Compromise to buy or rent and wait it out?

[Mintchocchipicecream]

I’ve sold my house and I’m looking to move to a specific area (schools!). There is nothing perfect available at the moment but there’s something that would involve a compromise on a few of our ‘must haves’. Compromise or wait it out and rent somewhere in the meantime? What would you do?

Are the compromises overcomable? So crap kitchen that could be extended or refurbished?

Or insurmountable compromises?

Compromises are
North facing garden
House needs lots of updating
Drive for only one car with shared access (like a Y shape if that makes sense)
Price means we couldn’t afford to extend but would like more living space

I'd rent and wait it out given the list of things you'd be compromising on.

Rent and wait it out.

Rent and wait! Keep the deposit safe ready to go when you find somewhere

That’s what we are doing as I only plan on buying once

@KaptenKrusty this will be our LAST move I hope!

If you want this to be your forever home then I’d definitely wait it out! :)

Rent. I expect a lot of pent up supply (and demand) post 31 Jan.
You'll find something better.

Agreed. North facing garden is a good reason on its own.

Search MN for shared drive and make your own decision!

North facing garden is not automatically a problem- depends how long it is and also means you can have a conservatory without baking all summer.

I would hate to be stuck in a property that I don’t like.

When we last moved it was easy. There was loads of choice in the area we were moving to. But this new area is very small due to the school catchment and there is hardly anything available. So I am pretty worried about how I’ll ever find something right for us or if we’ll just be renting forever.

Rent if you can afford it. It puts you in a strong position as chain free buyers and the market is definitely getting busier with more properties coming on. (I work in an Estate Agents).

What is the general housing stock like in the area? Looking at sold prices in recent years could something perfect come up in your price range? Could you rent to get into the school and then buy marginally further out. As long as your previous house has sold and you check admission criteria it is probably ok.

General housing stock is not what we are looking for so that narrows the possibilities as well. But there are some properties we would buy! We know lots of people rent for school admissions purposes but we want to settle and actually live there.

Depends whether infant/junior/secondary school? Surely if a longer term school place you could get the place while renting then buy wherever?
Your list of compromises isn't such a big deal for me. But then I bought a house with several of those compromises for a school place. Stock is very limited where I am. Who knows what will happen with prices and supply , it's likely to be location specific. Personally, I couldn't face renting any more and wanted to put down roots.

If there are certain streets you are interested in then I would rent until one of those comes up. Maybe look and see which estate agents tend to sell houses on those roads and start chatting to them and expressing interest.