Housing Dilemma. Advice welcome.

[KeepOnChurning]

DH and I have been renting our current property for over 20 years (very lucky I know). Our landlady has told us she is planning to sell when our contract is up in 11 months time.

Sod’s Law means a house in a perfect area came up recently. We viewed it two weeks ago and have been accepted out of 22 other applicants. However, we have a dilemma:

We are family of 5 (2 adults, 1 young teen and 2 primary aged children) and a dog (small spaniel).

DH is employed full time but I’m a SAHM as youngest DC has complex needs.

Due to a very difficult time when DC3 was going through diagnosis, I had to unexpectedly give up work and we lost my whole salary in less than a month. Our credit scores plummeted as we tried to keep afloat but our housing costs were always paid in full and on time. We were upfront with the agency about this.

We still have 11 months left on our current home contract but our landlady has said she will allow us to exit it if we find something suitable sooner.

The home we have been offered is in a good area and is closer to DC schools and DH’s work.

The house itself does not meet all of our “desires” but it is a nice home with some downsides. However, the area outweighs this.

The issue is, we do not feel prepared to move. We expected to have time to save for costs, put some things right in the current home before leaving and just prepare ourselves mentally.

If we accept the new offered house, we could cover moving costs but finances will be very tight. If we wait, we can easily be financially prepared.

DH thinks we should wait as something better will come along. I think we should take the house as competition is so fierce, there may not be another chance. We also don’t have the credit history to sell ourselves above other prospective tenants.

WWYD?

Out of 22 applicants do you know why they choose you? Did the other applicants turn it down. The housing market may not be as fierce as you are led to believe.

whats the difference in rent.

The rental market is so awful I would move now. I feel really sorry for you as leaving after such a long time must be a real shock to the system and I can see what you wanted time to adjust your mindset.

If anything the rentals market may get worse, more landlords are selling and though people are struggling financially now the actual long term effect of mortgage rates rising will not be truly felt for a little longer.

Just make sure you have done your homework on the area.

We were chosen as we expressed we would stay long term. The area attracts professional couples who eventually move on. The last tenancy only lasted 6 months as the tenant found employment elsewhere.

At the viewing, it was like a cattle market and other prospective tenants were signing up for application as we were still viewing the property.

The rent would increase by £200.

Move op. Dc and a ddog and 1 wage could go against you in the future.. Ask ll for a good reference..

I would move now. It sounds tight but doable and you'll be up shit creek if another house doesn't come up in time. The 22 others is an indicator of how competitive rentals are and it's very lucky they went for you despite the dog and credit issues, which will not be part of most landlords desires. Your drawbacks don't feel strong enough to lose this one, more like you're not used to moving after all this time so are being extra cautious, which isn't the way of things right now.

Move now. What additional costs do you need to save for?

You said in your OP that the new house doesn't meet all of your "desires". Most houses don't and when renting or buying most people find they need to compromise on some things.

What do you need in a home? Presumably a minimum number of bedrooms and a garden, distance & transport links for schools/work/shops, etc. If the new home meets your essential needs, you like it and can see your family living there and you can afford the rent it would be a no brainer for me.

There's never a perfect time to move. You risk letting this house go and waiting/hoping for something better to come along. Your landlady sounds very flexible and seems there's no penalty to leave your current contract sooner.

Op
by the sounds of it, you don’t really have a choice.

You can’t afford to move now.
Remember how dark those days were when you were in financial peril. You don’t want to return to them

The costs involved are for first rental payment, security deposit and fees. Thousands of pounds .

You can’t afford it OP
Your DH knows that

I agree with posters advising to move now; it is a big gamble to wait and as another pp pointed out, there may never be a “perfect” home come up.

It is very daunting to know we have to find the costs in a short space of time, but it is doable if it’s necessary.

Name change fail!

Ok. So you were chosen due to hope you would be long term tenants. I just wanted to check as sometimes being offered a property when unlikely candidates can give me alarms bell about the property.

What are the not perfect side of the house?

Was this the first and only property you have seen OP

Sorry thought you were name change fail

well of course you agree with the posts saying to move! 😂

Move now definitely. 1 salary, 5 people, a dog, poor credit and they still chose you over 22 other applicants - you’ve been incredibly lucky and what are the chances really of that happening again? Nowhere will be perfect and it’s never going to be an ideal time to move. The fact that you’ve been accepted for somewhere that ticks most of your boxes would be enough for me to heave a big sigh of relief personally.

op you say you need thousands to move

do you actually have the money available or will this be funded by credit?

I'd say move.

Sympathies as housing is such an issue, you want to be safe. You can manage it.

Did your credit rating drop as you were behind on bills?

With your circumstances you may be able to get Housing Benefit, or an increase if you already have it. Also

" Can I get help with moving costs if on Universal Credit?
You might be able to get extra help from your local council with your rent and other housing costs, for example a rent deposit or moving costs. This is called a 'Discretionary Housing Payment'. To apply for a Discretionary Housing Payment, contact your local council."

@Iwillpassthanks Yes I am biased 😁 . I think this opportunity would not come up again. Properties are as rare as hens teeth and the market is so competitive.

It won’t be credit, we have a small amount of savings we can add to, it will be tight though.

@Tumbler2121 Unfortunately we don’t qualify for UC or any of the deposit loans.

Your small amour of savings is actually “thousands”?

@Iwillpassthanks No it’s not, but the new property is not available straight away so we can add to it whilst we wait. We can have the funds to move available but it will be very tight.

So if you take it, by when do you need to pay the first month rent, security, fees etc? And in that presumably very short space of time - you think you’ll be able to save?

OP - is your DH worried and dead against taking?

Is there any chance you returning to paid employment in the foreseeable future?

@Iwillpassthanks The fees will be paid upon moving . DH is not set against it but thinks nonchalantly that something more desirable will come along. I think not.