Crazy idea? Opinions welcome

[Deleted User]

My husband and I live in a nice semi in a good neighbourhood and we have a small mortgage due to be cleared in 2 years.

We are about 4 years from retirement so have been looking at plans for the future. We would dearly love to move to a part or our county that is a national park. We have no chance of purchasing but have thought about renting our home through an agency and then renting in our preferred area.

It is doable with the figures that we have before us even considering agency fees and income tax.

I'm torn though about leaving our secure little home even though we might be living the dream

Any thoughts welcome

dimbo61

Well if you keep your home for 12/18 months and then sell you will by then know if your new life in the national park is what you want to have.
You can rent a small cheap property and search the new area to find the perfect home !
If you don't like the national park you can move back home.
You could even buy a new place and pay the 3% Extra stamp duty as long as you sell your existing home within 18 months to claim back the extra stamp duty.
Or sell your old home while renting somewhere long term Your decision.

a_silver_lining

You only live once. This is it.

If you will have financial security, why not live life to the full, knowing that you have your little house to move back to should you, say, need care in the future.

bouicca21

I’d be thinking

How easy is it to make new friends?
One of you will eventually end up single, how lonely will it be in a new area far from established networks?
What distance will it be to shops/ cafes/restaurants/cinema etc and how will you cope when you can no longer drive?

hazyjo

Not sure how you can get more rent in for yours than you would pay to live in a nicer pricier area/house? Would you rent something much smaller? Are you sure the figures wouldn't stack up if you bought smaller?


Would you afford the rent if a tenant stopped paying on your current house? Can take up to 6 months to evict.

need_an_answer

Remember that as soon as you sign a tenancy agreement with a set of tenants on the home you now live in,you enter into a business transaction to provide them somewhere to live.


Its not always as simple as 6 months later and you'd like to move back,youre still responsible for the maintenance of that property and your new tenants however nice they are will never cherish it in the way you did.


Once you've got over that then it becomes a simple maths situation that you need to ensure that you can balance paying rent on your new property with the income from the old.


Also don't expect your new LL to maintain their property that you rent to the same standard as you would expect. By renting you enter the world of rentals as a tenant and as such there isn't something that says your LL will be as good/bad as you.


The problem you may encounter as renters is one of income and affordability if you are not employed and reliant on pension/savings/rental income. You may be required to pay rent upfront in 6 or even 12 month chunks...whereas your tenants will probably want to pay in monthly installments.


Lots of things to consider both in terms of being a LL and also making that transition into being a tenant.

It works for lots of people but planning and understanding is the key to making it work

AnotherJoe

I think you grossly underestimate the costs, risk and hassle of letting out your house.


Also, and just my observation as a visitor to NPs, but unless you live somewhere quite built up within a NP, dont forget that it can get pretty bleak in the winter, with all the nice thinsg you might enjoy as a casual visitor to a small village in the summer, like tea shops, visitor centres etc, shut and the place becomes very quiet. Of course you may be going out for walks every day even when its raining or worse but if not then just consider the reality. Also is there easy access to doctors, dentists shops hospitals etc?


I would start by renting a variety of places for a few weeks at a time and seeing how that works out before taking the very big step of letting your house. And of course, bear in mind that if you find somewhere very nice to rent, you have no security of tenure you could be asked to leave at any time (with notice of course).

Wanderingpomm

I rent out my house and rent sonewhere else because I can’t buy where I want to live. Works out well for me.

LandyAndy

I live in a small town on the fringes of a national park, The New Forest. The older I get (now 61) the more grateful I am that I didn't buy in the NF itself. Way too isolated and private transport needed to get anywhere at all.

If you think it's what you want then definitely go with your idea of renting to 'test the water'.

babyblade41

Mixed feelings on this ..on the one hand throw caution to the wind and better to regret the things you have done rather than the things you haven't

I did very similar but didn't rent ..it can be very isolating and no matter how many people say they will come and see you , invariably they don't

It got to me greatly with isolation and getting ill ( morose but it does happen)

I gave it 11 months and had enough, even in summer the views and landscape wasn't enough and as much as I like my own company , familiarity was comforting the older I got.

As for being a LL then I would never entertain it, if anything I'd sell and rent first but not rent original home out. It's darned hard work , financially open to all kinds of problems and just when finances will be easing up , why put it under stress

MrsPorridge

We are the opposite - on the brink of retiring and wanting to move from a small coastal village to somewhere with decent public transport. Where we live at the moment is lovely, but the biggest downside is about 2 buses a day. Our nearest supermarket is 12 miles away - not a problem when working as we have to pass it twice a day, but when retired and living off pensions, then every penny really does count.

Also, in the winter the cafes all close and it's very bleak. We are lucky as we have been here 15 years and have friends and social life within the village, but I still can't wait to move to somewhere a bit more populated and with public transport.