Just sold our house - should I rent or buy next

AJ_Willo

Alright guys,
Just sold house and everything is going through pretty fast. Whats people opinions on buying or renting?

I was wanting to put the profits in a building society and rent for 6 - 12 months ( the price we pay for the rent will be the same we pay for a mortgage), and see if the houses come down as predicted.

The wife is wanting to buy straight away as some people say the houses prices won't go much cheaper than they are now.

What would all you guys do.

Cheers

ncooper1974

Just sold? have you exchanged or completed?

AJ_Willo

Are buyers are just waiting for us to go (supposed to be last Friday).
They put there offer in In Feb then struggled to get a mortgage, then we never heard much off them even though we chased a lot.
We went on holiday for two and a half weeks and when we come back there was a letter saying there ready to complete.
We`ve put them off so much but really don't want to annoy them, so there waiting for us to go.

Cheers

SquatNow

RENT.

Until you find somewhere suitable, put your stuff in storage and stay in a B&B.

Do NOT lose you buyers. If you lose them you will not get some more.

penguine

I would rent, rather than buy now. All the indications are that this house price crash has just begun. If she wants hard evidence, point to the US which is about 18 months ahead of us and where prices have fallen an average of 30% (they've fallen about 10% here -- SO FAR). And the UK house price bubble was bigger to begin with.

Cannon_Fodder

If they haven't come back trying to re-negotiate, then you MUST bite their arm off, and grab the money before they come to their senses.

They could easily justify 10% off, from Feb to now...

To move as quickly as possible means renting, which coincidentally has the upside of benefitting from the ongoing price drops.

Get the contract signed ASAP!

Lemoncurd

Personally I would definitely choose to rent in that situation. It sounds like you don't really have any other option than to rent in the short term anyway. If you find a rental property now you could be in within a week enabling the sale to complete ASAP.

Mark_Davis

AJ_Willo wrote: »

Alright guys,
Just sold house and everything is going through pretty fast. Whats people opinions on buying or renting?

I was wanting to put the profits in a building society and rent for 6 - 12 months ( the price we pay for the rent will be the same we pay for a mortgage), and see if the houses come down as predicted.

The wife is wanting to buy straight away as some people say the houses prices won't go much cheaper than they are now.

What would all you guys do.

Cheers

Put money from sale into high interest account (some are offering 10%)

Interest may be enough to pay rent (depending where you live, how much you sold for etc)

Just have to pay council tax, no stamp duty or legal fees - monthly outgoings therefore less

As soon as market picks up and you can get a decent mortgage jump back on the ladder

Cranston_2

I would rent too.

Until mortgage lenders figures make a move upwards this market is going down.

pawpurrs

Your buyers are ready to complete, the sale has been agreed since feb, and you havent even thought about this, crikey your so laid back your Horizontal;)

Dont mess them about get signed and move out unless you want to stay in the house your in!

And if you dont want these buyers, I will have em.

geoffky

Look At All The Interest You Will Get// if i had waited from February i would be gazundering you on exchange day