We have sold our house as want to be in a better area with good schools etc. Can't afford to buy in our preferred area so have decided to take the money and rent for a couple of years until I graduate. We were supposed to be completing this week and signing our new lease on Tuesday. We have found a gorgeous, immaculate and v. expensive house to rent. However, our sale has been delayed due to problems with the buyer's mortgage offer. basically this whole hoohar has been going on so long that their offer has expired and they need to reapply. With the survey and waiting time, we are anticipating a maybe 3 week delay.
So now for the twist. My uncle has an empty house in the area we want to live in, on the same road as the school we want dcs to attend. He had been renting it out but the previous tenants wrecked the place. He has been trying to sell it but as we all know the market is virtually dead in most areas. So anyway, my uncle has offered us his house rent free if we decorate it, until it is liveable. It needs a kitchen and bathroom, carpets and general decor. After, say , 6 months he will let us have it at a rental that covers his mortgage payments. Then we can stay as long as we want. (uncle lives abroad) The cost of the work does not bother me as I am sure we can get it done for less than the cost of 6 months rent. I just don't know if I can face doing all the work again, as we have done our current place from scratch.
You would be insane to say no. If you've already gone through the DIY/home improvement hell then a repeat won't seem quite so bad - you know what you're up against, you have the contacts, it will seem more normal to the DCs etc.
Is the house big enough that you can live in some rooms while the tohers are being done so that you dont get to live in a pile of rubbish and rubble for 6 months? If you are paying for the decoration and new kicthen / bathroom etc, what contract will you have with your uncle to ensure it is financially worth you while? i.e., lets just say the housing makret takes a huge upturn just after you have spent lots of money making it look gorgeous and your uncle decides to sell it straight away - where will you be then?
You'd be mad to say no - but get details put on formal basis, in writing, just to be on safe side. I mean, kitchen bathroom etc could end up costing more than the equivalent rent, and what if his plans change?
first house is in same lovely area but a good 20 mins walk from the school. Uncle is not bothered about selling the house, he is happy to rent to (reliable) tenants for the forseeable. Everything will be signed in the usual way, uncle has been landlord for many years and knows what is necessary. I would like to get the house for maybe 2 years, as we can't see what we might be doing after that. The other house is offering us a 6 month tenancy with a possible extension, although he would like to sell, he can't get the £ that he wants.
I think my uncle knows the housing market is going to take years to recover. He is not planning on returning to England. he didn't actually ask us to replace kitchen and bathroom but i know I couldn't live with what's in. he just asked us to tidy the place up and decorate in return for rent free.
dh reckons we could get the kitchen and/or bathroom in before our house sale completes so at least would be liveable in a few weeks time. the other rental house is so immaculate and ready to move in to, biut maybe a bit bigger than we need ( 4 large reception rooms, think of the heating bills!)
As long as you get a secure tenancy take Uncle's offer. At least it would make your timings more flexibe abd take the presusre to find somewhere off plus it is where you prefer. If he decides to sell in a few years would you buy it from him ?