Rental regrets

kcsxx

We put our house on the market in March after deciding it was time to move on and hopefully find the ‘forever’ family home. Fast forward to September and we hadn’t found the house and we were due to complete on ours. We made the decision to rent hoping it would be short term but the adjustment from living in a detached house to a downstairs flat is quite a shock. We’re renting in an area we love but probably can’t afford to buy in but I’m having major regrets on selling. We found a house we really liked, offered based on the fact the owners were proceeding with an onward purchase, however this has now fallen through and they’re back to looking. This leaves us indefinitely renting and back in the search cycle. Has anyone been in the same position and does it get better? I know everyone says you’re in the best position to buy but now with the mortgage rates flying up and the thought of being in this limbo long term, it’s really getting me down. Thanks!

marlot

I don't know about your area, but prices seem to be going down in many parts of the country. You may well end up the winner.

FlorayG

Don't let this get you down. It's temporary even if it goes on for months and puts you in the best bargaining position when you find the house you want.

You're only panicking because you haven't yet seen the house you're going to buy

Bigphil1474

Why are you still looking if you have offered on a property? Normal practice is for the chain to be built from the bottom up. You are at the bottom. You offer on a property, that is accepted, they then find a property and so on. If you like the house you offered on, you should stick with that instead of carrying on searching surely? Most house owners will need to find an onward property unless they are ex rental or probate properties.

Yorkie1

https://forums.moneysavingexpert.com/discussion/comment/82148056#Comment_82148056

Did you miss the point where the OP said the upward chain had broken, hence why they are looking at Plan B?

However, in principle, yes, it's worth giving their sellers time to find another property to buy rather than immediately assuming they need to keep looking.

sherlock228

nothing you can do now
you have money in the bank and are in a good position to buy
just keep looking
you cannot regulate against chains breaking, just keep going back to the market and look again

Bigphil1474

https://forums.moneysavingexpert.com/discussion/comment/82148124#Comment_82148124

Yes I did see that, but that's no reason to back out and start again and be even further behind in a chain.

SarahB16

I wouldn't describe your position as being in limbo. You are in a great position when you see a home you love and see it as your 'forever' home. If others are also interested in that property due to you not being in a chain will mean your offer is very likely viewed more favourably.

I suppose if you don't like the flat you are currently renting you could rent somewhere slightly bigger but do not rush into buying for the sake of it. Wait to see the home you love and you may find you get a bargain as house prices are dropping slightly in a lot of areas at the moment.

sheramber

https://forums.moneysavingexpert.com/discussion/comment/82148056#Comment_82148056

Why not keep your options open by leaving your offer on the table but also searching for a suitable alternative which might complete sooner?

Albermarle

 I know everyone says you’re in the best position to buy but now with the mortgage rates flying up 

Mortgage rates are around normal historical levels. The very low levels seen a pre Covid were an anomaly.

For a 5 year fixed rate 75% LTV - the rate in Sept 2022 was 5.6% - two years ago it was 4.1% and today it is around 4.8%

However a combination of increased rates, affordability issues in some high prices areas and some uncertainties about global events, budget in October etc. seem to have put a brake on the market

saajan_12

Well you now have two shorts at progressing the house buying - if you OR your seller finds an onward purchase, you can get back on track from whichever's first.

In the meantime, enjoy the simpler life with a smaller property - less to clean, pretend is a holiday!