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

newsgroupmonkey_

[Deleted User] said:

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!

Because when moving hundreds of miles, it doesn't matter how much due diligence you do, you really don't know the area until you've lived there a while.

So you've 2 choices. Rent for a while, get to know the area. Make yourself a chain-less buyer (which appeals to many).
Or play Russian House Roulette.

It's still almost certainly cheaper to rent for a year than have to move twice in a year because you found yourself living next door to the local narcotics den.

brianposter

Not me, and not in the UK.

About a month ago my sister sold her house for 20% above "market value". She spent four or five days looking for a replacement house, found no sign of anything suitable that was actually for sale, and had, very embarrassingly, to return to the buyers and tell them that she could not go through with the deal.

In current market conditions it is advisable to be very cautious.

goldvaults12

We have done this scenario very successfully in the past---wouldn't hesitate to do it again.

Thrugelmir

brianposter said:

She spent four or five days looking for a replacement house, found no sign of anything suitable that was actually for sale, and had, very embarrassingly, to return to the buyers and tell them that she could not go through with the deal.

Expect to find a new home in 4 or 5 days. That's extremely optimistic and impatient I'd suggest. If it were Amazon would have entered the property market by now.....

lookstraightahead

Best thing we ever did. Made our rental money and more back on our purchase as we were ready to move. We moved a long way as well.

not sure of the real disadvantages as most are just excuses.

lookstraightahead

brianposter said:

Not me, and not in the UK.

About a month ago my sister sold her house for 20% above "market value". She spent four or five days looking for a replacement house, found no sign of anything suitable that was actually for sale, and had, very embarrassingly, to return to the buyers and tell them that she could not go through with the deal.

In current market conditions it is advisable to be very cautious.

Can you explain what you mean - she said yes to a huge offer then spent no time looking and lost her sale? What now? 

lookstraightahead

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!

Except at the moment people are also throwing money away by buying over value. 

brianposter

lookstraightahead said:

brianposter said:

Not me, and not in the UK.

About a month ago my sister sold her house for 20% above "market value". She spent four or five days looking for a replacement house, found no sign of anything suitable that was actually for sale, and had, very embarrassingly, to return to the buyers and tell them that she could not go through with the deal.

In current market conditions it is advisable to be very cautious.

Can you explain what you mean - she said yes to a huge offer then spent no time looking and lost her sale? What now? 

House had been for sale for about two years but is on an estate which had infrastructure problems which have now been more or less solved. It consequently seemed to be a good time to put more effort into selling, which they did "successfully".

However, despite being reasonably experienced in the property market, they had not realised how much the situation has transformed in the last two years with the market moving from oversupply to no supply. In practice they concluded that delaying a purchase for a month or two could easily lose them all that 20% surplus and find them unable to replace the existing house.

Solution - stay put.

PollyWollyDoodle

Definitely worth considering.  I had to pay out for storage, accommodation and cattery fees but I have no regrets. It meant that my sale proceeded without delay, I’d sold at above valuation. It also gave me a huge advantage as a buyer to get the property I wanted, I’d been looking for months and had been outbid on others.  I’d already researched the area I was moving to very closely but there’s no substitute for actually living there. 

Ramouth

We rented for 6 months between selling and buying.  There are definite advantages.  It made both moves easier as there we had an overlap at each end.  We were able to decorate before moving into new house.  It made us chain free buyers which is more attractive.

There were also major disadvantages.  It was hard to find a rental - we ended up much further from work than we had planned.  Prices were rising at a rate of over 20% per annum in the area we wanted to buy which was scary.  This made us more inclined to offer over value.  There was also the rent (we had previously been mortgage free) and the hassle of moving twice.

In hindsight I’m glad we did it because we love our new house and won’t be moving anytime soon, but financially, I’m still not sure it was the right decision.