FOUND A BUYER BUT NOWHERE TO GO!!! In a panic about having to go into rented(12 Posts)
Would anyone like to chat to me about selling the family home and moving into rented?
We've got a good price for our house but have found nowhere we want to buy. We will be mostly cash buyers for the next place so potentially in a strong position. However, rentals are hard to come by where we live (large village location) so would not have much / any choice within our community.
We really think that we need to do this now as our house is less desirable than the rarer kind of period house we want to buy. A perfectly timed chain would be unlikely to happen for us so we are resigned to putting ourselves in a strong position so we can pounce when something comes onto the market.
However, I'm finding the uncertainty really stressful already! anyone care to chat/ hand hold?
Me! We've done it twice now.... and lived to tell the tale. We sold our house this year and the absolute main priority for us was to sell. Not sure where you are, but here stuff gets snapped up often before it hits the market. Yes, renting is money down the drain/paying someone else's mortgage/dead money. All that is true. However, we've been able to secure our dream house at a good price and it's knocked all the stress out (well, a good part of it anyway)
We did it when we moved areas. I don't necessarily think its money down - we had the equity in the bank (so got decent interest - if you shop around you should be able to get some favourable rates), we didn't pay for any maintenance costs for the rental period, no decorating costs, the rent was less than we'd have been paying if we'd have bought immediately (so saved the difference).
Time was a big bonus - H wasn't doing DIY or tinkering in the garage, we had a lovely house that had been redecorated with new carpets before we moved in, everything (boiler / appliances etc) were all someone else's responsibility, it was great!
We ended up being quite choosy about the roads we wanted to buy on - narrowed it down to a few (didn't have to buy something that wasn't right because it was the best on offer at the time, we could wait for what we wanted). When something came up, and it went to sealed bids, we got it even though we were not the highest bidder because we were so flexible. Could work to whatever timescales the vendors wanted.
When we did actually complete (it was a probate sale), we kept the rental house on for a 2 week overlap I think so immediate work could be done at the new house (ripped up & replaced flooring etc, children's rooms could all be decorated be done) and moving day (actually days, we did it over a few days) wasn't stressful at all.
Would do it again in a heartbeat if the numbers stacked up / market dictated that. Good luck!
It really depends where you are and what the market is doing there. I am in the South East, and the prices keep going up. At the moment, I would absolutely not go into rental around here.
However, it was the best thing to do when the market crashed a few years ago - if you could find a buyer. I would check how prices have changed in the last couple of years and decide then.
We did it too. But you won't get much interest on the equity now - you can park about 70k in the interest paying current accounts with a fair bit of faffing, and possibly get about 3% on it. The rest - you'll be doing well to get 2%.
We've just done it and are hoping to move into our new house soon. We have moved areas and have found it much better as we have explored a relatively unknown, for us, area and really developed a feel of areas we liked and disliked.
Hi everyone, so great to hear some positive experiences. We will wasting some money by doing this, as we currently have almost no mortgage so monthly payments will increase. It still makes sense, i think, in terms of being in a good position.
We have approached the owner of some new build houses that have failed to sell locally- they've been on the market for over a year, so hope they might agree to let one to us. fingers crossed!
we are in the south east too, shark, but a bit more rural hence the slower market. I'm not sure that everyone things that prices will continue to rise, post referendum...
Recently moved into rented for a year post selling family home after divorce.
Ds got one more year at school then university.
I'm buying 200 miles away...nearer family, partner and much cheaper!!
It hurts to spend £26000 on a years rent, ( SE) but its the best option. Ill be a cash buyer..have put house sale money in NS &I ( and premium bonds!)
Er... N s and I pays really bad rates and premium bonds lose with inflation. You are chucking quite a bit of money away ...
Planning to buy within next month so only very short term
We've done this twice. It is stressful but both times it's worked out for the best and put us in very strong positions to buy.
The first time we were lucky and managed to rent from a friend so got a 3 month tenancy. The second time we had to sign up for 6 months, in reality it took 8, but luckily our landlord allowed us to extend the lease monthly after the first 6 months.
Both times, as a result of being in a strong position, we managed to go on to buy houses with many bids
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