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

getmore4less

Thrugelmir said:

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. 

Crashy dream......

bolwin1

We did this in the late 90s ago to break a chain, when our purchase fell through, but our sale was proceeding. 

It was fairly inconvenient (2 children, a dog & a wife that worked from home at the time). 

We rented somewhere for 6 months, whilst looking for a purchase. 

It did give us a lot more choice / flexibility when we were house hunting. We ended up buying exactly what we wanted & that house served us well for 20 years. 

I'd consider it again if the circumstances were right, but there seem to be fewer properties coming up for rent at the moment. 

Windofchange

Going to depend if you get burned or not I guess. My parents did this in 2003. They ended up renting for nearly 15 years until finally buying again, but hundreds of miles away from family etc. They by all accounts regret the decision to sell every single day, especially seeing as you can imagine what has happened to the value of the 300k house in 2003 now we are in the year 2022. 

It's one of those time will tell things. You'll look rather clever if prices fall this year. If they don't, you're going to have lost chunk of capital. Anyone who tells you they know what is going to happen is talking nonsense. You pays yer money and takes yer chances. 

MalMonroe

I regretted it because after I sold my house (marriage broke down, usual tale) I decided to rent 'just for a while until I got on my feet' - and I had a small child to think of too. But I soon felt that I was just throwing my money away on rent. And I haven't been able to afford to get out of the renting trap yet. Fortunately it's not private renting so it's not half as expensive as it could be but I so wish I had just bought and moved to a property I (and a lender) owned. I wouldn't advise anyone else to sell a property and then move into a rented property without a solid, structured plan. I'm fortunate in that I've ended up in a lovely rural community with neighbours who are lovely but it's not my own place. I very often curse myself for a fool as I don't know when I may be able to own again, if ever.

Thrugelmir

getmore4less said:

Thrugelmir said:

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. 

Crashy dream......

You are forgetting that more expensive houses also became more cheaper. We bought a better house as well. 

Two sides to every coin. 

History has a habit of repeating itself........... not least when the last person who remembers the previous occcasion has left the building. Personally I'd say that there's a squeeze on disposable incomes on the way.  

steve866

I did 2 years ago, I don’t think I’d have secured the property I bought if I was in a chain and nothing else suitable has come on the market since. I was lucky to only have to rent for 3 months.

onylon

I did this last year and it worked perfectly. I had been carefully watching right move throughout my sale so I had a good idea of what I could afford and how fast the market was moving. We found our new home on the first day of viewings and the vendors were looking for a quick sale after being messed about. We were in a short term rental for just under 2 months which it gave me a nice break from DIY/packing and unpacking.

I wouldn't do it now as rentals are more expensive and the housing market in my new area has gone completely crazy.

newsgroupmonkey_

Thrugelmir said:

getmore4less said:

Thrugelmir said:

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. 

Crashy dream......

You are forgetting that more expensive houses also became more cheaper. We bought a better house as well. 

Two sides to every coin. 

History has a habit of repeating itself........... not least when the last person who remembers the previous occcasion has left the building. Personally I'd say that there's a squeeze on disposable incomes on the way.  

I'd not disagree it might cool, but I don't think it'll crash.

We're about to move 125 miles away and the list of available houses is short. The ones available have either issues or something not quite right about them (hence why they're sitting there).

However, we have a different issue. If we don't port our mortgage, we're in for a 3% repayment charge. Plus it'll be another year of not paying a mortgage, which means I'll be another year into retirement before it's paid off (we do have a plan tbf to fix that).

I'm in the situation for similar reasons to above. Divorced the wife. Came away with absolutely nothing out of paying a mortgage for 15 years - she kindly managed to get the house repossessed. Started again, but the kids ended up with me and I never had the spare money to save for a deposit, so got caught up in the rental trap (with ever rising house prices).

And yes, if I could look into the future and see a crash, we could sell up, put £100k aside whilst saving and renting a tiny flat (there's now only 2 of us). But at the same time, that £100k could get wiped out in 2 years.

[Deleted User]

Personally as someone who has lived in rented flat most of. my life I would never give up a solid roof over my head to go back to renting once I owned. Why pay someone else's mortgage when you have achieved your own!

Thrugelmir

newsgroupmonkey_ said:

Thrugelmir said:

getmore4less said:

Thrugelmir said:

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. 

Crashy dream......

You are forgetting that more expensive houses also became more cheaper. We bought a better house as well. 

Two sides to every coin. 

History has a habit of repeating itself........... not least when the last person who remembers the previous occcasion has left the building. Personally I'd say that there's a squeeze on disposable incomes on the way.  

I'd not disagree it might cool, but I don't think it'll crash.

Corrections can be painfull enough for many. As there's always a number of people who buy at the peak of any market and later go on to regret it. The term crash is emotive and rarely the reality.