Should I move out before buying again?

Tony5768

Ok so to keep it blunt I have had an offer on my property and have accepted it, my issue now is me and my partner can’t find another house we like for sale right now, should we complete and just rent somewhere to live for a few months or is it best to tell our buyers it may take a few months for us to find somewhere?
Any advice is welcome please before I rip my hair out

Further info : I own outright so no mortgage
Our buyers are first time buyers and they are paying a reasonable price for our property

Tom99

Ask your buyer whether they are prepared to wait then decide what to do

Smodlet

Yes, if they are happy to wait, fine but you cannot give them a time line; how long will they be happy, I wonder? There is a risk of losing your buyers if you do not find a place reasonably quickly. I would be honest with them, see what they say and deal accordingly; then perhaps you can stop stressing.

Good luck.

Davesnave

You don't usually "find somewhere to live for a few months," you take on a tenancy for 6 months at the minimum, when it then becomes a rolling contract, requiring a clear month's notice from you.

However, buying a house can take around 3 to 4 months if nothing goes wrong, so that's not excessive, and you get the benefit of being chain-free, becoming a better buyer than many.

We rented because we were picky and looking for something hard to find. It took us 9 months, and because the market was tanking at the time, it wasn't a worry. We'd do it again, but a lot depends on the market where you are, I'd guess.

System

I've ended up the the reverse of this situation, found lots of new homes but stand to miss them all because my property isn't sold yet. I was considering doing the same as you've suggested, as I feel like it's significantly less stressful to buy as a chain free buyer. However, for me I'd have to pay a fairly hefty early repayment fee on my mortgage, so for the moment it's not really an option. There are several pros though, less stress, more attractive to sellers, no time constraints (depends on rental agreement I guess), don't have to move in a single day.

bertiewhite

It's what we're seriously thinking of doing - I'm moving because of work and the move date will be fairly fixed. Coupled with the fact that we don't want to rush into buying something to fit in with a timeline, we're planning to rent for a while and take our time.

saajan_12

I'd do both..

1) Keep looking for properties to buy, if you find one in a month or two, you may be able to align the completion dates depending on how both are progressing. It may be better to settle for a slightly higher cost if the difference is less than the cost of 6 months rent + tenancy setup fees. Talk to your buyers to keep them informed without scaring them off

2) Be prepared to move out if you haven't found anything by the time you are close to exchange on the sale.

knightstyle

YES move into rented after selling whilst looking for your dream house.
NO do not buy before selling, my parents did this and it almost broke them as the house they were selling had unknown problems that the survey brought up.

victoriavictorious

If you do move into rented, depending on how much stuff you've got, it can sometimes be cheaper to rent a larger unfurnished property than you need to live in and store all your belongings there instead of putting them into storage. The higher rent can still be cheaper than paying storage fees, and removals from the rental to your ultimate purchase would also likely be less because they would only need to pick up from one place.
Of course you'd need to be fairly organised, so that your everyday items are accessible and not in the box at the bottom of a mountain of others!
And of course, as you'd be such a good prospect to a seller, you may even be able to negotiate a price reduction to cover the cost of your rental period.
Renting also has the advantage of getting to know your neighbourhood, being on the spot when your dream house comes along and being able to get it ready, eg decorating etc while it's empty and you're still in the rental.
The disadvantages of rental may be getting the timing right and if you've got pets, as many landlords wont allow them.

Tony5768

Hey thanks for the responses guys, I!!!8217;m thinking moving out first and becoming a cash buyer is definitely something I would rather do, one of the main issues I have though is I don!!!8217;t have the funds available to rent anywhere until my house has sold which does make it obviously difficult, I!!!8217;ll see if I can find any landlords willing to wait until the moving date to receive their deposit and rent though