Renting to save the property chain

Slithery

itssmallstuff said:

1. I will continue to wait for my vendors to find a property. They are only looking for chainfree properties only and do not need a mortgage, so it should be quick once the chain is complete. Last time the chain was complete, it only took 3 weeks after their offer was accepted until ready to exchange (but they pulled out for structural issues)

You were very lucky then. Average time between forming a complete chain and completion is still 3+ months. The fact that your vendors don't need a mortgage is pretty much irrelevant.

BikingBud

Snookie12cat said:

Echo the above. I wouldn't go into rented, risk a house I love living in (although a bit small), to potentially not find somewhere for a year, then be paying out thousands in rent in the time it takes to do this. Plus the added inconvenience. 
My house seems to sell very quickly when I list it and as such I would risk losing any buyer no matter how good, if I didn't have an onward to go to. At the end of the day, it's just a house and there will be others to buy if the worst happened. 

@Snookie12cat

So is it your house and you "sell" but don't actually sell and are therefore playing the market and those potential buyers or are you commenting upon a number of houses you have sold? 

Snookie12cat

BikingBud said:

Snookie12cat said:

Echo the above. I wouldn't go into rented, risk a house I love living in (although a bit small), to potentially not find somewhere for a year, then be paying out thousands in rent in the time it takes to do this. Plus the added inconvenience. 
My house seems to sell very quickly when I list it and as such I would risk losing any buyer no matter how good, if I didn't have an onward to go to. At the end of the day, it's just a house and there will be others to buy if the worst happened. 

@Snookie12cat

So is it your house and you "sell" but don't actually sell and are therefore playing the market and those potential buyers or are you commenting upon a number of houses you have sold? 

I am commenting on the fact that I have had 4 offers in 2 days on the two times it went up - the second was due to a broken chain. My house isnt exceptional, but I price it fairly and the area is really good, so it always has people wanting it luckily. 
When I sold my other house late last year, it was gone on the first viewing. I think realistic expectations of price is key. 

lookstraightahead

I always move into rented first to break a chain. Relatively cheap compared to taking ages to form a chain / losing buyer / losing seller.

Paying rent for a year is a lot less stress (I think) than going backwards and forwards.

I know some people think I must be in the minority, but I paid 10% under asking as I was ready to move (not because I'm in a cheap area etc, it's because my vendors wanted a quick move so that they didn't lose their onwards property) and here I am in my new house, having made money, in an area that is "always going up" (until it doesn't any more).

The advantage you have is that there is a high possibility prices are going to come down as well. Those who have recently moved because "they can't possibly pay a landlords mortgage" will probably lose much more in house value.

Incidentally we had an overlap as well, which is a bit more expensive but it gave us time to move things bit by bit / get things house ready before moving for good. 

To me it's an absolute no brainer. The issue I think is that it takes you out if your comfort zone.

lookstraightahead

Snookie12cat said:

BikingBud said:

Snookie12cat said:

Echo the above. I wouldn't go into rented, risk a house I love living in (although a bit small), to potentially not find somewhere for a year, then be paying out thousands in rent in the time it takes to do this. Plus the added inconvenience. 
My house seems to sell very quickly when I list it and as such I would risk losing any buyer no matter how good, if I didn't have an onward to go to. At the end of the day, it's just a house and there will be others to buy if the worst happened. 

@Snookie12cat

So is it your house and you "sell" but don't actually sell and are therefore playing the market and those potential buyers or are you commenting upon a number of houses you have sold? 

I am commenting on the fact that I have had 4 offers in 2 days on the two times it went up - the second was due to a broken chain. My house isnt exceptional, but I price it fairly and the area is really good, so it always has people wanting it luckily. 
When I sold my other house late last year, it was gone on the first viewing. I think realistic expectations of price is key. 

You'll probably save more by selling high and renting than being realistic with price, so although I agree that being realistic is a good thing, I'm not sure why you'd not pay a landlord's rent, if it means you getting the house you want.

