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what do you think of this? rent then buy after selling
johnwallace
Posts: 32 Forumite
I live, with my wife, in a 3 bed upstairs downstairs semi and I only have about £20000 left on an interest only mortgage, the last endowment matures next July and that should be us mortgage free:j
My wife is starting to have bother with her knees getting up and down the stairs.
We need 3 bedrooms, bedroom for sleeping, computer room and my wife has knitting machines so knitting room.
We are both retired and over 60 and have enough money to live on.
The house across from me is a detached 3 bed bungalow and has been rented out for the past 15 years since the owner died and her son inherited it.
The tenants have just moved out and I have heard that the owner is considering selling it.
My house could possibly sell for £160,000 and the bungalow £170,000, but a similar house to mine just up the road from me has been on sale for the past 18 months with no takers but it is not as well maintained as mine externally, my garden is better:D.
I quite fancy buying the bungalow but unless I sell my house first I couldn't afford it and I don't want to take out a mortgage at my age, even if I could get one.
So my plan was to approach the owner and ask if we could move into it for a nominal rent as our mortage is just over £20 per month and we could never afford the £600 per month or whatever rent the owner would want.
Then when our house sold we could buy the bungalow from the owner.
So what do posters think of my plan and what pitfalls would there be, assuming of course, that the owner was agreeable?
This is in Scotland incase it makes a difference
My wife is starting to have bother with her knees getting up and down the stairs.
We need 3 bedrooms, bedroom for sleeping, computer room and my wife has knitting machines so knitting room.
We are both retired and over 60 and have enough money to live on.
The house across from me is a detached 3 bed bungalow and has been rented out for the past 15 years since the owner died and her son inherited it.
The tenants have just moved out and I have heard that the owner is considering selling it.
My house could possibly sell for £160,000 and the bungalow £170,000, but a similar house to mine just up the road from me has been on sale for the past 18 months with no takers but it is not as well maintained as mine externally, my garden is better:D.
I quite fancy buying the bungalow but unless I sell my house first I couldn't afford it and I don't want to take out a mortgage at my age, even if I could get one.
So my plan was to approach the owner and ask if we could move into it for a nominal rent as our mortage is just over £20 per month and we could never afford the £600 per month or whatever rent the owner would want.
Then when our house sold we could buy the bungalow from the owner.
So what do posters think of my plan and what pitfalls would there be, assuming of course, that the owner was agreeable?
This is in Scotland incase it makes a difference
0
Comments
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You could approach the owner of the bungalow and ask him if he was interested in a house swap? He would still have a house to sell, but it would be yours rather than his. You might need to offer something to sweeten the deal so that he doesn't incur any additional costs e.g. pay for his legal fees for the swap so that he only has the fees for the sale of your place to fund. Plus you'd have to offer him the difference in value between the two properties...0
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Would you allow someone to move into YOUR house for a nominal rent and vague promises to buy it when theirs was sold? I wouldn't.0
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