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Original poster

Is this a ridiculous idea (property related)

47 replies

usernamechanged1 · 07/04/2023 21:14

My DH and I own a house, we bought it a few years ago. We have 3 kids here (two are his from a previous relationship and we have one together).

I work from home exclusively and that won’t change going forward.
My DH has been offered a job with a very good wage but it’s about 60 miles from here. So we’re looking at moving.

It has to be done fairly quickly (the commute in the meantime will be a killer) and I’m dreading the prospect of selling our current home, finding a new one, worrying about anything falling through etc.

So, we spoke about selling the house but not buying another. Instead, renting. We’re standing to make about £20K profit on the house (after fees etc) so it’d give us a nice cushion for moving costs/rent etc.

Is it totally insane to consider ditching the mortgage for now and renting? To willingly take ourselves off the property ladder seems crazy, but I’m not sure.

The long term plan would buy again in the future, but that would likely be a few years down the line.

Thanks!

OP posts:
Marchforward · 07/04/2023 21:16

I think he is crazy to move 60 miles away from his kids

Original poster
usernamechanged1 · 07/04/2023 21:17

Marchforward · 07/04/2023 21:16

I think he is crazy to move 60 miles away from his kids

They’d be coming with us. We have 100% custody of the older two, and the youngest is ours.

OP posts:
BernadetteIsMySister · 07/04/2023 21:18

Marchforward · 07/04/2023 21:16

I think he is crazy to move 60 miles away from his kids

Literally says in the OP that the children live with them...

Brefugee · 07/04/2023 21:18

I've had commutes longer than that. It's fine.

Namechange224422 · 07/04/2023 21:18

If you’re willing to consider renting then financially the best bet might be to rent your house out and then rent something near his new job.

That way you’ve still got a foot on the housing ladder ….

Rainbowshit · 07/04/2023 21:19

I know several people who stepped off the property ladder thinking house prices were about to fall. They had huge regrets. Nope. Not something I'd do.

Simonjt · 07/04/2023 21:19

Marchforward · 07/04/2023 21:16

I think he is crazy to move 60 miles away from his kids

I’m fairly sure they won’t be selling the children with the house.

Twoshoesnewshoes · 07/04/2023 21:19

I think I’d stay owning if possible, although the housing market is pretty flat/ falling atm it may pick up quickly, it’s easy to get priced out.

Rainbowshit · 07/04/2023 21:19

Namechange224422 · 07/04/2023 21:18

If you’re willing to consider renting then financially the best bet might be to rent your house out and then rent something near his new job.

That way you’ve still got a foot on the housing ladder ….

This is the sensible option.

Original poster
usernamechanged1 · 07/04/2023 21:20

Simonjt · 07/04/2023 21:19

I’m fairly sure they won’t be selling the children with the house.

Show quote history

Might run it past the estate agent…😂

OP posts:
caringcarer · 07/04/2023 21:25

Rainbowshit · 07/04/2023 21:19

This is the sensible option.

Show quote history

Definitely the way to go. If you sold you'd be paying EA fees. £20k would go very quickly in rent. How much rent do you think you'd be paying each month?

confusedlots · 07/04/2023 21:38

If it was me I would be very cautious about coming off the property ladder. My preference would be to rent out your current house to cover that mortgage (maybe you'd make a little profit?) and to rent somewhere in the new location.

mindutopia · 07/04/2023 22:08

My ‘office’ has been 3 hours away from where we live for 10 years now. No I wouldn’t give up my home and the friends my dc have here for a job that may not even work out. A 60 mile commute is not much, but if he wants it and they want him, he needs to negotiate flexible working (wfh and/compressed hours).

I never would have accepted any of the positions I had without it and I’ve managed to negotiate both a salary increase and flexible working in most positions post-offer. If they genuinely want to hire him, it will be no big deal for them.

Move22 · 07/04/2023 22:17

Well I think it’s a great idea, sell up, rent short term whilst you look for your dream house. You’ll be great buyers with no chain behind you. Your equity from your house sale will be earning interest in the bank. You’ll be able to get a discount ( hopefully) as ‘a good buyer is better than a good price’. Good luck!

Partyandbullshit · 07/04/2023 22:30

How long term is the new job likely to be?

It’s a big deal uprooting a family, especially if the DC are young. And especially if you want to come off the ladder! I think you need to think longer and harder. I can see the benefit of a short commute for everyone, but everyone will also be paying a price.

determinedtomakethiswork · 07/04/2023 22:48

The problem is that you would be selling at a low point. On Rightmove in my area, most houses have reduced asking prices. Then when you want to buy, will you be able to afford even your old house again?

SpringHasSprung23 · 07/04/2023 22:58

60 miles I'd just do the commute.

how old are the older two? Actually the youngest as well?

what's the area like where you'd need to live?

definitely see about WFH/compressed hours etc.

but as for the question you actually asked m 😂😂 nope. I wouldn't get off the property ladder, whether that's keep your house & renting it out (?but there's a LOT to consider with all the changes the Govt has made & also with rental income & tax brackets). Plus the sheer hassle of tenants & getting them to leave if you want to move back in ourselves etc.

Do you think it's a permanent move or a temporary move (2-5 years)?

parietal · 07/04/2023 22:59

I'd rent for max 1yr to make the transition easier.

Jemandthehologramsunite · 07/04/2023 23:01

Can't you rent out your place and rent. The only way this will work if property prices go down because all the rent you'll be paying is dead money and also your not gaining any equity. As long as you think in a year you'll be able to buy again then do it, but consider these factors. I personally want to do this, but can't figure out a way to do it easily.

BlueBunting · 07/04/2023 23:01

the only way I’d consider it was to appear as buyers with no chain, trial an area and start putting offers on new houses as soon as you move aiming to only rent for a year. Otherwise it’s financially very risky

Greensleevevssnotnose · 07/04/2023 23:02

60 miles is nothing. 45 minutes each way I wouldn't uproot for that. If you've only got 20k from the house sale how would you have a deposit on a new place anyway? Stay put

martha4clark · 07/04/2023 23:06

Why would he not just commute?

TheFireflies · 07/04/2023 23:09

Greensleevevssnotnose · 07/04/2023 23:02

60 miles is nothing. 45 minutes each way I wouldn't uproot for that. If you've only got 20k from the house sale how would you have a deposit on a new place anyway? Stay put

Depends where you live, my 40-mile commute takes 90 minutes each way.

But I agree if it’s around an hour or so, I’d stay put.

in any event I’d not jump off the ladder now, too much of a risk of not being able to get back on it again. Especially with rents rising and landlords selling up etc.

TeenLifeMum · 07/04/2023 23:15

I wouldn’t come off the property ladder unless there was no choice whatsoever. I don’t think prices will drop massively, more likely stagnate for a time and some low offers might get accepted depending on the sellers reasons to sell but interest rates were really low but that was unusual, previously our interest rates was 5.7% and that wasn’t all that long ago really. Watching market patterns over the last 30 years, I think this would be an unhelpful idea and leave you financially vulnerable.

TeenLifeMum · 07/04/2023 23:18

Those saying it’s a 45 minute commute may be way off. I commute to head office once a week and it’s 21 miles. That takes me 1hr 10 minutes door to door. Outside of rush hour it’s 45 minutes but again, that’s for 21 miles… West Country, A303 😫

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