House purchase dilemma

StephieWillcox

We bought our house 4 years ago and are now moving. We made £140k simply by buying in a commuter hub in the South.

You wouldn't want to miss that type of house price increase if it happened where you want to buy.

4 years isn't a really short time, I think you should buy and then move again in 4 years.

Hoploz

Buy. 4 years is a long time.

giraffe69

There are costs of moving (twice) to be considered e.g. stamp duty, This can add up to a significant amount

DoDa

Hi thanks for all your replies it looks like the majority lean towards buy rather than rent, which is no real surprise as have discussed my options with friends and family most would buy if in my situation.

Being in the middle of a divorce and unsure if I want to live in the Midlands I am struggling finding the e enthusiasm to house hunt here. But once my marital home is sold I'll have to make a decision. I do have the option of staying with a work mate for a low rent, but would then have to put my 'stuff' in storage. There are no kids so I only have myself to worry about.

pokarekareana

Sorry to hear you're having a tough time at the moment. Can you rent for a short while whilst you decide what to do?

getmore4less

DoDa wrote: »

Hi thanks for all your replies it looks like the majority lean towards buy rather than rent, which is no real surprise as have discussed my options with friends and family most would buy if in my situation.

Being in the middle of a divorce and unsure if I want to live in the Midlands I am struggling finding the e enthusiasm to house hunt here. But once my marital home is sold I'll have to make a decision. I do have the option of staying with a work mate for a low rent, but would then have to put my 'stuff' in storage. There are no kids so I only have myself to worry about.

Could buy in Cornwall and commute weekly.

Are you sure Cornwall is the place?

Could you end up working a bit longer 4 years is probably enough to make buying/selling costs neutral over rent and too long to be out of the market unless you are crashy.

DavidP24

DoDa wrote: »

I am in a position to be a cash buyer of my next next house but am only planning on staying in the Midlands for 4-years before moving to Cornwall. I am not sure whether to buy or rent for the next 4-years. I had been leaning towards renting, but with such poor interest rates on cash savings am now thinking buying is a better option. Has anyone else had a similar dilemma or thoughts on the best option?

IMO if you can get good deal then buy now, then rent later and use money to fund your move to Cornwall.

Gov is bringing in lots of Tax changes so your best bet is to form a company to buy the property, you will then be able to offset costs properly against CGT.

Landlords are furious about these tax changes, as they already own properties they get screwed for stamp duty if they sell to their own companies and they pay CGT on the gain or they risk losing offset of costs against current tax. Only option is to increase rent which is the last thing we need in this country.