Renting to save the property chain

Snookie12cat

lookstraightahead said:

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.

Don't confuse not wanting to move with wanting to wait for the right property. 
I really want to move, but I do not hate where I am or need to move for any particular reason that I must get out and move into anything that is just so, so. 

This will be the last move hopefully for decade's and therefore it must be right. I imagine lots of people feel the same way. 

lookstraightahead

Snookie12cat said:

lookstraightahead said:

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.

Don't confuse not wanting to move with wanting to wait for the right property. 
I really want to move, but I do not hate where I am or need to move for any particular reason that I must get out and move into anything that is just so, so. 

This will be the last move hopefully for decade's and therefore it must be right. I imagine lots of people feel the same way. 

So in practical terms, what do you say to buyers? Genuinely interested as to how you will eventually move. Because isn't it a catch 22? If you find somewhere you have to say you still have your house on the market, or you have to tell a buyer you haven't found anywhere. When you find the house of your dreams you might be pipped to the post by someone without a chain, in the same way that I was "chosen" over another buyer who offered more but was in a chain. 

This is why I don't look round anywhere where the vendor is not willing to move out.

it does sound like window shopping to me, your prerogative as you're not in a rush, but if the market changes you might not have that opportunity a few months down the line. 

You will only be able to move eventually because someone else is bottom of the chain. Mostly FTB or people like me ☺️

Snookie12cat

lookstraightahead said:

Snookie12cat said:

lookstraightahead said:

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.

Don't confuse not wanting to move with wanting to wait for the right property. 
I really want to move, but I do not hate where I am or need to move for any particular reason that I must get out and move into anything that is just so, so. 

This will be the last move hopefully for decade's and therefore it must be right. I imagine lots of people feel the same way. 

So in practical terms, what do you say to buyers? Genuinely interested as to how you will eventually move. Because isn't it a catch 22? If you find somewhere you have to say you still have your house on the market, or you have to tell a buyer you haven't found anywhere. When you find the house of your dreams you might be pipped to the post by someone without a chain, in the same way that I was "chosen" over another buyer who offered more but was in a chain. 

This is why I don't look round anywhere where the vendor is not willing to move out.

it does sound like window shopping to me, your prerogative as you're not in a rush, but if the market changes you might not have that opportunity a few months down the line. 

You will only be able to move eventually because someone else is bottom of the chain. Mostly FTB or people like me ☺️

I see exactly where you are coming from, and appreciate any buyer could be waiting ages. 
Luckily I managed to buy my dream house without first selling mine, so I will sell it chain free. If I wasn't able to do this though, essentially everything you said is true and I could have easily been stuck on the roundabout of having buyers offer and pull out while waiting. 

It's a bit back to front at the moment how you need to sell yours before viewing others tbh. 

babyblade41

@Snookie12cat, I think your strategy could at some point bite you up the rear.  
I have sold many a house with no mortgage and having somewhere else to live and it all falling round my ears last minute 
So many tax issues that accumulate during this time that just because you think you are in a good position sometimes you end up worse off 
Empty properties .. larger council tax and all the other problems with owning an empty house 

Snookie12cat

babyblade41 said:

@Snookie12cat, I think your strategy could at some point bite you up the rear.  
I have sold many a house with no mortgage and having somewhere else to live and it all falling round my ears last minute 
So many tax issues that accumulate during this time that just because you think you are in a good position sometimes you end up worse off 
Empty properties .. larger council tax and all the other problems with owning an empty house 

I do hope not, all being well my current buyer shouldn't be more than a month behind in completion. Any sale can fall down at any time, life is a risk though. If it goes wrong then we start again - council tax is free for 6 months 😂

The original plan was a chain but it didn't really work out that way and so this was the solution, or lose the house. 

TripleH

I know I disagree with Snookie12cat but I understand their view.

To my mind it does seem unfair that one party, committed to buying a property in timely fashion can be compelled to paying rent for an undefined period of time whilst all other parties in the chain either get to pay down a mortgage or nothing (if mortgage free) waiting for the top of the chain's dream home to come along.

I could understand it if there was the committal that this would be for a maximum of 9 months say but intend it can be open ended.