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    • Tony5768
    • By Tony5768 13th Mar 18, 2:36 AM
    • 3Posts
    • 0Thanks
    Should I move out before buying again?
    • #1
    • 13th Mar 18, 2:36 AM
    Should I move out before buying again? 13th Mar 18 at 2:36 AM
    Ok so to keep it blunt I have had an offer on my property and have accepted it, my issue now is me and my partner canít find another house we like for sale right now, should we complete and just rent somewhere to live for a few months or is it best to tell our buyers it may take a few months for us to find somewhere?
    Any advice is welcome please before I rip my hair out

    Further info : I own outright so no mortgage
    Our buyers are first time buyers and they are paying a reasonable price for our property
Page 1
    • Tom99
    • By Tom99 13th Mar 18, 3:41 AM
    • 1,578 Posts
    • 1,027 Thanks
    • #2
    • 13th Mar 18, 3:41 AM
    • #2
    • 13th Mar 18, 3:41 AM
    Ask your buyer whether they are prepared to wait then decide what to do
    • Smodlet
    • By Smodlet 13th Mar 18, 5:04 AM
    • 2,584 Posts
    • 5,495 Thanks
    • #3
    • 13th Mar 18, 5:04 AM
    • #3
    • 13th Mar 18, 5:04 AM
    Yes, if they are happy to wait, fine but you cannot give them a time line; how long will they be happy, I wonder? There is a risk of losing your buyers if you do not find a place reasonably quickly. I would be honest with them, see what they say and deal accordingly; then perhaps you can stop stressing.

    Good luck.
    What is this life if, sweet wordsmith, we have no time to take the pith?
    Every stew starts with the first onion.
    I took it upon myself to investigate a trifle; it had custard, jelly, soggy sponge things...
    • Davesnave
    • By Davesnave 13th Mar 18, 7:20 AM
    • 24,511 Posts
    • 91,389 Thanks
    • #4
    • 13th Mar 18, 7:20 AM
    • #4
    • 13th Mar 18, 7:20 AM
    You don't usually "find somewhere to live for a few months," you take on a tenancy for 6 months at the minimum, when it then becomes a rolling contract, requiring a clear month's notice from you.

    However, buying a house can take around 3 to 4 months if nothing goes wrong, so that's not excessive, and you get the benefit of being chain-free, becoming a better buyer than many.

    We rented because we were picky and looking for something hard to find. It took us 9 months, and because the market was tanking at the time, it wasn't a worry. We'd do it again, but a lot depends on the market where you are, I'd guess.
    'A society grows great when old men plant trees whose shade they'll never sit in.'
    • mktuk88
    • By mktuk88 13th Mar 18, 7:24 AM
    • 14 Posts
    • 0 Thanks
    • #5
    • 13th Mar 18, 7:24 AM
    • #5
    • 13th Mar 18, 7:24 AM
    I've ended up the the reverse of this situation, found lots of new homes but stand to miss them all because my property isn't sold yet. I was considering doing the same as you've suggested, as I feel like it's significantly less stressful to buy as a chain free buyer. However, for me I'd have to pay a fairly hefty early repayment fee on my mortgage, so for the moment it's not really an option. There are several pros though, less stress, more attractive to sellers, no time constraints (depends on rental agreement I guess), don't have to move in a single day.
    • bertiewhite
    • By bertiewhite 13th Mar 18, 8:15 AM
    • 943 Posts
    • 981 Thanks
    • #6
    • 13th Mar 18, 8:15 AM
    • #6
    • 13th Mar 18, 8:15 AM
    It's what we're seriously thinking of doing - I'm moving because of work and the move date will be fairly fixed. Coupled with the fact that we don't want to rush into buying something to fit in with a timeline, we're planning to rent for a while and take our time.
    • saajan_12
    • By saajan_12 13th Mar 18, 8:58 AM
    • 1,156 Posts
    • 781 Thanks
    • #7
    • 13th Mar 18, 8:58 AM
    • #7
    • 13th Mar 18, 8:58 AM
    I'd do both..

    1) Keep looking for properties to buy, if you find one in a month or two, you may be able to align the completion dates depending on how both are progressing. It may be better to settle for a slightly higher cost if the difference is less than the cost of 6 months rent + tenancy setup fees. Talk to your buyers to keep them informed without scaring them off

    2) Be prepared to move out if you haven't found anything by the time you are close to exchange on the sale.
    • knightstyle
    • By knightstyle 13th Mar 18, 9:06 AM
    • 4,630 Posts
    • 1,717 Thanks
    • #8
    • 13th Mar 18, 9:06 AM
    • #8
    • 13th Mar 18, 9:06 AM
    YES move into rented after selling whilst looking for your dream house.
    NO do not buy before selling, my parents did this and it almost broke them as the house they were selling had unknown problems that the survey brought up.
    • victoriavictorious
    • By victoriavictorious 13th Mar 18, 9:44 AM
    • 93 Posts
    • 146 Thanks
    • #9
    • 13th Mar 18, 9:44 AM
    • #9
    • 13th Mar 18, 9:44 AM
    If you do move into rented, depending on how much stuff you've got, it can sometimes be cheaper to rent a larger unfurnished property than you need to live in and store all your belongings there instead of putting them into storage. The higher rent can still be cheaper than paying storage fees, and removals from the rental to your ultimate purchase would also likely be less because they would only need to pick up from one place.
    Of course you'd need to be fairly organised, so that your everyday items are accessible and not in the box at the bottom of a mountain of others!
    And of course, as you'd be such a good prospect to a seller, you may even be able to negotiate a price reduction to cover the cost of your rental period.
    Renting also has the advantage of getting to know your neighbourhood, being on the spot when your dream house comes along and being able to get it ready, eg decorating etc while it's empty and you're still in the rental.
    The disadvantages of rental may be getting the timing right and if you've got pets, as many landlords wont allow them.
    • Tony5768
    • By Tony5768 13th Mar 18, 5:19 PM
    • 3 Posts
    • 0 Thanks
    Hey thanks for the responses guys, I!!!8217;m thinking moving out first and becoming a cash buyer is definitely something I would rather do, one of the main issues I have though is I don!!!8217;t have the funds available to rent anywhere until my house has sold which does make it obviously difficult, I!!!8217;ll see if I can find any landlords willing to wait until the moving date to receive their deposit and rent though
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