Thoughts on you selling up and renting for a bit....regretted it?

IAMIAM

Especially if you are wanting to move closer to work, but don't know the best area to move to yet and want a trial before buy kind of thing?

Thoughts....

TripleH

For me, no.

But we had relocated several hundred miles to an area we knew but we not 100% about where we would live.

Due to covid we ended up renting for longer than we had planned but then our needs have changed significantly to what wanted when we first moved.

The further you move and the less you know about the area, the greater the benefit in renting first in my opinion.

[Deleted User]

Yes I regretted it. I sold my house to ensure a quicker sale, been in rental for a year now and no closer to buying another house. That's one year lost paying off my own mortgage as opposed to someone else's mortgage!

Wyndham

Haven't done it recently, but did it between last house and current house. We'd had our last house on the market for some time, then when we did sell, they wanted to move really quickly (buyers buyer had a mortgage offer running out or something). We rented for six months. We were moving about 50 miles, and to an area we'd lived before - and while we knew it, it was also long enough for some things to have changed.

The advantages were that we were then on the spot for viewings, and also by taking a bit more time to think a few things through, we ended up with a better property, more suited to our needs than we might if we'd bought quickly. And, of course, we kept our buyer. We also had a bit of an overlap with the new house, so could decorate etc. while it was still empty.

Disadvantages - well, moving twice in six months meant a lot of packing and unpacking! We were in the rental for long enough for us to want to make it feel like home, so while some stuff stayed in boxes, other things didn't.

I'd do it again. No regrets.

SuseOrm

I think it does massively depend.  We relocated from one end of the country to another and I specifically wanted to be in catchment for one school which turned out to be not suitable for my child’s needs so I had built my life around that purchase it would’ve been a disaster.  I also wonder whether house price's are go into it least plateau if not drop over the next 12 months so when I’m having a bad day about this whole moving around so often and paying so much rent out I do wonder whether the universe is trying to save me from myself by stopping me from buying at the top of the market again which we did in 2007.  

Snookie12cat

PhilSmith10 said:

Yes I regretted it. I sold my house to ensure a quicker sale, been in rental for a year now and no closer to buying another house. That's one year lost paying off my own mortgage as opposed to someone else's mortgage!

When I was selling my place, 3 people viewed all having done that and they all regretted it. 
Maybe if I was moving to a new area, but otherwise not a chance

Slinky

The people who have just bought the house along the street from us must regret the £72K they have spent in rent over the previous 4 years renting another house in the street, before paying nearly 50% more than we did 4 years ago for a slightly smaller house.

IAMIAM

Snookie12cat said:

PhilSmith10 said:

Yes I regretted it. I sold my house to ensure a quicker sale, been in rental for a year now and no closer to buying another house. That's one year lost paying off my own mortgage as opposed to someone else's mortgage!

When I was selling my place, 3 people viewed all having done that and they all regretted it. 
Maybe if I was moving to a new area, but otherwise not a chance

Slinky said:

The people who have just bought the house along the street from us must regret the £72K they have spent in rent over the previous 4 years renting another house in the street, before paying nearly 50% more than we did 4 years ago for a slightly smaller house.

THESE TWO ARE EXACTLY WHAT I DON'T WANT! 

Slinky

IAMIAM said:

Snookie12cat said:

PhilSmith10 said:

Yes I regretted it. I sold my house to ensure a quicker sale, been in rental for a year now and no closer to buying another house. That's one year lost paying off my own mortgage as opposed to someone else's mortgage!

When I was selling my place, 3 people viewed all having done that and they all regretted it. 
Maybe if I was moving to a new area, but otherwise not a chance

Slinky said:

The people who have just bought the house along the street from us must regret the £72K they have spent in rent over the previous 4 years renting another house in the street, before paying nearly 50% more than we did 4 years ago for a slightly smaller house.

THESE TWO ARE EXACTLY WHAT I DON'T WANT! 

To be fair with our neighbour's situation, they specifically wanted to stay in our street which the people who sold them the house knew, so put it up for a 'flying a kite' price which the purchasers were in a position to pay.  If you're more flexible than wanting one of 18 houses, you will be far less likely to have this problem.

Thrugelmir

Wind the clock back to the late 80's. The property we bought (a row of 4 similar linked detached properties) had risen in value from £88k to £125k in a very short time period. Our neighbours decided to sell up. Struggled to find anything so decided to rent. Two years later we sold our property for £88k. No gain in our period of ownership. Our ex neighbours bought a really nice property a couple of roads away with their larger budget. 

JJR45

We did it just over a year ago, not regretted a bit as we want a certain house in a certain area. So has made us in the best position possible, last thing we wanted to is buy the wrong house in the right area.