Do I buy my rental?

staffie1

Hello! Please sanity check my thinking if you would.
Sold up in April and moved into a rental because I couldn’t find a property I liked. Been looking ever since, and still found nothing I want.  

My rental ticks some of my boxes but I don’t want to live here permanently. I was chatting to my landlord who said if I liked the place, he would consider an offer.

So, I guess I have 3 options: Continue renting for an unknown period (expensive and I’m out of the market); buy something on the market now that similarly only ticks some of my boxes; or (assuming we can agree on price) buy my rental, add some value (needs new kitchen & bathroom for instance) and plan to sell in a couple of years when hopefully the market is a bit more balanced.

Makes sense to offer to buy my rental doesn’t it?

wjr4

Surely only you can make that decision? 

moneysavinghero

What if in a few years the balanced market is more of Crashys view of a balanced market than yours?

Would make more sense to buy somewhere where you actually wanted to live. Then if the market did happen to crash you would not be stuck somewhere you hated for a long time.

staffie1

moneysavinghero said:

What if in a few years the balanced market is more of Crashys view of a balanced market than yours?

Would make more sense to buy somewhere where you actually wanted to live. Then if the market did happen to crash you would not be stuck somewhere you hated for a long time.

Good point, thank you.

MFWannabe

staffie1 said:

Hello! Please sanity check my thinking if you would.
Sold up in April and moved into a rental because I couldn’t find a property I liked. Been looking ever since, and still found nothing I want.  

My rental ticks some of my boxes but I don’t want to live here permanently. I was chatting to my landlord who said if I liked the place, he would consider an offer.

So, I guess I have 3 options: Continue renting for an unknown period (expensive and I’m out of the market); buy something on the market now that similarly only ticks some of my boxes; or (assuming we can agree on price) buy my rental, add some value (needs new kitchen & bathroom for instance) and plan to sell in a couple of years when hopefully the market is a bit more balanced.

Makes sense to offer to buy my rental doesn’t it?

Personally I wouldn’t buy somewhere that I wasn’t happy to live in for at least 5 years as I don’t believe you make any good dent in your mortgage until then. 
When you say you’ve not found anything you like, have you dismissed from internet pic so or haven’t you viewed anywhere? 
I would write a list of must haves and things you can compromise on and buy something that fits the bill 

amandacat

My concern would be that the landlord will probably be less likely to negotiate on price. You could lose money if trying to sell in the near future. Also you’ve got 2x sets of solicitor costs/stamp duty. It could be cheaper to keep renting for a bit longer while you look for your perfect home. 

staffie1

MFWannabe said:

Personally I wouldn’t buy somewhere that I wasn’t happy to live in for at least 5 years as I don’t believe you make any good dent in your mortgage until then. 
When you say you’ve not found anything you like, have you dismissed from internet pic so or haven’t you viewed anywhere? 
I would write a list of must haves and things you can compromise on and buy something that fits the bill 

I see your point. I have looked at half a dozen, but admittedly most dismissed from righmove results. The list is a good idea. Thanks.

Mickey666

How much rent do you currently pay?  How much would a mortgage cost?

staffie1

Mickey666 said:

How much rent do you currently pay?  How much would a mortgage cost?

My rent is about £200 pm more than a comparable mortgage.

MFWannabe

staffie1 said:

MFWannabe said:

Personally I wouldn’t buy somewhere that I wasn’t happy to live in for at least 5 years as I don’t believe you make any good dent in your mortgage until then. 
When you say you’ve not found anything you like, have you dismissed from internet pic so or haven’t you viewed anywhere? 
I would write a list of must haves and things you can compromise on and buy something that fits the bill 

I see your point. I have looked at half a dozen, but admittedly most dismissed from righmove results. The list is a good idea. Thanks.

Don’t dismiss properties from Rightmove, actually go to see them as they look different in person 

staffie1

MFWannabe said:

Don’t dismiss properties from Rightmove, actually go to see them as they look different in person 

I will do more viewings.