Short term renting options

rosie383

That's all good advice thank you. I'd be happy though if we could find somewhere to rent for 3 months. Luckily we are now mortgage-free so that won't be an issue. If we do find somewhere this week, then hopefully it won't come to that. As of last week our buyers hadn't even paid for searches or anything. I think they have now. There are a couple of properties which we are going to see this week that are chain free, so it couldbe possible that we could be ready in a month or so ourselves. Definitely though we are not going to rush into buying somewhere that isn't our ideal house.

cabbage

Aim to rent and pay rent for 6 months. You can always move out early if you find somewhere to buy. You will be liable to pay the rent until the end of the 6 months tenancy, but you can move out before then.

Might be cheaper than paying for storage.

rosie383

Quick question... are we doing the right thing in going ahead with the sale of our home when we haven't found somewhere to buy and are looking at 6 months renting?
Someone just put in my head today to think about why we are going to do this.
One reason is that we think the people buying our home will be good neighbours for our lovely neighbours and I suppose we feel that it isn't their fault that we have pulled out of the property we were buying.
Also we would be in a better position if we find the perfect house for us. We would be cash buyers and chain-free.
Any thoughts? I still believe we will go ahead with our sale, just wondered are we mad to do so?

Edit... interesting that it was an EA that put the thought in my head. I'm positive that our EA would be livid and tell us we are mad to even consider it. I know that neither of them are giving independent advice.

rosie383

Phew. Estate agent yesterday was insistent that our buyer looking to move in asap within a week or two. Just spoke to the solicitor and they haven't even instructed the solicitor or got all the paperwork done so we have at least 4-6 weeks!! Great news for us.

davisc02

Hi Rosie,

I don't want to sound harsh but you shouldn't be worrying about your neighbours too much, obviously you don't want to leave them next door to a home full of Jeremy Kyle candidates but you really have to think about whats best for you. Just be aware if you move into rented and cannot find anywhere for a year, the market can move against you very quickly. My friend sold his house in January this year for £290,000, he sold it for the full asking price but he decided not to go ahead with the sale due to circumstances. He had an estate agent around earlier in the week and the valuation was £350,000 with an expected price of 340-345. Obviously it can work in your favour if the prices drop but you have to be careful.

Cheers

AdrianC

If you haven't found somewhere to buy yet, then you are NOT going to be moving in in three weeks. No way. No how.

Go for the six month rental. Apart from short-term rentals being likely to be fully furnished (increasing your storage problems), it'll take the pressure RIGHT off you being stressed into buying the wrong place because it's available NOW. It'll give you a chance for chains to develop and do their usual thing, and it'll give you some breathing space to find the right place. Buying the wrong place will be a LOT more expensive than a few months of rent.

54druids

We are currently in exactly the same situation as you but in fact have less options. We are in rented and landlady selling house in 4 weeks time. We have just put an offer in which I fear may get rejected. I am looking at holiday let's as don't want to spend 6 months on rent or have to move lock stock and barrel twice in such a short time (hopefully we will find a house). 2 points to make . Firstly don't buy a house out of desperation as you will regret it later. Secondly if you do go for holiday lets do negotiate. Prior to buying our last house we lived in holiday lets for 3 months. As it was winter time and because we were wanting a very long holiday, the holiday let owners did us a deal with came in around 7-800 a month which for a family of 4 was cheaper than a 6 month rent. Kids loved it . Good Luck to us both eh? Xx

rosie383

Definitely hope we both get sorted soon! Even our solicitor has spoken to the solicitor for our buyer and they say we have time to find somewhere. And believe me, no way are we going to buy somewhere out of desperation. We are too sensible for that. We are fully prepared to rent for 6 months but it would be nice if we do find a buy and don't have to rent.
We are going for a second viewing on a house tomorrow and the owner is keen to move within a few weeks if at all possible. It is a gorgeous house and the only thing negative is that the garden is a bit smaller than we would like.