Can't find a house to buy, should I rent?

avenida

Hi everyone,

I've sale agreed to a FTB and I just can't find anything to move to. They are co-ownership so I have another couple of weeks but its not looking good.

If nothing comes up should I rent in the hope something comes on the market?

any advice please

moneyistooshorttomention

I wouldn't personally.

I think the idea of moving into rented to suit a buyers wishes is now going out of date personally (if only courtesy of rising prices in some parts of the country). If you are in a "rising price" part of the country, then getting pushed out into rented could mean losing some house equity (or even losing being a home-owner altogether).

There is also the point that once someone has become a home-owner then, I would say, you become a good bit choosier about subsequent houses then you ever were about your Starter House (I certainly am and suspect its true for most people).

DaftyDuck

I pretty much always disagree with Money on every single thing... I suspect we must be married in another life (except I don't believe in anything metaphysical, which means Money will, and she... oh whatever..)

I find more and more people are flexible in their buying and selling habits, and are more willing to move into rented for a few months. I always do, and I move every 2 - 3 years. Even in a rising-price era or area, you'll pretty much always save more by renting for a few months, as you'll be a cash buyer, with time schedule flexibility and the ability to drive a hard bargain... even pull out after survey if trouble rears its head, and seller isn't amenable to realism. There's no faff over a long period between exchange & completion if you don't want it, and you can look for a dooer-upper, and get the essentials done before you move in!

As a renter (particularly if you are in a new area), you have time to select the pick of the bunch, and move in fast should you choose. Watch an agent wet themselves with joy when you say you are a buyer who has already sold, can be flexible about timescale, and show commitment from the off.... (you can make them cry later, if you choose). You'll get access to properties that never make it onto Rightmove, and you can leave your knickers out to dry on the radioators without fear of a sudden viewing!

You try looking around a few houses under stress the way you currently are, then try it when you are sold, the bank account is bulging, and there isn't a real care in the World... go right ahead and ask - no DEMAND a third viewing, feel happy to blast away at their price until that happy-puppy estate agent you gave pleasure to is in tears at having lost more commission...

PS Money... given we never agreee.... are we married in another dimension, or in a previous life?

moneyistooshorttomention

:rotfl::rotfl:...now I know just what it is that has put me off getting married in this life....I was blinkin' well married to Dafty back in the 14th Century and the scars are still showing:rotfl::rotfl:

Actually.....Dafty...guess what about matters metaphysical...you're right:T
ohgod...we weren't married were we...please say we werent:shocked:_pale_:doh:

DaftyDuck

moneyistooshorttomention wrote: »

:rotfl::rotfl:...now I know just what it is that has put me off getting married in this life....I was blinkin' well married to Dafty back in the 14th Century and the scars are still showing:rotfl::rotfl:

Actually.....Dafty...guess what about matters metaphysical...you're right:T
ohgod...we weren't married were we...please say we werent:shocked:_pale_:doh:

:kisses3::iloveyou:

Now to find a high 14th Century tower to jump off!

SternMusik

DaftyDuck wrote: »

:kisses3::iloveyou:

Now to find a high 14th Century tower to jump off!

:rotfl:

Back to the OP: If there isn't anything on the market for you to buy, going into rented seems like a good idea. As Dafty said, you will be in a much stronger bargaining position if you are not in a chain. Renting a place you don't like is annoying, but buying a place you don't like just for the sake of buying somewhere would be a stupid and very expensive mistake.

hazyjo

Actually, there are quite a few who generally disagree with money so I'm guessing she was a bit of a goer in the 14th century with several husbands

Only thing I would point out is that if the market is rising fast where you are, don't 'step off' for too long! I'd look for something with a 6 month break clause, and start looking again for a house after 2 months. It's likely to take around 3 months to go through anyway, just make sure you have enough money to overlap a month or so if necessary (pay mortgage and rent). Might mean you can consider a bit of a doer-upper too if you have somewhere else to live for a while...

Jx
PS looks like I agreed with some of what money said lol (we weren't married, it seems!)

Better_Days

Going into rented has a lot of advantages. It makes the sale and purchase a lot less stressful as you aren't trying to tie up two transactions at the same time. You are also in a much stronger bargaining position for both the sale and purchase as you will be chain free. This can have clear financial benefits. EA told us that the vendor accepted a lowered offer from us because we are chain free.

You have the time to look around for a property you really like rather than one that will just do. Where are you in the country.

We sold and are currently in rented and have been since the end of January. The problem we are having is that there is very little coming onto the market in our price range, and the market is rising around here too.

So, before you decide, have a look in your crystal ball and find out what the market is going to do in your area and how easy it will be to find the sort of property you are looking for. Also how easy (and what will it cost) to rent.

Overall, we haven't lost out financially by going into rented and it has reduced the stress levels (especially as we were at the top of a chain of 7 for our sale). But we have been caught out by the dearth of properties coming onto the market around here, two failed purchases and the effects of govt tinkering in the housing market.

On the minus side you have to move twice (but you will be pretty good at it having had the practice) and notifying everyone that you have to nowadays that you have moved can be a bit of a pain. Also you will have to deal with LL's and LA's - we have been very lucky with ours, but not everyone is so fortunate.

Seabee42

There is lots of good advice from both sides on this thread already.

So much depends on what is happening in your area property wise.

1) Did your own property go under offer quickly. (I.e. is there a reasonable expectation that you could find another buyer quickly if you lost the current one?).

2) Property supply is very limited (good property anyways) and therefore you need to balance up how long might you have to wait for that next property versus being in a position to snap it up when it does come on. If you dont sell now it maybe you are needing to find a buyer when that property does appear and therefore could lose it.

3) Do you have enough margin to give you flexibility, if house prices do go up 10% in your area can you still afford that dream house if your sold now?

Best of luck its not easy moving.:beer:

DaftyDuck

hazyjo wrote: »

Actually, there are quite a few who generally disagree with money so I'm guessing she was a bit of a goer in the 14th century with several husbands

...... PS looks like I agreed with some of what money said lol (we weren't married, it seems!)

Keepe ye grubby mitts offe mine (14th century) wyffe. Should thou dare claimest she doth goest lykke an hussey again, you shalt feel mine gauntlet on thine cheek and meetest me at dawn!

hazyjo

Think I blushed then lol.

Like something out of Downton Abbey or Sharpe...

Ahem... back on track, sorry!

Jx
PS Dawn it is. Behind the bikesheds?