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options...your view..this is a good one!!
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Remember though you only live once. Do you really want to be in rented accommodation for the next 10-15 years until you believe the storm has ended!?
If it’s an investment it’s a totally different ball game, however if it’s you’re family home and you can comfortably afford the repayments what’s more important? The price your house is worth on paper or living in your own home that to all intense and purposes is yours and you can decorate and upgrade to your own taste.
If you own a family home and have ever viewed your equity as real money, then more fool you. The only way you’re ever going to see that is if you sell up or downgrade your property.
Most people have made huge gains on there property and now consider there house an investment, but in reality it’s a necessity. Most of us still buy car’s rather than rent them, even though they depreciate faster than property would do even in a worst case scenario0 -
If you own a family home and have ever viewed your equity as real money, then more fool you.
We may have to sell up because of an overseas job offer. I view the equity as real money as it sat in my bank account for a few months when we were househunting last year. Ain't hindsight wonderful though.
What goes around - comes around0 -
Remember though you only live once. Do you really want to be in rented accommodation for the next 10-15 years until you believe the storm has ended!?
I've lived in the same rented flat for 10 years, and it's been great....much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0 -
It could be a case of letting the market make up your mind for you, - as you're on a bit of a time limit in regards to your sale going through to completion. You can't expect your buyer to wait forever until you find somewhere suitable.
If you see a property you really really like, in a location you like etc, and an offer which is acceptable to you is acceptable. Decision made. But, I wouldnt rush into anything, - because, as George said above, - property will very probably, at best, stay stagnant. In which case you'll be able to build upon your equity whilst you're renting.
If the market goes down, - you'll be in an even better position.... - plus you'll be an attractive buyer, ie - big deposit and end of chain.
Keep an eye on that Horsham property (and others), - you may see the price drop and drop and drop over the coming weeks/months....0 -
That’s fine if you like the d!cor and are happy with every aspect of the property. Also if you don’t mind being served with inspection notices and the fact that your landlord might sell up and you will have to find somewhere else to live. You also know that the property will never belong to you, even in your retirement you will still have to pay rent.neverdespairgirl wrote: »I've lived in the same rented flat for 10 years, and it's been great.
I currently rent too and the things I mentioned above are my personal gripes. I know buying a house isn’t for everyone, but for me being in a stable job and relationship, with an affordable mortgage its the right time to buy, regardless of the state of the economy.0 -
I don't think renting for as long as 10 or 15 years is even being considered here.0
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That’s fine if you like the d!cor and are happy with every aspect of the property. Also if you don’t mind being served with inspection notices and the fact that your landlord might sell up and you will have to find somewhere else to live.
We are perfectly happy, and it's a great flat, we've been fortunate....much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0 -
neverdespairgirl wrote: »We are perfectly happy, and it's a great flat, we've been fortunate.
Sounds good, as long as you’re happy that’s what counts!
I don’t want to rent anymore mainly because of pushly landlords like this:
Click!0 -
Well, for what it's worth, the following is our experience of STR... We sold our house last March and are currently renting as, at the time, we knew we'd probably lose our buyers if we waited to find something we liked and could afford in the more expensive area we moved to due to work.
We've spent the last 9 months looking for something to no avail... either we like a house and can't quite afford it (have had several offers rejected) or can afford a house and when we view it find we don't like it/it's unsuitable (for a variety of reasons)!
Obviously, if house prices do fall significantly we'll be in a much better position (which might make up a little bit for the enormous sums we lost in the last hpc). However, if house prices stagnate we'll still be slightly better off due to current rent being slightly less than our previous mortgage and the fact that, when we do find something we'd like to buy, we'll hopefully be viewed as strong buyers having a largish deposit and no chain below us. If prices do go against the majority of predictions and start to rise we'll be in a good position to jump on the bandwagon pdq!
In your position, with a good offer like that in the current market, personally I'd rent for a while but, having said that, these are the negatives I've experienced doing precisely that:
1) Lack of security... LL could terminate your agreement at the end of 6 months... I find the thought of having to move to another rented place if we still haven't found anything to buy slighty worrying.
2) Can't put up pictures, decorate, make the place 'your own'... this has been especially difficult with Christmas decorations as I'm used to being able to string cards up, put decorations wherever I want etc.
3) I feel 'in limbo' more than I ever imagined I would... having owned the last three houses we've lived in (but never been in the area I want to settle) I feel fairly desparate to 'put down roots'... We're really hoping that the next house we buy will be our home for the foreseeable future... certainly until we retire (hopefully beyond although who knows what the future will bring). I have a severe case of NBI (nest building instinct)!
4) You need to factor in letting agency fees plus at least one extra set of house move costs (removals etc) and possibly storage costs for some furniture too.
Do you think that you and your family can cope with the ongoing uncertainty and having a generally unsettled time for 6 months or more? I think it feels worse when you've had the security of owning (or co-owning with BS) a house and then go back to renting... especially if you have children, schools etc to consider.
Good luck with your decision“A journey is best measured in friends, not in miles.”
(Tim Cahill)0 -
well we offered £225k...it was rejected....offered £230k..rejected. We have walked away. Their house needed work, it was on for £249,950 and has been on since August this year.
http://www.rightmove.co.uk/viewdetails-16896770.rsp?pa_n=false&tr_t=buy
Lucky escape, I reckon. It's a horrible looking place, inside and out!...much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0
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