Sell now - rent- buy later ?!? So confused !
Rosmah1511 · 21/11/2020 09:59
I cannot buy a house until May(new job, need more payslip)
But with the current whispers of the property market slowing down nearer March when the stamp duty holiday ends I am thinking maybe I should sell my house now before the mini slump in prices ? And rent for a bit before buying in May?
Has anyone done anything similar ?
This way I get more for my house and potentially pay less for my next one I buy ?
I'm really confused. Should I just stay out instead ?
OhShutIt · 21/11/2020 10:04
Well house prices are already slowing and they sure as hell won't be rising.
If you can find a short term rental or stay with family, at worst, you'd break even.
I'd go for it.
PowerslidePanda · 21/11/2020 10:27
I predict there's going to be a high demand for rentals in the spring - there will be loads of chains that won't complete in time and people trying to go into rented to at least keep their buyer. I'd only do it if you've got a back-up plan for somewhere to live.
JellyStrudel · 21/11/2020 11:30
We did this the last time we moved
Infinitethings · 21/11/2020 11:35
How much rent would you be paying? When I rented between properties I found it hard to find a suitable place and paid £1000pm (not luxury, pretty grotty) for seven months plus fees.
Work out the costs in your scenario and how much would you save by selling now and how much you would lose by renting.
If you had somewhere to stay eg with family with no or low costs I would do it. Otherwise it is a lot of hassle and expense.
HapHap · 21/11/2020 17:42
We have just done this!
Sold ours for £25k above asking price with the boom in prices, will go into temp accommodation and then look for one to buy in May/June.
I'm delighted to have sold and will be chain free with cash in the bank so a brilliant position to be in, well worth the hassle (I hope!).
Rosmah1511 · 21/11/2020 22:32
@HapHap That sounds great !
What have you planned for temp accommodation ? I was thinking a 6 month rental contract but with deposit and one months rent in advance it will be costly.
Any other ideas ?
user1471538283 · 22/11/2020 09:00
We've done this! If you like where you are and can sit out the slump then do so. If you want to move then sell now and then rent. You will be in a very good position to buy somewhere.
Rosmah1511 · 22/11/2020 12:53
We will definitely be moving as we want to be in catchment for DD secondary school.
Im starting to earn to the idea. It will be much less of a headache not being in a chain.
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