Is this a ridiculous idea (property related)

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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!

I wouldn't be too averse to renting but prob would aim for just a year, two at most. House prices are widely predicted to continue to fall over the next year and are already doing so, so chances are (and this all has to be within the realm of risk you're happy to take) you might be 'squares' with what saving you could make on the new house vs rent paid out and be no net worse off than if you'd just bought.

Advantages to renting are: you will then be buying without chain, making you a more desirable option; 60 miles away is far enough for you to not know all the ins and outs of the area that well so you can really get to grips with the feel of which is the right end of town for your needs; your DH doesn't have a nightmare commute.

Disadvantages: there's a general shortage of rental accommodation so you better start looking to see if there is anything at all suitable - might be nothing! Disruption to kids school / friendship groups etc is potentially twice over. Rental money is not going against equity

I completely understand re the 60 miles. There are some commutes that just don't allow you to speed along and would simply be unviable. It really depends on the roads etc.

How long will 20k last for rent? . Far better to rent your house, then use the income for rent in your new place.

Why do you think it’s a good idea to rent? Are you just tempted by spending the 20k you think you will gain when you sell?
If you want to buy again later, after renting for a while, you will have spent the ‘cushion’ on nothing in particular but you will then have more moving fees, solicitors fees and stamp duty in addition to the house purchase.
Not sure if the logic of your plan.
However in a new area, renting for a short while would help you research the area etc and make you a house buyer who can move quickly. But don’t fritter away the ‘cushion’.
Also, would it be a good idea to sort out schools for the DC?

I wouldn't uproot my family for that commute. I work 53 miles away from home but have agreed WFH arrangements and compressed hours. As previous posters have suggested, this is workable if the company really want him. In the past I've also used cheap air bnb for the odd stay over when required. There are options other than moving your family. Best of luck.

It seems really extreme to move solely for one person’s job - is the new location an area with lots of other opportunities, which your current lacks?
Furthermore jobs are never guaranteed. You WFH now, but that could change. He might change jobs too.

In the short term (although it would be hard!) he could stay there Mon-Fri and you with the kids, you can then consider renting a house near there while renting your current out.

🤦🏻‍♀️

Only if you're breaking the speed limit for the entire journey!
My 35 mile commute takes a minimum 40 minutes and us mostly motorway.

How is a 60 mile commute done in 45 minutes? It's unlikely to be motorway speed door to door in rush hour. Takes me 45 minutes to do 10 miles!

I'd either rent both places or sell and buy.

No way! Why can’t he rent a room Monday to Thursday and come home then. £20k is nothing. How long will the commute be?

Sorry guys. I was tired and misread the post. I’m sure we’ve all made silly mistakes when we’ve been sleep deprived.

I sold a property in December and decided to rent after that because I was moving to a completely different area 2 hours away and I wanted to make sure it was the right place for me to settle in.

I also did not want to lose my buyer and it was tricky for me to view houses to buy and have to travel every Saturday back and forth. Often houses were already sold by the time I could view them.

A few months later I am now in the process of buying a new home. It was much easier to view houses and find the right place once I was already living in the area and I was certain this was where I wanted to live permanently.

Renting can be a convenient way to try a new location and decide on your next house purchase without having to be in a chain.

Coming off the property ladder is a big risk. Yes, we might have a big fall and you'll be laughing but equally we might not, or at least not within your time frame (or we might have a small fall and then a rise). Either way, it's a risk to take on something so important.

I think I'd stay put in your shoes- it's not a very long commute. Or else sell and buy. Or if you must, let and rent although I'm not sure what benefit there is in this given that it's not a temporary move and being a decent LL is a commitment.

Rent your house and use the income from that to rent somewhere else.

That way you stay on the property ladder. If you sell and rent it might be difficult to buy as prices are going up.

Have you looked at the price of renting the house you want in the school catchment area you need? Rent is often more than a mortgage so your 20k won't last long. I'd try and stay on the property ladder for stability's stake.

Please don’t do this.

I think you'd be mad to do it. Especially if you're intending on using that £20k for rent and not saving it for another house purchase.

I speak a someone while sold their house to move in with DH.

DO NOT DO IT!

Definitely don't get off the property ladder - you'll never get back on again. And what a waste of £20k!

Also , 60 mile commute is nothing! I certainly wouldn't uproot my family and sell the family now for a job 60 miles away. Your DH may not even like the job... or stay i that job!

Stay where you are. Let DH do the commute. IF and only IF he plans to stay in the job for years and years to come would I consider moving for a job.

Hasn't spotted that you planned to spend the £20k on rent/moving costs. You'd absolutely be off your trolley to do that. You'd likely never get back on the housing ladder. 🙈🙈🙈

Sell and buy. Just read all the accounts from people who rent, you might be the lucky one with a rental, but I would not take the chance.

Thanks everyone, the consensus seems to be exactly what I thought. I enjoy the security of having our own home, so renting is far from ideal anyway. I don’t like someone being able to give me 30 days notice to move elsewhere.

Back to the drawing board, I think.

If you are looking for a decent quality family home, I would avoid renting like the plague right now.

We've moved twice in the last two years and the rental market is getting progressively worse (at least, away from big towns/cities anyway).

Our last move (last July) we had to move five counties away to get a good quality rental.

Some things we experienced that I've never seen in 25 years of renting: can you provide a guarantor AND six months rent in advance (which is illegal to even ask for) even though OH earns 106k PA, has a credit rating in the top 10% and we have no dependents; please give us three months unaltered bank statements (instead of just a credit check); no we won't be furnishing the house with any white goods or ovens or anything whatsoever, even basics like shelves above sinks, toilet roll holders that I have never not seen provided in a rental; CLOSED BIDS ON RENTALS - we lost out twice because the form said 'what's the most per month you'd be prepared to pay for this rental' and we put in the asking amount.

I could go on for half an hour about how horrific it is, but it'll just wind me up.

It's a very, very bad market for renters and it's only going to get worse with LL's mortgage rates going up, tax breaks having been taken away and rules about safety and energy efficiency pushing borderline profiting LL's out of the market.

I wouldn't wish the rental fight on anyone atm, and especially not someone with children.