Selling my House and Moving to Rented

sturner1234

Hi there,

I am looking for some advice on my current situation.

I am 22 and finishing off my masters degree in September.

I inherited my family home which I have always lived in when my mum passed away last year and am still living in it as an only child who everything was left to. No other people to worry about when selling.
I have just renovated the property so I feel it would be an easy-sell in a good area.
It is a three bed semi-detached which would sell for around £250,000.
However, I have kind off fallen out of love with and am thinking of selling it. I currently have two rooms I don't even use. It is too big and I feel like I want a fresh start and selling and renting in a new location would allow me to do this.

I will definitely be in it till September whilst I finish my degree but looking for advice for after this.
Being able to sell will give me greater flexibility when getting my first job and the location without having to worry about the house.
I could then put the money from sale into a high earning savings account is what I am thinking.

When selling a house what could I be expected to pay in legal fees/estate agents etc. if the house was to say sell for £240,000 on a low estimate?

Looking for any thoughts and any help would be greatly appreciated.

getmore4less

Why not keep it and rent out your rooms make it start working for you.

You can still be flexible in job hunting and make a desition on what to do once you have a secure job.

Timing the exit from owning with a plan to reown renting in the gap is a high risk stratagy.

Just read the sad story of the resident sold to rent Crashy.

HampshireH

I wouldn't rent it out. Unless you want the ties and restrictions which come with being a landlord and all the associated costs/responsibilities.

Imagine if someone wrecked your newly renovated family home. I doubt anybody could detach their emotions in a situation like that.

Also could find it difficult to sell when you do want to settle somewhere and buy for yourself if you have tenants who make life hard and stay until court eviction (as often advocated on this forum). All sounds like too much hassle when your young and the cash would open up opportunities for you.

The above though may depend on the possible rental return.

sturner1234

Whilst renting may be an optimum way of getting some money back I must admit that I have no interest in it.

In regards to renting out rooms I don't have the kind of personality which would work in this situation as I like to keep to myself and couldn't imagine living with a complete stranger.

This also ties into the other point; i frequently watch programs like can't pay we'll take it away and I would never want to risk renting it out. Yes lots of people are good renters like I would be but there is always a risk of someone moving in and not paying and I am not willing to take this chance or really want to.

quantumlobster

You are in a golden position. You have a bought and paid for home. You don't have the single biggest bill in most peoples' monthly outgoings.

Think very long and hard before giving up this fortunate state of affairs.

xylophone

Keep the house at least until you have been a couple of years in work and know how your career is shaping up.

sturner1234

HampshireH wrote: »

I wouldn't rent it out. Unless you want the ties and restrictions which come with being a landlord and all the associated costs/responsibilities.

Imagine if someone wrecked your newly renovated family home. I doubt anybody could detach their emotions in a situation like that.

Also could find it difficult to sell when you do want to settle somewhere and buy for yourself if you have tenants who make life hard and stay until court eviction (as often advocated on this forum). All sounds like too much hassle when your young and the cash would open up opportunities for you.

The above though may depend on the possible rental return.

This is my thinking. It would allow me to do some things I really want - being able to travel without worrying about house

xylophone wrote: »

Keep the house at least until you have been a couple of years in work and know how your career is shaping up.

Whilst good in theory, I feel the house inhibits me in what job I can get as I feel that I have to stay in the area.
Based on my degree as well I should be able to get a decent enough job where it shouldn't be a problem

System

Think about what you really want from life. It sounds to me like you want a fresh start in a new location. Either way you have the house or enough capital to be comfortable with whatever decision you make. So, if I was you I’d do a mini pro and conn list and choose whatever’s best for me

trailingspouse

Whoa there. Don't sell your bricks and mortar in order to go travelling!! Save the money that you would otherwise be spending on rent/mortgage, and when you've saved enough then go travelling.


Have you considered just moving house to wherever your work takes you? Depending on where you go (and as you've already said 3 bedrooms are too many for you), your 'low estimate' of £240,000 will either buy you something decent outright, or will be a sizeable deposit. You're in a very fortunate position - don't throw it away.

quotememiserable

I quite like your idea, maybe depending where in the country you are. We're not approaching any sort of boom time, aside from maybe a few fast growing places.
I think people are missing the power of the fact that you just don't want to live there any more, but you don't know where you're going to be next. I would re-buy as soon as you settle on a location though.
So the immediate problem is how to get some sensible returns on the money in the meantime. The investments board might be the best place to go.

lookstraightahead

So sorry for your loss. I understand why you want to sell I think I would too. If you come off the housing ladder it's hard to get on again but there is also a freedom in renting. Don't fritter your money and think about how you might invest it (a nice flat for example with half the cash?). Might be good to have a mortgage too so you don't just spend all your income, and invest some of the money.

Life will change for you millions of times and I think you need a flexible approach to life. It's not all about property.

Good luck with your masters. What's it in?