?Sell to rent

djarvis25

Thanks everyone for your advice. Renting for a while doesn't seem as daunting now.
I hate having debts but really don't want to go bankrupt as it affects/restricts so much of your life- a close friend was made bankrupt over 7 yrs ago and still cant even get a decent bank account. Also we spent the money so we should pay it back.

I am the main earner, and being in healthcare have a fairly safe job. We just can't afford to live on my wage if OH is out of work again- this wouldn't be a problem in cheaper rented property.

I would like to buy again as soon as we'd cleared debts and saved a deposit as, like a few have pointed out, we couldn't afford to rent in retirement.
Renting out a room is a possibility but not sure about having a stranger in the house- maybe I should look into this though- any ideas where you find a lodger?!.

Once again thanks all for the advice. :-)

ilovecheese

We did this back in 2007, and although we have moved house 5 times in 5 years I still have no regrets about selling!

We are now debt free, and as other posters have said, if the roof falls in, the boiler blows up or the guttering falls off - it is not down to us to spend our money to fix it!

The only problem is finding a decent LL who wants long term tenants, and doesn't put the rent up every 6 months!!

We finally think we have found a house we can stay in for a long time, but you never know!

The plus side to moving every year is that you get rid of clutter on a regular basis!!

Good luck with whatever you decide to do

Nottoobadyet

djarvis25 wrote: »

The reason I am doubting the sell/rent idea is because I have always been told renting is a mugs game- why pay someone elses mortgage?

This is one of those blanket statements that sooo many people take as gospel, leading to all sorts of distress. Maybe you're not paying someone else's mortgage, but if you arent paying off capital you are just putting money straight to the bank's profit margin and you're not paying off your own either. You may not want to pay rent into retirement, but at this rate you'll be paying your overpriced mortgage into retirement instead.

It sounds like you can save a huge amount by selling. If you can find a buyer in this climate, it sounds like a no brainer to me.