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To want to sell our home and have the freedom to rent

(84 Posts)
zestyflavour Mon 20-Nov-17 21:17:30

I'm a single parent and have owned my house for about 14years and it's been nothing but financial hardship, nitemare neighbours, and debts up to my eyeballs..plus never having any money to spend on the actual property itself, let alone holidays or anything else, however It's a nice house in a nice area.smile
If I sell up I'll make a tidy profit which will enable me to pay off all the debt and get my children and I away from any impending nitemare neighbours (house next door is a rental) Plus is have money to lock away for a deposit in the future...if I don't spend it on a round the world trip!
The problem is...if I sell I won't get back on the property ladder for at least another 10 years (poor credit rating) but at least I'd have no money worries (although rental prices are pretty high hmm) and could enjoy life - sort of!what do I do??? Upset the kids by selling the family home but then actually being able to live a life, or stay here for their stability but be miserable, angry, and skint!
All comments welcome pleaseeee grin

HermionesRightHook Mon 20-Nov-17 21:24:33

Renting is a fricking nightmare and if you have poor credit you're not going to get a tenancy. I really, really wouldn't.

Karmann Mon 20-Nov-17 21:24:45

I've done it and have no regrets. I'd imagine that I'm quite a bit older than you but no longer have the obsession of owning property.

I've owned property since I was 19 (now 53) and sold it all a few years ago. Rental where I am is pretty expensive but we both work and now have money in the bank.

OuchBollocks Mon 20-Nov-17 21:28:33

If you've been paying a mortgage for 14 years you're on the downhill slope. No way would I go back to renting if I was you. Could you downsize?

maddening Mon 20-Nov-17 21:30:41

Have you asked if you can port your mortgage?

prideofaberdeen Mon 20-Nov-17 21:31:24

How does the cost of rent compare to your mortgage? If your monthly outgoings go up, you'll still be spending lots but that money is going to a landlord, not paying off your house. Could you rent yours out and rent a smaller cheaper property?

Percephone Mon 20-Nov-17 21:34:18

One of the downsides of renting is that your landlord might not want to pay for repairs or improvements either and they can ask you to leave with a couple of months notice which is stressful and unsettling for kids.

specialsubject Mon 20-Nov-17 21:36:09

You can get a long tenancy to prevent that.

Or you could possibly sell and downsize. There are nice places outside the cities.

Laiste Mon 20-Nov-17 21:36:20

Renting is flinging money into someone else's pocket .

If one of your issues is not having the money to spend on the house then that won't change much in a rental. You'll be lucky to find a land lord that will let you do what you like in a property.

Are the kids at school? Picture the scenario where the landlord suddenly gives you notice to leave and you can't find another suitable property in the same area.

10 years down the line you'll have 10 years less to spread a new mortgage over. Do you want to be paying a mortgage into your retirement?

Needadvicetoleave Mon 20-Nov-17 21:36:25

Bad landlords, damp house, repairs not being done, risk of eviction, not being able to put my own stamp on something? I'd never rent again.

NotSuchASmugMarriedNow1 Mon 20-Nov-17 21:36:28

It makes no financial sense to do that.

If you rent for 10 years you will then have to pay a mortgage for another 25 years on top of that. Thats 35 years of payments.

If you continue paying your mortgage, it's only 11 years of payments ahead.

Madonnasmum Mon 20-Nov-17 21:37:00

The idea behind a mortgage is once your income drops when you retire, you've also paid your mortgage off, so you no longer have that large outlay.
Sounds like you have 11 years left?
If you rent, you'll rent forever even into your retirement years. Stepping off the property ladder for 10 years is crazy. Imagine how hard it will be to catch up with prices.

GinwithCucumber Mon 20-Nov-17 21:37:51

You're NUTS

Stumping up money to pay a landlord every month is not freedom.

I saved for years to buy my house and I"m so happy I have the freedom to need less money each month and the freedom to retire to a cheaper place when I"m older.

CandyMelts Mon 20-Nov-17 21:38:31

You'll need to declare your problem neighbours when you sell...

NotSuchASmugMarriedNow1 Mon 20-Nov-17 21:38:41

I hope this doesn't sound patronising, its a genuine question, but have you thought about ways of increasing your earnings?

LoniceraJaponica Mon 20-Nov-17 21:39:55

Judging from the number of posters who are unhappy with their rented property and/or landlord I don't think it is a good idea.

You need to look at your options
Sell your house and buy a smaller property or move to a cheaper area
Rent a smaller property and rent your house out
Get another job
Sell and rent

WooWooWitchetyWoo Mon 20-Nov-17 21:43:27

I'm planning to do this next year so I think it's a great idea! We can move whenever we want to (within reason, as still have one kid at school), and I could get a bloody mansion for what I pay on mortgage. I can't believe, looking back, that I haven't thought of this before - I'm VERY excited!

Munchyseeds Mon 20-Nov-17 21:43:55

Sorry but I think you would be bonkers to do this!

iniquity Mon 20-Nov-17 21:44:19

Private renting is absolutely awful op.

zestyflavour Mon 20-Nov-17 21:47:03

Thank you all....So I'm guessing it's a bad idea then!
I am thinking of renting it out as it's a good area, but I'd have to move in with the folks which at my age (nearly 40) would crush any self respect I have left confused
I should mention that it's an interest only mortgage so there's very little chance I'll be able to remortgage in 11 years anyway as I'll still have shocking credit rating...but I suppose anything could happen in that time couldn't it...and no I don't play the lottery haha

SmileAndNod Mon 20-Nov-17 21:47:38

As our family are having the roof over our head sold from underneath us, and letting agents /LL who are being complete tossers I would give my right arm to be in your position. No way would I sacrifice that security and stability for renting and a few extra quid extra a month.

CotswoldStrife Mon 20-Nov-17 21:49:41

You'll struggle to get a tenancy with a poor credit rating tbh. Do you not have an endowment or repayment vehicle to repay the mortgage in 11 years time?

zestyflavour Mon 20-Nov-17 21:50:20

Smileandnod I'm sorry to hear that...I hope all works out well for you and your family

MrsOverTheRoad Mon 20-Nov-17 21:50:23

Don't. Instead, look to making more money. At only 40 you can realistically do something more to earn.

Akire Mon 20-Nov-17 21:50:28

How old are you? Will you have 25y left to work in 10y time? Even if you have a modest pension unlikely if you are struggling day to day then how will you pay rent when retire? Remember landlords hardly ever like to rent to those on benefits and yes that includes pensions. You could find yourself in worse housing going in old age and have to consider self greatful.

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