Selling my House and Moving to Rented

parking_question_chap

lookstraightahead wrote: »

If you come off the housing ladder it's hard to get on again but there is also a freedom in renting.

How would somebody with circa £250k in their coffers would find it hard to get back on to the housing market? Your statement is a generalisation that isnt even close to being the case here.

OP. Nothing wrong with selling it and sticking the money into a few savings accounts. I doubt you would want the hassle of being a landlord as you near the end of your course.

pinknsparkly

sturner, I think you're making the right choice for you at this point in your life. In my view, there's no point owning a property until you are settled in a location and see yourself staying there for 5 years + (at least, 5 years was the minimum time period I set in my head to make the costs and hassle worthwhile). I know other people look at my job history and think I was mad to rent for the first 5 years of my working career when I could have bought in that time, but I still think it was the right thing to do for me. Now we've bought a house we see ourselves living in long term and having children in.

I also have no desire to be a landlord, particularly in your situation where you could end up being a landlord for a property at the opposite end of the country to you (or even a different country, depending where your job takes you)!

This webpage has a list of the costs for selling a house:
https://www.theadvisory.co.uk/house-selling/cost-of-selling-a-house/

Some costs will be less relevant to you than others so you'll need to work through it yourself. When coming to sell you also need to consider whether you think you'd like to rent furnished or unfurnished (unfurnished will be cheaper rent but will come with the cost of moving furniture) to give yourself plenty of time to get rid of furniture (it will take a lot longer than you expect it to!).

lookstraightahead

parking_question_chap wrote: »

How would somebody with circa £250k in their coffers would find it hard to get back on to the housing market? Your statement is a generalisation that isnt even close to being the case here.

OP. Nothing wrong with selling it and sticking the money into a few savings accounts. I doubt you would want the hassle of being a landlord as you near the end of your course.

I don't disagree with what you're saying my statement is my opinion. I think property ties you down, just don't dwindle your cash.

hazyjo

parking_question_chap wrote: »

How would somebody with circa £250k in their coffers would find it hard to get back on to the housing market? Your statement is a generalisation that isnt even close to being the case here.

Houses where I lived went from around £250k to around £500k in around 3 years.


You never know what the market's going to do.


I wouldn't keep it long term. Would risk being a year out of the property market at the moment, but certainly not if prices look to be rising.


Hard really and I can see how it's a slight burden for someone so young who wasn't looking to buy yet, despite being a gift. Sorry for your loss too.

sturner1234

hazyjo wrote: »

Houses where I lived went from around £250k to around £500k in around 3 years.


You never know what the market's going to do.


I wouldn't keep it long term. Would risk being a year out of the property market at the moment, but certainly not if prices look to be rising.


Hard really and I can see how it's a slight burden for someone so young who wasn't looking to buy yet, despite being a gift. Sorry for your loss too.

This is kind of the main thing I am getting at.
Whilst I appreciate owning your own home is massive to a lot of people, I don't see it this way.

I just want to make sure that if I do leave the housing ladder, I am not screwing myself over.

The appeal of having the money and being a lot more 'free' appeals more to me than owning a home if that make sense.

I would also add that I am very good at managing my money (spreadsheets, regularly check accounts) and I wouldn't be liable to throwing it all away.

Making £2-3K a year in interest looks good to me so that is what I am thinking.

Is there any massive flaws in this plan that people can see.

parkrunner

I think your idea is fine with just one caveat and that is are you sensible with money? With that much money sitting in a bank some people would very tempted to spend spend spend. If you aren't that type then go ahead.