Snookie12cat

lookstraightahead said:

Snookie12cat said:

BikingBud said:

Snookie12cat said:

Echo the above. I wouldn't go into rented, risk a house I love living in (although a bit small), to potentially not find somewhere for a year, then be paying out thousands in rent in the time it takes to do this. Plus the added inconvenience. 
My house seems to sell very quickly when I list it and as such I would risk losing any buyer no matter how good, if I didn't have an onward to go to. At the end of the day, it's just a house and there will be others to buy if the worst happened. 

@Snookie12cat

So is it your house and you "sell" but don't actually sell and are therefore playing the market and those potential buyers or are you commenting upon a number of houses you have sold? 

I am commenting on the fact that I have had 4 offers in 2 days on the two times it went up - the second was due to a broken chain. My house isnt exceptional, but I price it fairly and the area is really good, so it always has people wanting it luckily. 
When I sold my other house late last year, it was gone on the first viewing. I think realistic expectations of price is key. 

You'll probably save more by selling high and renting than being realistic with price, so although I agree that being realistic is a good thing, I'm not sure why you'd not pay a landlord's rent, if it means you getting the house you want.

Rent near me is £1000 a month. I have no mortgage. 
I can sell it quickly at a fair price or potentially waste tens of thousands on rent. It's a no brainer to me, especially because I don't want to leave my current house unless I find something better. 

It might work for others but due to no mortgage the numbers would never add up doing that. 

lookstraightahead

Snookie12cat said:

lookstraightahead said:

Snookie12cat said:

BikingBud said:

Snookie12cat said:

Echo the above. I wouldn't go into rented, risk a house I love living in (although a bit small), to potentially not find somewhere for a year, then be paying out thousands in rent in the time it takes to do this. Plus the added inconvenience. 
My house seems to sell very quickly when I list it and as such I would risk losing any buyer no matter how good, if I didn't have an onward to go to. At the end of the day, it's just a house and there will be others to buy if the worst happened. 

@Snookie12cat

So is it your house and you "sell" but don't actually sell and are therefore playing the market and those potential buyers or are you commenting upon a number of houses you have sold? 

I am commenting on the fact that I have had 4 offers in 2 days on the two times it went up - the second was due to a broken chain. My house isnt exceptional, but I price it fairly and the area is really good, so it always has people wanting it luckily. 
When I sold my other house late last year, it was gone on the first viewing. I think realistic expectations of price is key. 

You'll probably save more by selling high and renting than being realistic with price, so although I agree that being realistic is a good thing, I'm not sure why you'd not pay a landlord's rent, if it means you getting the house you want.

Rent near me is £1000 a month. I have no mortgage. 
I can sell it quickly at a fair price or potentially waste tens of thousands on rent. It's a no brainer to me, especially because I don't want to leave my current house unless I find something better. 

It might work for others but due to no mortgage the numbers would never add up doing that. 

Ok fair enough - sounds like a good strategy for you if you're mortgage free. Do you let your prospective buyers know that you're not inclined to sell and they must wait?

BikingBud

Snookie12cat said:

BikingBud said:

Snookie12cat said:

Echo the above. I wouldn't go into rented, risk a house I love living in (although a bit small), to potentially not find somewhere for a year, then be paying out thousands in rent in the time it takes to do this. Plus the added inconvenience. 
My house seems to sell very quickly when I list it and as such I would risk losing any buyer no matter how good, if I didn't have an onward to go to. At the end of the day, it's just a house and there will be others to buy if the worst happened. 

@Snookie12cat

So is it your house and you "sell" but don't actually sell and are therefore playing the market and those potential buyers or are you commenting upon a number of houses you have sold? 

I am commenting on the fact that I have had 4 offers in 2 days on the two times it went up - the second was due to a broken chain. My house isnt exceptional, but I price it fairly and the area is really good, so it always has people wanting it luckily. 
When I sold my other house late last year, it was gone on the first viewing. I think realistic expectations of price is key. 

You haven't sold then!

Snookie12cat said:

lookstraightahead said:

You'll probably save more by selling high and renting than being realistic with price, so although I agree that being realistic is a good thing, I'm not sure why you'd not pay a landlord's rent, if it means you getting the house you want.

