Advice Needed

mick1234_2

Hi I am just looking for a little advice, I am relocating to be closer to my son the area is around an hour away from my current location, I’ve been looking at my options. I can buy, and I’ve seen a couple of houses that I can afford in terms of a deposit and monthly payments most need some work doing but the main bits are done heating etc, or I can get a rental for 6 months and then look for something to buy, the market seems a little crazy at the minute stuff seems really over priced.

My dilemma is do I rent first to get an idea of the area or do I buy,

Thank you for all response everyone I speak to has a different view.

Davesnave

I would say rent for the first 6months to a year, because you don't know the area and it takes time to assess places. In most areas, prices aren't moving fast and you'll be in a great, unencumbered position when you are ready to make offers.


It's not clear what you mean by houses in this area being overpriced. They may be more expensive than in your current home area, but that's perhaps because it's a more convenient or desirable place. Moving to what's considered a 'better' area may well mean getting less for your money and adjusting expectations.

hazyjo

Depends.

Would your son be able to advise as to where to buy?

I bought nearly an hour away and used to visit lots and spent a few nights in the area in airbnbs. Talked to people in pubs and restaurants. Joined every FB group going and asked lots of questions. Worked out my commute to see if it'd be okay. Explored nearby areas.

My mortgage is low and I couldn't have afforded to rent. You need to compare costs.

Saying all that, most people will say rent first. I'd advise most to do that too, but it definitely wasn't right for me.

Careful not to just buy something because you can afford it. Remember, Location Location Location!

In most places, prices are dropping or static. So if you're moving to an area that's overpriced or increasing, it's likely to get harder to buy, not easier. Or have prices dropped a little and yet they're still a little too high?

Have you tried a mortgage calculator to get an idea of what you could actually borrow?

mick1234_2

thanks some good points, I have checked a mortgage calculator and I can just afford to buy, a great idea about staying over in the area first, my son is only young so he can’t give me advice just yet

Socajam

Since you son is only young: what's the likelihood of him wanting to move from that area?

babyblade41

will you be happy if son moves away ??

babyblade41

you beat me to it socajam

mick1234_2

My son is 4 he starts school in September, I’m moving so I can still see him and instead of having to do a 2 hour round trip when I pick him up , I should of explained that in the first post,

hazyjo

Feel free to mention area on here. There's nearly always someone who lives a street or two away or knows someone who does lol! We're a very spread out lot here!


When we moved, we also had lots of maps printed off of the town and got to know it inside out. Actually limited it down to around a dozen streets I would have bought in. (Not a great amount of choice, but got there in the end!)

olgadapolga

The biggest mistake I made was to sell my house and go into a rental property. I never felt that it was "home".

It took a long, long, long time to find a house I felt was right for me.

My biggest regret is that I didn't buy a house at the same time as selling.

mick1234_2

that is also my concern being at the mercy of a landlord