If you had to move now, would you buy or rent?

LydiaJ

Suppose you had to move house now, for reasons that were nothing to do with house prices (for example, suppose your job relocated you to another part of the country). Suppose you could afford to buy a house that would adequately meet your needs but not be your dream house (without stretching yourself too much - for example suppose the repayments on a 5 year fix would be OK on your salary but not leave masses of spare cash). Or you could rent, but similarly the houses you could afford to rent would be OK rather than fantastic.

Would you buy the adequate house, or rent and plan to buy later (with all the expense and inconvenience of moving twice)?? And why??

julieq

For a new job I'd rent for 6 months. No point tying yourself down.

PasturesNew

I am trying to move right now and I will be renting.
I can afford to buy a house for cash in most places, it would be pretty much a dream house even at that price.

I still want to rent, even though I can't afford to rent a place 1/4 of the size of a place to buy.

Buying: 2-bed, detached maybe, garage, garden, utility, conservatory.
Renting: 1-bed MAX, possibly studio/bedsit.

Still going to rent.

Keep life simple.

lostinrates

LydiaJ wrote: »

Suppose you had to move house now, for reasons that were nothing to do with house prices (for example, suppose your job relocated you to another part of the country). Suppose you could afford to buy a house that would adequately meet your needs but not be your dream house (without stretching yourself too much - for example suppose the repayments on a 5 year fix would be OK on your salary but not leave masses of spare cash). Or you could rent, but similarly the houses you could afford to rent would be OK rather than fantastic.

Would you buy the adequate house, or rent and plan to buy later (with all the expense and inconvenience of moving twice)?? And why??

Lydia, we ARE trying to buy now. We have reamined open to buying throughout this period.

We are in the position that with some hefty debt and perserverance the peoperty we could buy will be one we keep forever an ever. While this seems within grasp, and these sort of properties are not common, we'd be unwilling to buy something else and go through all that drama for a short term in this market: so we'd prefer to rent I think. That said, we have the animals so that would be hard too: we'd buy something cheap and outright or nearly to continue the serch from if it worked out loction wise, with not too much hesitation if forced to jump now.


I think its a great question, because it hits the nail on the head: for most buyers a house is more than a financial decision and the right answer will be different for different circumstnces

Really2

I believe you are always able to get the right property at the right price in any market.

It takes work and research, but it is a lot easier in a falling market than a rising one.

But once you are over a certain LTV (25%+) buying looks more and more attractive.

If I was going to compare rent and buy I would always look at the cost of renting the equiverlent of a house I was thinking of purchasing.

westv

I'm moving but to another rented property. Trying the area for 6 months to see if it's for me. If it is then I'll buy.

wageslave

I'd buy but it would be purely an emotional decision rather than a financial one.
I rented once, a few years back, and I hated it. Quite apart from the whole "shall I put a picture up and risk marking the wall" malarky I felt insecure and adrift somehow. Conditioning I suppose.

incher

lostinrates wrote: »

for most buyers a house is more than a financial decision and the right answer will be different for different circumstnces

Very true!

I love the area where I live. I would like to move but only to upgrade and stay within the area.

So, if my husband was offered a fab job that required moving, we'd rent, as there is nowhere else in the world (seriously!) that I would want to move to, so it would only be a short-term move in my eyes. I would not be putting down roots, so no point in buying.

If you'd asked that question a few years ago, the answer might have been different!

LydiaJ

Thanks for the replies so far.

The person I have in mind knows the area very well and is certain they want to stay in that area long term.

julieq

Obviously if you're moving into an area you don't know you're at a disadvantage looking for a house to buy, and there's the chance of the job going sour and all that. Renting sidesteps all of that. Most good decisions in life revolve around keeping options open until you have fully assessed any particular situation. No point at all in undergoing the stress of a purchase on top of the stress of moving and changing jobs in my opinion.

[EDIT: missed the explanation in the preceding post!]

wageslave

LydiaJ wrote: »

Thanks for the replies so far.

The person I have in mind knows the area very well and is certain they want to stay in that area long term.

I think there are as many answers as there are people and no right or wrong one.