordinarily be considered advisable to bank on being able to sell in so short a time.

foodiefil Sat 28-May-16 10:46:26

Thanks for your replies.

It's in the North. Houses aren't shifting particularly fast where we are.

With regards to the tenancy being stable/unstable - we were motivated to move because the landlord wanted the house back. Then changed his mind because we needed the space more than him (he's a friend of a friend). confused

Feel like we want to get on the property ladder but not if it's pointless. We could afford a nicer house in a better location (for the area) which would make being here pleasanter for the next couple of years but don't want to be stuck with a house we can't sell and be X amount of money down. Plus if we don't move this year we can afford a better holiday ...

Thank you all again! Xxx

PippaFawcett Sat 28-May-16 15:08:19

Could you buy a house where you want to move to eventually and rent that out until you are ready to move there? Then you are on the ladder but you don't have to pay all the fees again in a few years.

foodiefil Sat 28-May-16 21:15:34

Thanks Pippa we've thought about that actually. It could be an option certainly. Also, lovely name wink

PippaFawcett Sat 28-May-16 21:18:34

Thanks wink

AppleAndBlackberry Sat 28-May-16 21:20:00

I probably would if you didn't have to pay stamp duty and if the housing market is reasonably buoyant in your area. If you think it will be difficult to sell then I might not, especially if you will need your equity to buy again.

foodiefil Sat 28-May-16 21:42:28

Apple will definitely need the equity to buy again. The market isn't that buoyant - houses sell if they're priced really well. Ie. Less than they're worth! Just worried that 2 years of rent is money down the drain. A mortgage would be rent + about £300pcm

NerrSnerr Sun 29-May-16 10:25:11

Personally I wouldn't because moving is such a huge pain in the arse.

ChablisTyrant Sun 29-May-16 11:39:43

I would also look to buy in the new area and rent it out for a couple of years. It would be exciting and you could plan decoration and renovations you wanted to do while you were waiting to move.

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