Rent near me is £1000 a month. I have no mortgage. 
I can sell it quickly at a fair price or potentially waste tens of thousands on rent. It's a no brainer to me, especially because I don't want to leave my current house unless I find something better. 

It might work for others but due to no mortgage the numbers would never add up doing that. 

And you are kite flying!

And people wonder why the housing market is so difficult to navigate!

lookstraightahead

BikingBud said:

Snookie12cat said:

BikingBud said:

Snookie12cat said:

Echo the above. I wouldn't go into rented, risk a house I love living in (although a bit small), to potentially not find somewhere for a year, then be paying out thousands in rent in the time it takes to do this. Plus the added inconvenience. 
My house seems to sell very quickly when I list it and as such I would risk losing any buyer no matter how good, if I didn't have an onward to go to. At the end of the day, it's just a house and there will be others to buy if the worst happened. 

@Snookie12cat

So is it your house and you "sell" but don't actually sell and are therefore playing the market and those potential buyers or are you commenting upon a number of houses you have sold? 

I am commenting on the fact that I have had 4 offers in 2 days on the two times it went up - the second was due to a broken chain. My house isnt exceptional, but I price it fairly and the area is really good, so it always has people wanting it luckily. 
When I sold my other house late last year, it was gone on the first viewing. I think realistic expectations of price is key. 

You haven't sold then!

Snookie12cat said:

lookstraightahead said:

You'll probably save more by selling high and renting than being realistic with price, so although I agree that being realistic is a good thing, I'm not sure why you'd not pay a landlord's rent, if it means you getting the house you want.

Rent near me is £1000 a month. I have no mortgage. 
I can sell it quickly at a fair price or potentially waste tens of thousands on rent. It's a no brainer to me, especially because I don't want to leave my current house unless I find something better. 

It might work for others but due to no mortgage the numbers would never add up doing that. 

And you are kite flying!

And people wonder why the housing market is so difficult to navigate!

This is a very good point actually. I've always said lots of people don't "really" want to move, and spend years waiting for the right property to come along. I think you tend to grow into properties, a bit like friendships / relationships. Sometimes they don't work out, but often they do.

Snookie12cat

lookstraightahead said:

Snookie12cat said:

lookstraightahead said:

Snookie12cat said:

BikingBud said:

Snookie12cat said:

Echo the above. I wouldn't go into rented, risk a house I love living in (although a bit small), to potentially not find somewhere for a year, then be paying out thousands in rent in the time it takes to do this. Plus the added inconvenience. 
My house seems to sell very quickly when I list it and as such I would risk losing any buyer no matter how good, if I didn't have an onward to go to. At the end of the day, it's just a house and there will be others to buy if the worst happened. 

@Snookie12cat

So is it your house and you "sell" but don't actually sell and are therefore playing the market and those potential buyers or are you commenting upon a number of houses you have sold? 

I am commenting on the fact that I have had 4 offers in 2 days on the two times it went up - the second was due to a broken chain. My house isnt exceptional, but I price it fairly and the area is really good, so it always has people wanting it luckily. 
When I sold my other house late last year, it was gone on the first viewing. I think realistic expectations of price is key. 

You'll probably save more by selling high and renting than being realistic with price, so although I agree that being realistic is a good thing, I'm not sure why you'd not pay a landlord's rent, if it means you getting the house you want.

Rent near me is £1000 a month. I have no mortgage. 
I can sell it quickly at a fair price or potentially waste tens of thousands on rent. It's a no brainer to me, especially because I don't want to leave my current house unless I find something better. 

It might work for others but due to no mortgage the numbers would never add up doing that. 

Ok fair enough - sounds like a good strategy for you if you're mortgage free. Do you let your prospective buyers know that you're not inclined to sell and they must wait?

Luckily, because I hate chains I am buying my new house before selling my current one, so I would not hinder any buyer. This works for me, but most people i appreciate are not able to do this. 

I do this as well because I know exactly what I am like and perfect houses do not come around very often. I was very lucky to find one early into my house buying journey... Nothing I like has come up since in 6 months.