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Rent instead of buy ??
Chichi_2
Posts: 192 Forumite
Was surprised to get an offer on my ex-local authority property. Now I can't find a property in my price bracket, well I can but the choice is so small that I would just buy something so I have a home to move into. Has anyone considered renting?? It seems that properties are selling for more than they're worth and I am able to put the equity from the sale of my home in an account and use the monthly interest to rent a house. What do y'all think if this??? Not sure how long I should rent for???
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Comments
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I think it's a good idea if you believe the talk that the prices are going to crash. A lot of landlords will give you a 6 mth lease, and then allow you to renew on a monthly basis if you give them enough notice...DFW #414, MoneySaver, Income Booster
It Always Seems Impossible Until It Is Done.
£2,022 in 2022 #39 - Current total £2.900 -
You've got to consider that if you do sell with the hope of buying again in the future, that you may never have enough money to buy the kind of property that you are looking for.
Also, remember with renting that you don't have the same security as when you own your property in that most rentals are on a 6 or 12 month contract, so you could find yourself faced with having to move every few months.
If your idea is to rent as opposed to paying a mortgage & you're not too bothered whether you'll want to buy again for a good while yet then it can be a good idea, epecially if finding suitable rental property in your chosen area is reasonably priced & fairly plentiful.The bigger the bargain, the better I feel.
I should mention that there's only one of me, don't confuse me with others of the same name.0 -
check this it covers alot of pros and cons
http://forums.moneysavingexpert.com/showthread.html?p=48935850
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