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To buy or not to buy?

15 replies

SoLongLollipops · 24/08/2018 16:45

After a pretty horrendous (to put it mildly) couple of years with bereavement and associated family drama DH and I have decided to go travelling for a few months next year (possibly an early mid-life crisis!)

We are first time buyers and the original plan was to go travelling and then buy a house in a different area to where we are living now (rented) when we get back (and hopefully if possible start TTC as soon as we get back). In some interesting timing we leave about a week after the Brexit date.

However, advice from some friends and also a bit of general panic as the date gets closer is making us wonder if it would be better to buy somewhere before we go and either rent it out, bribe family and friends to keep a check on it or pay someone to manage it while we're away.

I guess the concern is that we'll get back, then need to find jobs, then need to be in the jobs long enough to qualify for a smallish mortgage etc. before buying. As it stands at the moment we could qualify for a mortgage with the jobs we have now and through saving and saving could put down a good deposit for the price bracket we are looking at (and would make sure we budget enough money to pay for mortgage/bills/upkeep while away).

So I guess the question is - if you were us would you head off with no ties whatsoever and hope everything falls into place upon return to the UK or would you want to put things in place beforehand so there is less to sort out when getting back to the UK?

Sorry - that was super long winded! Thanks in advance

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Glovepuppet1 · 24/08/2018 16:48

I'm in no way able to advise having never done anything like you intend to do. But my general approach would be to put plans in place first for peace of mind while you are away.

flirtygirl · 24/08/2018 17:07

I'd definitely do it before I went.

Interest rises are on the horizon and Brexit, also not qualifying for a mortgage later on, are not chances I would take.

You qualify now and have the funds to cover the expenses whilst away, so I would go for it.

AnalyticalChick · 24/08/2018 17:15

I think you would be mad to buy somewhere now, just as the market cycle is on the turn. Go away, enjoy your travels and think about it again when you come back. prices may well be lower then, and you won't have the stress or expense of leaving somewhere empty or rented for all that time.

Cheerfulcharlie · 24/08/2018 17:21

Definitely buy now - as you say it might be a while before you get back before you can get a mortgage with new jobs etc.

SoLongLollipops · 24/08/2018 18:06

Thanks so much for the replies so far!
This would all be so much easier if we had a crystal ball (or any solid prediction of what will happen to the market after March/April)

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jemihap · 24/08/2018 18:18

Renting it out for what would only be ''a few months'' would be a complete waste of time and could quite possibly leave you with a whole load of hassle and expense if you get a bad tenant.

Singlenotsingle · 24/08/2018 18:24

Renting out a house is a recipe for disaster imho. You can never guarantee on getting good reliable tenants. On balance, I think I'd wait, but no one knows what's going to happen to the market after Brexit. Confused

SoLongLollipops · 24/08/2018 18:33

Yeah I put "rent it out" as an option but in reality I don't think we would ever go for that as we have seen how much hassle it would be.
I think the realistic option would be leaving it empty (and paying someone to look after it) and having family/friends stay there for the odd weekend when possible.

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NotReallyUnreasonable · 24/08/2018 18:40

Thanks to the glorious Brexit fiasco which 17 million lunatics have saddled us with, if you wait until you return from your travels you will probably be able to pick up a nice four bedroom house in Surrey for about £200k.
There won't be any jobs of course, so you won't be able to pay for it, but hey ho, that's democracy.
Hope that helps.

MissCherryCakeyBun · 24/08/2018 21:42

As a 49 and 54 year old couple we left both our jobs last year and spent 5 months traveling round the world then came back ( last day of April) and started to look for a house move forward to today and we have the house it's 60% renovated and we have brilliant care free memories
We were living with family prior to traveling and decided that buying after traveling was the best idea as the whole kerfuffle of buying a house and renting it out can take quite a lot of time and money.

Make a list of the pros and cons as you see them and really talk it through including the finances and who and how you will rent the property out of you buy before you fly Grin

Most of all enjoy ever single second of your trip you won't believe how quickly time goes

MissCherryCakeyBun · 24/08/2018 21:44

Forgot to add we also moved to a totally new area to buy and get jobs.... not easy but doable

kizkiz · 24/08/2018 22:28

You haven't mentioned what jobs you do, but you might find that you Iove somewhere on your travels and never come back.
No house gives you far more options

SoLongLollipops · 26/08/2018 20:55

Thanks so much for the views - and thanks MissCherryCakeyBun for sharing your story. That sounds amazing!
We have qualifications which should (hopefully!) make it relatively easy to find work when we get back.
I think we will definitely be making a big pro/con list!

OP posts:
PunjanaTea · 28/08/2018 08:05

Wait till you get back. Like you say you don’t have a crystal ball and your options will be so much more open if you haven’t already bought a house.

serbska · 28/08/2018 08:19

I wouldn’t buy before you go given you are oooking for flexibility on your return re job and location.

Go traveling care free.

Return and then think about house. You should be able to get a mortgage after your probationary period is up in new job.

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