House sold! Should we rent until we find our dream home?

foreversummer

Hi

Delighted to have received an offer for the full asking price on our 3-bed semi in Dorset on the second viewing. Buyer is in rented and only needs a small mortgage.

There are no properties on the market that we would like to buy at present. We would like this to be our last move, so don't want to buy the wrong one at this point.

Am considering selling up and renting until we find the right property, but hubby and I have never rented in our lives!

Does anyone have previous experience or views on renting in our circumstances? Any thoughts gratefully received.

Foreversummer.

silvercar

I wasn't prepared to do what you are contemplating for 2 reasons. Firstly, I wasn't prepared to give up my current home in case I could n't find anything I liked. Secondly, I didn't want to risk being out of the housing market.

That said I think renting is easier; no house maintenance to worry about and you don't have to be so fussy about finding a rental property as its only short term.

susieb

I think renting till you find a home you like is a good idea, being without a chain will help when you want to make an offer, and hopefully allow you a better discount as you will be seen as a good bet as a buyer with no chain etc, the only downside I can see is having to pay for removals twice.

ahll

I am just planning to do the same. Sell my house and go into rented accomodation if I can't find a house I want to live in. It doesnt worry me being out of the housing market for 6 months or so as I know I can always get back in. I feel I am in a stronger position to buy if I have already sold and would hope to get a better deal beacuse of it.

Prudent

I was able to buy my current house without depending on a sale of an existing home going through. It was a great position to be in. Sellers looked favourably on your offer because it was less likely to fall through. I was lucky in that I found someone who needed to sell quickly and got a house I wanted at a very good price. I certainly would be happy to be chain free when buying again.

busymumof3

I would think very carefully about renting even for six months if you are looking to buy a bigger than existing property in an area with rising house prices. This could be enough to price you out of the market. I've seen it happen where we are.

F_T_Buyer

How does the figures stack up? How much cash would you raise from the sale? How much would it cost to rent a similar property?

Where I live in Hampshire, if you fully owned a [large detached] house you could sell up bank the cash, rent it back (paying with the interest from your cash pile), and have some money left over every month!

lynzpower

dont forget to factor into your figures,interest on your equity while its in the bank.

we are going to do the same, but then again we are buying a smaller cheaper place, and Ive done the maths and it seems to stack up really nicely

Astaroth

My mother has done exactly this... whilst she thought it was a great idea at the time she is now getting very disheartened as the market in her area is still growing strongly so prices are keep going up but she has been unable to find anywhere she likes but doesnt feel the rented accomodation is "home".

lynzpower

good point there astaroth.

Many people who value "home" as a concept do struggle. Im not someone who bothers with that, as long as I can kip there and its secure& safe I dont much care.
However, even if I was a "home person" I still would rather rent than be pushed into buying a house for the sake of it.

silvercar

lynzpower wrote:

good point there astaroth.

Many people who value "home" as a concept do struggle. Im not someone who bothers with that, as long as I can kip there and its secure& safe I dont much care.
However, even if I was a "home person" I still would rather rent than be pushed into buying a house for the sake of it.

As a "home" person, I couldn't give up my currrent home without finding another "home". As a "home" person I couldn't bare to be "home"less.