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sell small flat and rent a larger one until market improves?
aberdour
Posts: 15 Forumite
We live in a pretty small one bedroom flat and could really do with more space. We don't have enough saved for the 15% deposit which seems to be the minimum needed to get a fairly decent deal at the moment. Instead we're now thinking of selling the flat, investing what we make and renting out another slightly larger property until the market hopefully improves in a couple of years and we'll have saved a larger deposit by then. Is this madness or good sense?? Any advice gratefully received 
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We live in a pretty small one bedroom flat and could really do with more space. We don't have enough saved for the 15% deposit which seems to be the minimum needed to get a fairly decent deal at the moment. Instead we're now thinking of selling the flat, investing what we make and renting out another slightly larger property until the market hopefully improves in a couple of years and we'll have saved a larger deposit by then. Is this madness or good sense?? Any advice gratefully received
Could you rent out your own flat as a LL, and then rent something bigger ?
Coming out of the property market completely would be a huge gamble. Have a look at some of the more heated discussions on the Economy and House Prices board to see some of the horror stories of people who have tried this "Sell to Rent" strategy.
You are literally betting your house on short term price movements - which could go either way. At least you are hedged while you are still in it.
No one has a crystal ball, but my own sense is that they are not going to fall.0 -
Everyone is different but I would far rather live in a smaller house that was mine than a larger place that was someone elses. I felt restricted in rented property, more restricted that I'd feel in something smaller, but mine. I'd have a massive clearout and hang on.Everything that is supposed to be in heaven is already here on earth.
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Thanks nollag2006 for the helpful advice. We had considered renting out our flat but didn't really fancy being a LL plus you have to ensure your flat meets a lot of strict regulations these days. It is however a big risk stepping off the ladder, so it might be worth exploring this option first.0
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