Selling up and renting for a while?

[Xtraincome]

Has anybody ever done this? We will be taking over £200k from our house sale. We are both working. We do not like the area we are in so are planning to move area in next 2 years but are hoping to make our lives easier in the short term.

I despise the house I live in. Schooling is crap round here and I don't want my girls being teenagers here either.

I am ready for the long-term move but each attempt has been squashed by stupid sales problems- we are addressing one last issue with the house to avoid problems again. Our house is massive and a massive Pain in the Arse!! I hate it!

Any positive stories of renting for a while after a sale?

Thanks

We rented for two years after house sale and big move.

Resulted in £1000 per month rent or £24,000 never to be seen again, house prices increased and we lost 2 years equity.

But I would say if you can get a lease for 6 months it might be worth it.

Is there a reason you can't make the permanent move yet, is it due to schools? Personally I'd be terrified of coming off the ownership ladder as prices are likely to increase over that time and you'd have missed out on that increase from your current property. You may not be able to afford the same size of property again.

Rent is often considerably more than a mortgage payment each month, so it's an expensive option when you don't have to do it.

I did this when moving to a new area. Luckily in the time we rented we realised that the area we’d planned to buy in wasn’t the right place for us and were able to look a little further afield.

If you’re jumping off the housing ladder for a while I’d make sure to use that opportunity to be 100% sure about the next place, so rent where you are for a while if that’s what you need, then rent in the new area for a while too, to make sure it’s right for you.

@Threelittlelambs that's a very good point and one of the worries we do have.

@PragmaticWench we hate our big house so we would be downsizing anyway. So in a worst case scenario the price of house we would get would be of a similar price to the one we just bought.

@SteveHarringtonsChestHair we are really suck on an area tbh. I want to go North but DH's work is Midlands. The properties to rent are ok in the areas I'm looking at.

Thanks for all the replies guys, greatly appreciated

Yes I did it. I found a rental sold my house and banked the money as there was nothing suitable on the market. It took me two year to find my current house and I bought it outright. I bought a 5 bed rural detached which was a dump but I'm doing it up. It was a win win even though I had to tolerate the snobbery on renting.

We’re considering it but only short term. We’ve cleared our mortgage and planning to move out of London to cheaper housing. If we sell and rent short term while looking to buy we will be cash buyers.