STR - whats it like?

gemima

Hi,

Having sold our house nearly 3 weeks ago and fruitlessly looking for properties that either don't exist or if they do are way overpriced we are seriously thinking about renting in light of all the press reports recently.

But, we have 2 young children to consider in all this. If it were just my husband and me we would probably just go for it.

We have about 70k in equity after all fees have been paid to bank and my head is saying get out of the mortgage ladder and see what happens but my heart is saying what about the children etc etc.

Can any of you who have done this (and with kids) say that you have made the right/wrong choice and advise me what it is like to rent - ie. security, landlords entering property etc.

Please help - my husband is all for renting but only if I agree and I just don't know what to do.

Thanks

pinkshoes

It's probably easier renting with 2 kids rather than 2 cats!!

Check the landlord has a BTL mortgage if you're going to rent. Try and find a landlord that has no intention of selling up.

There's no point buying a house if you can't find anything you like or want! Why did you sell your last one? Where are you currently living if you've sold?

LandyAndy

We did it in 2005. Moved out of house in Warrington August 2005 and into a furnished rented house in Fordingbridge. Finally sold house in Feb 2006 and bought new one in May 2006. So rented for 10 months. We have two DSs who were then 9 and 11. We rented through an agent and found the whole experience very pleasant. The house was nice, if old fashioned, the agent was efficient, the LLs kept out if the way and we got almost all our deposit back without delay (I agreed withh the bit retained).

Given some of the stories on here, perhaps we were lucky. On the other hand its only disgruntled people who generally bother to post on fora like this.

Doozergirl

I didn't do it to jump off the property ladder, in fact I sold to do the opposite really - just to consolidate the equity we had and reduce the amount of secured debt. Before we rented, we moved house three times as we sold each house.

It lasted 16 months. We lived in one house for 7 months. Nice enough at first, the LL's decor started grating on me after about five minutes and I was fed up with not having aerial sockets that worked. It also turned out that the LL lived 5 doors away and would watch us constantly, walk the dog past and stare at the house and send her kids to collect their post every week. Despite being told by the agent that we'd left the house in beautiful condition after we left (because of her - I couldn't take not being able to live in peace without feeling like I belonged to someone) she was still going nuts over the tiniest things and stole a good £200 of our deposit. I was so upset I never persued it properly.

The next house was a nearly new build and it was fine. The decor was better suited, magnolia walls and laminate floor which is practical with kids so a bit of a relief but it still took forever to clean the place when we moved out. I'm that prissy, we even repainted almost the entire house to a better standard than when we arrived. The landlord was good, but he sometimes knocked on the door - BUT never accepted any invitation to come in. He knocked because it was practical for him, not because he wanted to spy on us.

We moved into our project to sell it and the relief is huge. Just having something that belonged to me, was the way I wanted it, not having to worry about when I was going to be served notice or cleaning other people's dirt from the skirting boards and whatnot. It's also a relief to be able to carry out maintenance when I want it done, not when the landlord sees fit. The kids are the thing that makes the difference I think. I was constantly concerned about causing damage and the handprints up the wall drive you even more crazy than they do in your own home. There was such a marked difference in the quality of fittings etc. that I realised how much I'd let my standards slip!

So we've bought a home. We fell in love and it was a great price with plenty of scope to improve the value further. But renting has allowed us to make a bit of extra money to put towards that house.

Home is where the people you love are, it isn't made of bricks and mortar (but the place of bricks and mortar feels so much more comfortable when it's yours)

If you do rent, I'd find a nearly new build. Maintenance is relatively low and you're almost guaranteed magnolia walls - not just practical to paint over marks, but your stuff isn't overwhelmed by Laura Ashley wallpaper :rolleyes: I hate laminate but thanked God for it in the rental property. I might repaint in magnolia but I won't recarpet a house!

So, in conclusion, I don't really know. It's never as good as your own place but it mightn't be that bad.

gemima

Fordingbridge is near my neck of the woods! Fortunately we don't have schools to consider at the moment because our children are not at that age.

Forgot about the cat, she has to come too so that is an added problem I guess although she isn't any problem if you see what I mean.

We wanted to sell to find somewhere bigger but since putting our house on the market, selling it and now the whole media frenzy is making everyone nervous. We also know that we were very lucky to find a buyer so quickly although I do think they got it for a good price (we were realistic though too).

Doozergirl

PS. If I didn't have kids, I'd be living it up in a rented executive apartment with swimming pool complex, letting the LL pay twice as much in mortgage as I pay in rent.

Catblue

We did this at the end of last year. No kids, though.

Do your research would be my advice. You will probably need a house with a garden. How much do typical rental properties go for in your area? How does it compare to the interest part on a mortgage?

Are the kids at school, or nearing school age? That may determine where you want to rent. It would make sense to rent in the area that you are thinking of buying. It will give you loads of time to suss out the better areas, houses etc. If you see a house you want to buy, you will also be in a great position to move quickly, without a chain.

We looked at a few houses for rent - not just to assess the houses but also assess the landlords. One place had a bath but no shower attachment for over the bath, and when we asked if the landlord would provide an attachment, he said he wasn't running a 5-star hotel. So we didn't take him up on that one.:D

As a general point, never believe a landlord who promises that certain repairs/improvements will be done after you sign the tenancy agreement. If it isn't done before you move in, it very likely won't be done afterwards.

Ask the landlord what his plans are for the property in the longer term (in case you stay longer than you think). Of course, he might lie about this (or have a genuine change of heart) and there is nothing you can do. The worst than can happen is that you may be asked to move on every 6 months.

You will be asked to sign a tenancy agreement for at least 6 months - longer if you want (and the landlord wants). Be aware that if you sign a 12-month agreement, then you may be liable for rent for all 12 months, even if you decide to move out.

Our landlord bought this house, so that he could retire to it in 6 years time. Our landlord is a sweetie (by that I mean he showed us how to work the boiler, fire etc. at the beginning of the tenancy and hasn't been seen since).

We have had one inspection from the Letting Agency, the lady said the place was fine and they wouldn't need to inspect again during our tenancy. Took about 10 minutes.

It was the best move for us, I'm sure of that. We thought that it might be a hassle, but it really has been very pleasant so far.

Just can't seem to find a decent house to buy at the moment.

LandyAndy

gemima wrote: »

Fordingbridge is near my neck of the woods! Fortunately we don't have schools to consider at the moment because our children are not at that age.

Forgot about the cat, she has to come too so that is an added problem I guess although she isn't any problem if you see what I mean.

We wanted to sell to find somewhere bigger but since putting our house on the market, selling it and now the whole media frenzy is making everyone nervous. We also know that we were very lucky to find a buyer so quickly although I do think they got it for a good price (we were realistic though too).

:rotfl: Small world.:rotfl:

We rented our house through Goadsby's in Salisbury if that is in the right direction for you.

The cat could be a problem but some LLs will take pets at extra cost / deposit. Ours let us keep the budgie.:D

Commonsensesearcher

Well, don't have kids but thought I'd post positively as I STR' in October and it has been a good, hassle free experience so far. Obviously it depends on the LL but my letting agent (Wingetts in N Wales) have been excellent. Maybe research for a good one in your area and take it from there but I'd definitely recommend it, particularly with the market as it is now. And you'll be in a brilliant position as buyers when you find the place you want to buy...

SquatNow

£70k will, post-crash, buy you a nice 5 bed house with 10 acres of land, stable and a pool.

The interest on £70k will pay your rent until then.

Spread it around between as many banks as possible, in case one of them goes bust.