New location- buy or rent?

Ramouth

Renting seems like a very sensible option in the current market.  Prices are not shooting up and you can get reasonable interest on your deposit savings.  It definitely takes time to get to know which specific areas you want and don’t want to live in.  

We rented for 6 months when we moved to Cornwall 17 years ago and are so pleased we did.  Some of the places we had thought were excellent value before moving down are really not places we would have felt at home.

Grizebeck

North east Derbyshire you will get plenty for your money 

gwynlas

If you are alone I would go as far as renting a room as a lodger as opposed to renting a property where you would be responsible for utilities and council tax. You would not be tied down to a lease and hopefully you would be guided by a local as to different areas regarding amenities. Living in a city as a student you would have differing priorities to a renter owner/occupier. Do not try to put down roots until you have defined your needs/wants re location location location. Think of transport links local shopping bars restaurants and access to other leisure activities.

fulhamsam87

Thanks everyone for your comments. It has definitely given give me more confidence that renting is way to go initially

Sistergold

Renting is not a waste of money when you are not sure about location. Buying and selling is not easy and not to be done when there is a chance you might not like the place. Wasting money is when you buy within a few years you decide you don’t like the place then you sell. You are likely to be stuck and or loss money. Best rent then buy once you know if it’s the town for you. 

deejaybee

Dont make the same mistake as me - absolutely rent first. We bought a place up north and relocated, but i am desperately homesick - to the point of breaking down in tears to my new GP....

Grizebeck

deejaybee said:

Dont make the same mistake as me - absolutely rent first. We bought a place up north and relocated, but i am desperately homesick - to the point of breaking down in tears to my new GP....

But then moving back isn't always the answer. We have relocated to the north east

IAMIAM

fulhamsam87 said:

I'm a first time buyer with a healthy deposit. I can afford a property around 250k on my own. I'm looking at possibly moving away from London to somewhere in the north, likely Sheffield (where i went to uni). However i'm still not 100% sure on location, therefore my initial thinking was to rent for a bit and see if i liked the city still, then either buy or try somewhere else. However a lot of people are telling me this would be wasting money and I should just buy straight away and can always sell later. 
I just wondered if there was any views on this? Any potential pitfalls with the different approaches etc? 

Interesting. Same situation as me. I would say it depends on what deposit/equity you have? 
I want to purchase for a similar price. 

IAMIAM

MikeJXE said:

It's probably easier to buy than rent but also easier to make a big mistake.

You won't know the area or the neighbours, renting will cost you the rent 

Buying will cost you stamp duty solicitor fees of perhaps £3,000 agent fees to sell maybe £7/800 then all over again if you don't like the second place 

IMO renting is the way to go until you are sure where to settle 

I should have taken this advice. I bought for 160k in 2017. Hate it, but decided to stick it out. Roll on 2023 and still here! But property is now circa 230k. Happy to say I will be calling it a day in the next 12 months....

On reflection, what fees will I be expecting to pay on just a sale only on say a property of round 230k. I am presuming estate agent, solicitor, removals and a future deposit on rental around 5k in total. 

IAMIAM

deejaybee said:

Dont make the same mistake as me - absolutely rent first. We bought a place up north and relocated, but i am desperately homesick - to the point of breaking down in tears to my new GP....

And me!!!!