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Do I buy for the sake of it or rent?

(9 Posts)
Allmyfriendsareheathens2016 Thu 20-Oct-16 08:41:19

I have accepted an offer on my house and they want to move quickly. I am happy with that but I can't find a property in my area. There is very little on the market at the moment.

Do I rent for six months or a year and wait for something that is just right or do I make a major compromise (on space/location) and buy somewhere just to remain on the property ladder with a view to moving in a few years? Has anyone else been in this position?

Btw it is me and two children.

Inthepalemoonlight Thu 20-Oct-16 09:24:07

Do not buy something you don't really want in a rush. Would you not be better just staying where you are and selling in a couple of years instead of buying something unsuitable just to sell in a couple of years? The fees and stamp duty etc for moving twice would make it all very expensive and all that hassle twice.

Allmyfriendsareheathens2016 Thu 20-Oct-16 10:14:02

Good point re costs. However I have to sell, the is a court order on my house (divorce settlement.)

Inthepalemoonlight Thu 20-Oct-16 10:22:07

That's different. Can you widen your search area and book a whole day or 2 of bookings? We moved recently. We had an agreed sale with people who wanted to move in quickly and nowhere to go. We ended up in a nearby village because I fell in love with our house when I widened the area we were looking at. I don't regret it at all. If you can't do something like that I would compromise and buy. You could get priced out of the market if you rent for a year or 2, unless prices crash after brexit which they may well do.

Keep looking whilst you have the chance of buying somewhere suitable.

EssentialHummus Thu 20-Oct-16 10:24:50

I think it depends on whether what you're looking for exists in your area and price range, but just isn't on the market right now, or whether your requirements are a bit niche and unlikely to be fulfilled.

If the former, rent and wait. If the latter, you need to re-evaluate what you're looking for and where you can find it.

(I'm in a similar situation as I'm married to the fussiest man in England, so I sympathise.)

JoJoSM2 Thu 20-Oct-16 10:30:11

I've done that but it was my + dh and no children. It was about 2-3 after completion that the right house finally became available. We managed to secure it despite multiple offers only because we were chain free.
However, to make sure that you're being realistic, you could check what houses have sold in your preferred area in the past year - if there are a few that would have meet your requirements and we're within budget, then it's worth the wait or the inconvenience of renting for a bit.

Allmyfriendsareheathens2016 Thu 20-Oct-16 12:53:13

Yes I'm concerned about the brexit impact but if house prices did reduce, I could lose that in rent.

I think what I want is available in my area but there is little on the market for some reason.

I might risk renting simply so I don't have to rush.

I could probably widen my search.

Sunnyshores Thu 20-Oct-16 14:12:36

It would be a shame to rush and compromise heavily now. So I think Id give myself some breathing space and time to adjust to your new circumstances - widen your search area and set a deadline - say 6 months.

Look at everything, make silly offers on properties that are too expensive, its winter an ideal time for bargains, and youre chain free. But be strict on time as you dont want to be still renting in 12+months

Allmyfriendsareheathens2016 Thu 20-Oct-16 14:25:44

Yes that's great advice thanks.

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