Wanting to relocate but stuck on how best to do it

pinkteapot

We relocated 350 miles from Essex to Cumbria in 2018. Despite the fact we'd been visiting several times a year for over ten years, we still rented first and are SO GLAD we did. 

You don't know what an area is really like till you live there. Areas where we thought we'd buy we went off, mostly due to transport (roads that would have annoyed us getting into/out of areas). We also learned from locals which villages to avoid because they are not at all welcoming to outsiders (you want to be at least 3rd generation Cumbrian to live there). 

We had a cat and while it made it harder to rent, it wasn't impossible. Ring agents and say you're after a property that will accept your pets. Our rental was advertised as no pets but our landlord was actually happy to take our cat in exchange for an extra deposit and us paying for carpet cleaning when we left. 

You say renting will eat into your equity, but if you've only got a small amount of equity then you're taking out a decent mortgage anyway? You may pay slightly more per month in rent than you'd pay on a mortgage, but that's really minimal compared to the thousands it'll cost you to sell and buy again in a few years if you realise you wished you'd bought elsewhere. 

We moved here then looked for jobs, but it was pre-Covid when Zoom interviews weren't a big thing yet! 

Be aware that if you do want to buy, a lot of mortgage lenders won't lend while you're in the probation period of a new job. 

Also be aware that it's easy to move south to north, but depending on how long you stay it can be very hard to move back. In general, house prices rise more in the south so the price gap only ever gets bigger over time, so you'll fall further and further behind being able to buy in the south. 

lookstraightahead

pinkteapot said:

We relocated 350 miles from Essex to Cumbria in 2018. Despite the fact we'd been visiting several times a year for over ten years, we still rented first and are SO GLAD we did. 

You don't know what an area is really like till you live there. Areas where we thought we'd buy we went off, mostly due to transport (roads that would have annoyed us getting into/out of areas). We also learned from locals which villages to avoid because they are not at all welcoming to outsiders (you want to be at least 3rd generation Cumbrian to live there). 

We had a cat and while it made it harder to rent, it wasn't impossible. Ring agents and say you're after a property that will accept your pets. Our rental was advertised as no pets but our landlord was actually happy to take our cat in exchange for an extra deposit and us paying for carpet cleaning when we left. 

You say renting will eat into your equity, but if you've only got a small amount of equity then you're taking out a decent mortgage anyway? You may pay slightly more per month in rent than you'd pay on a mortgage, but that's really minimal compared to the thousands it'll cost you to sell and buy again in a few years if you realise you wished you'd bought elsewhere. 

We moved here then looked for jobs, but it was pre-Covid when Zoom interviews weren't a big thing yet! 

Be aware that if you do want to buy, a lot of mortgage lenders won't lend while you're in the probation period of a new job. 

Also be aware that it's easy to move south to north, but depending on how long you stay it can be very hard to move back. In general, house prices rise more in the south so the price gap only ever gets bigger over time, so you'll fall further and further behind being able to buy in the south. 

Excellent post. 

TrueGreen

pinkteapot - thank you for sharing your experience. Before posting on here, I had really thought that trying to buy immediately would be the simpler, not to mention cheaper option;  but from the advice given here, almost unanimously, to rent first, it really has cleared that dilemma for me and I'd be unwise not to really consider this.
And very true, I don't know all the areas in the place I want to move to, though I do have an idea of where I like the look / feel of and what I want to be near, ... so really would be a leap of faith, possibly a foolish one if it didn't pan out to suit me.

I have a 30% share of my shared ownership, so equity will be just that amount minus costs, the rest I will need a small mortgage for and am aware due to my age (less years to retirement) and if I get a like for like job, my earnings will still be modest, so my mortgage capacity will be small, already got an agreement in principal based on my current salary etc,  again, a reason why I was thinking of trying to save money by not having to rent.

Sarahspangles

You might even find a job that pays relocation expenses i.e. so they cover your rent for a period while you sell.  A family member has just done this.

(Those who think cats are less likely to cause damage haven't met mine, the phantom wallpaper stripper!)

TrueGreen

Thanks Sarahspangles, definitely something I will check out.

Ha, cats have many talents! 

youth_leader

Where exactly in the north are you thinking of?

lookstraightahead

When We relocated and rented with a cat it was no problem, even though it was stated no pets. 

TrueGreen

youth_leader said:

Where exactly in the north are you thinking of?

It's the North West, sorry, rather not say the exact location right now.

youth_leader

Of course, I was just wondering if you were considering Northumberland.  I'm a Londoner up here, I didn't have the funds to move back home when my husband died.  My main advice would be to avoid touristy areas now staycations are so popular .  

TrueGreen

I'd love to visit Northumberland, have heard it is beautiful.

Where I am now is very car dependant and random apartments and buildings popping up everywhere without the infrastructure or any thought for the visual impact...basically making the place look ugly! God knows what it will be like in a few years.
 One of the many things that attracted me to place I want to move to is that it's very user friendly and they seem to have a good balance between old and new.