Help me - I'm weakening! (cant face renting anymore)

ruggedtoast

So we’ve been renting this one bed flat for 3 and a half years, as long as we’ve been back in the UK, nesting instinct is strong in the OH (we’re in our 30’s). We find a new 2 bed place with a garden somewhere nice in North London, put down a holding deposit, and realise we have just been totally misled by the agent.

Its already furnished, and not to our taste at all, all along we’ve been told it was fine to get the landlord to move out stuff we don’t want – now a week before we’re due to move in we find out its not fine at all, he wont move out any of his furniture so we will have to dump all of ours or pay to put his in storage.

The agent wont refund our holding deposit as we cant prove what they told us, and we don’t realistically have time to find somewhere else anyway – to make matters worse we now see that the place is on Rightmove for sale! OH is heartbroken that all her plans for how she’d make it a nice long term home for us to have a family in have come to nothing. I’ve been on the phone all week but there’s nothing that can be done as even if we walk away from our deposit we have no flexibility on leaving our current place as someone else is moving in.

And this is the rub. 6 months ago, despite having good jobs, perfect credit and a largish deposit we would have to stretch ourselves to get even a 1 bed flat somewhere horrible. Now with the price drops we could feasibly afford a 2 bed flat somewhere nice. In 6 -8 months time when we can get out of this new tenancy we might even be able to afford 3 bed flat , or even a little house.

OH says “what about everything you’ve said about the market falling, and waiting a couple more years?” Shes not keen at all to buy a flat and thinks we could get a 3 bed house by waiting.

I just cant take renting anymore. I hate it. The insecurity, feeling like a visitor in someone elses house, having to constantly worry about tenancies and deposits and what you can and cant have in your own place.

I know prices will probably go down more and I know we would probably get a better deal by waiting but – good grief – we’re in our 30’s with above average salaries, savings and no debts and I just want us to own a little place to have a family in. Is that wrong?

I’m really feeling totally torn as for the 3 years I’ve been back in the UK I’ve been the strongest advocate for not participating and waiting for the inevitable crash – but now its happening I don’t know if the miserableness of renting is worth the potential gain of waiting for the bottom.

Your thoughts?

dannyboycey

You are your own person. If you live by the sword......

thriftybabe

You may feel like this now but think how gutted you would feel if you bought something and then see it go down in value. I for one would hold-off buying until prices have reached rock bottom. I saw it happen in Florida - we sold our villa in June 2006 and now they are selling between $100k - $120k cheaper! I feel for the poor sod that bought our villa. I wonder what they are thinking now?

clobber_2

I'm in a similar situation. I can't stand it any more.

Going to look at some expensive houses this evening and maybe put in ridiculously low offers.

No advice, but much sympathy.

(I am trying to hold on to the feeling that my house had become a millstone round my neck, and remind myself I don't want to feel like that ever again, but godammit I want to grow my own veg! A pot of herbs on the balcony is not enough! I need greenery!)

fc123

I really sympathis. We were in same situation in 1989.
Haven't got time to post now but will log on later tonight..will have a think as, in the end,as I have posted before, it's really difficult to fit ones life around all the economic theory.
Ultimately, one has to strike a balance.

We bought 'too high' but I would have turned into a crazy person in our 'Nil By Mouth' life....but then gained massively a decade on.

lostinrates

ruggedtoast,

I don't know what to say....because I know as soon as we can afford something I think I'm going to jump too. Our stuff has been in storage for what seems like forever....whats the point of havng stuff if you can't get to it when you need it, and storage bills do add up.

I guess I would, in your shoes, wonder how long I would stay in a two bed flat rather than a 3 bed house. If we wouldn't out grow it wihin 10 years I'd probably go for it (Ouch, I can feel people throwing stuff at me already).

Also, depending on where you are in N.London, can you sacrifice area more/move out another zone and try an buy bigger and accept slightly more commuting costs and time?

I really envy people who have great, stable rents and feel secure.

Lotus-eater

Rugged, I can imagine its horrible, I was only saying to the oh yesterday, we want to move in about 5 years time, so it would make sense to sell our house now and rent for a few years. But I would hate that, like clobber growing my own veg is important to me, having the house the way I like it is as well.
Having said that, if I was you Ruggedtoast I would definately want a 3 bed house instead of a 2 bed flat. Without doubt. If you think the market will go down, tough it for a short while.

merlinthehappypig

We are exactly the same too.

Renting is fine short term and it has saved us a shed load of money, but we are sick and fed up with it too, despite knowing that if we hang on houses will only get more affordable.

Our goal is to buy without a mortgage now. As soon as that is possible (and we are getting there - just need someone desperate enough to take a low offer) then we will buy.

We just won't look at prices any longer!

Treadmill

if you are unhappy renting, buy a house. what price happiness ?

ruggedtoast

Thanks guys - totally fed up with it all right now. As suggested yes I know deep down we really would need a 3 bed house, and I'm willing to compromise on location to not have to move again in a couple of years because we need another bedroom. A flat would have worked even 3 years ago I think but not now.

In a funny kind of way I think this new renting problem has just made it hit me in a rush how horribly frustratingly unfair this house price "miracle" has been. Like most FTB's Ive spent the last few years having that same sinking feeling everytime you see the "House Prices Soar Again" headlines, and not even really bothering to look at places because no matter how well we were doing with our careers and our savings all the zeroes and words about "well appointed location" really only spelled one thing: "You Cant Afford It".

I'm trying to keep the faith, and I know people whove jumped in over the last 2 - 3 years to buy little boxes for megabuck$ who are now looking pretty shafted by negative equity. Which incidentally gives me no pleasure at all.

Things are changing now, as they should, but is it fast enough?

emujuice

I totally sympathise. against all the advice on here me and the OH are buying despite being able to rent cheaply, but we're sick of it. We want a home for our future kids (and to have it ready for them when they arrive), our own decorating tastes, a garden (!!!) and the knowledge that we don't have to move again for a long, long time. (5 homes in 3 years).
I hope you can find your 3 bed home that you need. Maybe look at those that have 2 but have dining and living room - perhaps you can use one as a bedroom in the long run. Although 2 young kids can share, and the dining room can be used as a guest room if that is your need for an extra room.
happiness is more important. and besides prices are coming down a bit. if you start looking now, by the time you buy you'll probabably be able to afford something nearer to what you want and you'll have more savings.
good luck