Was STR worth it?

purch

No offense, but I would consider anyone who STR'd, who did it for any reason other than they were about to be repo'd because they couldn't afford the mortgage, or were going to move anyway, were completely BONKERS !!!!

Quick Edit

Davesnave

purch wrote: »

No offense, but I would consider anyone who STR'd, who did it for any reason other than they were about to be repo'd because they couldn't afford the mortgage, or were going to move anyway, were completely BONKERS !!!!

Quick Edit

Just in time!

You wouldn't want a raving loony living that close... would you?:rotfl:

PasturesNew

I am still not buying. But I didn't STR for financial reasons, I saw the lull as a chance to move away, drop out of having to work, chill out ... OK, finding a job was supposed to be in there too, but I've not got round to that yet.

Generali

I STR'd because I wanted to spend time with my very young kids. I couldn't afford to buy in very Central London but I could rent there and so I did.

It wasn't the best financial decision, nor was it the worst, but then it wasn't a decision made for financial reasons.

purch

Ok.........final Edit !!!!! :cool:

No offense, but I would consider anyone who STR'd, who did it for any reason other than they were about to be repo'd because they couldn't afford the mortgage, or were going to move anyway, or wanted to spend time with their very young kids, or saw the lull as a chance to move away, drop out of having to work, chill out were completely BONKERS !!!!

lynzpower

I also sold to rent - it was definately the best thing Ive ever done really.

I bought a 40% share in a newbuild shared ownership flat . When I put it on the market 2 years later it had appreciated by a further 100k, so I took my share of that. As I was on an interest only mortgage, I was only renting from the bank anyway.

After we sold we went into rented but after a year I got a job with tied accomodation, so our living costs are tremendously low. We are saving pretty hard , and have freedom. We are not "throwing our money away on rent".

When we do buy we will have more than fair deposit, and will be able to buy a much better property in a better area.

We have started to look around a bit but ideally would luike to save more before we do buy. There is not a great deal around in the areas we are interested in, put it this way, we can buy a 3 bed semi for the same price as the flat was sold for in a better area.

Im not panicking one little bit just yet

Gorgeous_George

String would not have worked for me.

I'd have sold the home I love, given up a BR +0.74% tracker mortgage and would not have earned as much on the proceeds from the sale as I had hoped.

The falls have not been as much as I expected. Maybe we haven't seen the bottom of the trough but I fear we have.

I estimate that 80% of those claiming to have STR'd had little choice but to sell due to financial pressures. Therefore they got lucky.

There's still time for them to be right but prices need to really crash IMHO.

GG

nembot

I so very nearly STR but being in the position to buy another property at the right price now and the mortgage on my other place paid in full in 3 years, decided against it (pension for the future and a hefty chunk towards a new mortage in the meantime).

However, I do think it's a little early to crow how people who did STR have lost out, downturns even with minimal increases in the meantime we've seen (which does buck the trend admittedly) generally last considerably longer than 19 months, so we're nowhere near out of the woods yet and absolutely nobody knows where prices will be in 12/24 months time.

There have been massive pushes by the lenders that things are improving, and incredibly low interest rates that are certainly helping the Country tick over, but "out there" it just doesn't quite feel right.

I think the bull's are gambling on continuing rises (vested interest possibly and to be fair, who would blame them) a lot of other's are just going to wait and see. Which to be honest, is all we can do...

fc123

We relocated in 2005, decided to rent for a while and sold..then it fell through. Lucky as it turned out.
If we had sold, we wouldn't have done half the things we did....difficult things that I may not have had the stomach to do......as we would have had a sum in the bank...that would have subsidised things that we needed to change.

Then all these unexpected things have happened over the past 4 years, personal as well as to everyone else.....
The low mortage we pay now is the biggest surprise...never even had it in my mind as a possibility at all 2 years ago.


I am beginning to feel that old 80's phrase...''renting is dead money'' again. It was 'paying for a service' in our case for a while...but , now I resent it. I would rather put the rent we pay now into our mortgage....but am stuck for another 9 months until DD has finished GCSE's.

We live between the 2 homes and I can't wait to just live in one I own again F/T....even though I prefer the St and location I rent in.

I just so hate the renting bit, the lack of care our LL has...never does repairs, the dam inspections and so on...drives me nuts now.

Perhaps some STR's feel the same after renting and waiting?

lostinrates

fc123 wrote: »

We relocated in 2005, decided to rent for a while and sold..then it fell through. Lucky as it turned out.
If we had sold, we wouldn't have done half the things we did....difficult things that I may not have had the stomach to do......as we would have had a sum in the bank...that would have subsidised things that we needed to change.

Then all these unexpected things have happened over the past 4 years, personal as well as to everyone else.....
The low mortage we pay now is the biggest surprise...never even had it in my mind as a possibility at all 2 years ago.


I am beginning to feel that old 80's phrase...''renting is dead money'' again. It was 'paying for a service' in our case for a while...but , now I resent it. I would rather put the rent we pay now into our mortgage....but am stuck for another 9 months until DD has finished GCSE's.

We live between the 2 homes and I can't wait to just live in one I own again F/T....even though I prefer the St and location I rent in.

I just so hate the renting bit, the lack of care our LL has...never does repairs, the dam inspections and so on...drives me nuts now.

Perhaps some STR's feel the same after renting and waiting?

Oh, you remind me, I saw a Dorset coast property for sale in the paper and thought of you..