Rental regrets

Dustyevsky

17 years ago, we moved into a very large rented house in much worse condition than the one we'd sold. It was cold, the house was unappealing, and we felt slightly miserable, but prices were falling (like now in the south) and we were getting a good % on our money in the bank (not quite so high now.)

It was another in a series of 'going backwards to move forwards' moves. Those had been usual in our youth, but I was 60. We expected to be there maybe 18 months, but having the ability to move fast paid off. We were in during January, and out by August.

We're still in the property bought as a result of taking a punt on renting. It wouldn't have been an option if we'd had something to sell. Will it also work for you? There are no guarantees in this life, but you have a much better chance of finding somewhere which will be a good move, and I hope you do.

Bigphil1474

https://forums.moneysavingexpert.com/discussion/comment/82148385#Comment_82148385

Once one's offer is accepted it is exceptionally poor form to carry on looking at other properties. Not illegal, but if I was the EA I wouldn't entertain it. What if the chain is near completion and someone decides to pull out because they found something better. That whole chain collapses because they wanted to keep their options open. House buying in England is difficult enough without people playing silly games.

sheramber

https://forums.moneysavingexpert.com/discussion/comment/82150845#Comment_82150845

Biw long are you going to wait for a seller who has not got an offer accepted on a purchase?

The seller is not on a position to proceed and might never be. They may withdraw from the market in six months time and you have been hanging on all that time?

Bigphil1474

If the vendor doesn't get an offer accepted on an onward purchase in a timeline that suits their buyer, they can withdraw their offer, then look elsewhere. They shouldn't be looking elsewhere whilst keeping their offer on the table IMO.

sheramber

https://forums.moneysavingexpert.com/discussion/comment/82152069#Comment_82152069

If the seller gets an offer accepted what is going to be quicker, an offer on the table from a buyer who has no chain, or finding a new buyer who may have a chain behind them.

Up to the seller to decide.

mlz1413

Moving from a detached to a flat is going to be a shock, you probably have 1/4 of the space you are used to.

Why did you decide on a small property in a lovely area you can't afford to buy in?

Could you look at renting somewhere for the same cost but in a different (less lovely) area that would give you more space?

It's unclear if you want to move in the same area or further afield but if I was renting I'd want to be in the area I want to move to. Being in the local area means you start making friends and connections where you want to be long term.