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Many thanks for your replies. Just to clarify:
The move isn't to release capital but to get a property that is suitable for me for the rest of my life (current place on four floors and far too big for one person). I have a comfortable pension and decent savings so it shouldn't be a problem financially to rent.
Suitable properties are rare as I have a limited search area, wanting to stay on the same town and within easy walking distance of facilities.
Obviously I'd prefer to make a single move and not have to organise 2 moves, storage etc.
Incidentally a second agent confirmed that a high proportion of buyers were cash buyers.0 -
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OP, I'm currently doing what you're thinking about doing. We've had an offer accepted and everything looks like it's going through. We don't have dates yet but are expecting completion late Jan/early Feb. Apart from very general browsing to get an idea of what we can afford where, we've not looked at any houses to buy and plan to rent first. We want to be cash buyers who can move quickly and IMO this gives you two advantages (1) the seller knows you are not at the mercy of a chain and may take a lower offer because of this and (2) they know that if they mess you around or refuse to negotiate if issues arise (e.g. with a survey) you are more likely to walk. Also, doing it this way, my buyer knows I am not dependent on them to secure my dream home so (IMO) is less likely to mess me around.
The downside of course is that this approach comes at a cost - at least 6 months rent and an extra move. We will have interest on the money from the sale to offset this and because I'm recently retired I've got all the time I need. I appreciate this approach might not work for someone on a tight schedule or with kids and schools to worry about.
I think you're slightly deluded.
I understand that sometimes people have specific requirements or are moving to a brand new area, so make a decision to rent in order to wait for the right house, but the stress, upheaval and cost of moving into rented far exceeds that of just being in a chain.
There's no discount for a cash buyer that will exceed 6 months rent plus associated costs. I'd argue that there's no discount for a cash buyer at all in most cases.
Having bought and sold in excess of 40 times, most people don't mess people around on purpose. If they do, they don't care what position you're in. I've had very few transactions fall through - maybe one?! The worst experience did complete but we were selling chain free and weren't living in the property, and that didn't stop the guy from being a total idiot.
There's not a chance I'd choose to rent without even properly looking.Everything that is supposed to be in heaven is already here on earth.
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OP - re the EA... Get three EAs round to value and ask them what price they expect to achieve, and what asking price they'd market it at get offers at that level. Too many people just ask an EA for "a valuation" and they tell you what to put it on the market at. You need to find out what offers they actually think you'll get. And if you have that sort of conversation with them they'll know you're (1) serious about selling and (2) know enough to not be messed about by them. It cuts off their sales patter.
Then choose the one you like best and haggle their fees.0 -
Doozergirl wrote: »I think you're slightly deluded.
I understand that sometimes people have specific requirements or are moving to a brand new area, so make a decision to rent in order to wait for the right house, but the stress, upheaval and cost of moving into rented far exceeds that of just being in a chain.
There's no discount for a cash buyer that will exceed 6 months rent plus associated costs. I'd argue that there's no discount for a cash buyer at all in most cases.
Having bought and sold in excess of 40 times, most people don't mess people around on purpose. If they do, they don't care what position you're in. I've had very few transactions fall through - maybe one?! The worst experience did complete but we were selling chain free and weren't living in the property, and that didn't stop the guy from being a total idiot.
There's not a chance I'd choose to rent without even properly looking.
I don't think I'm deluded at all. I did say my decision to rent would come at a cost and never said I would get a discount that would cover that cost. Moving to rented won't be that stressful for us but I accept it may be for others.
I haven't bought/sold 40 times so you have a lot more experience than I have. I have bought/sold 4 times and three out of four had problems that were nothing to do with us and cost us stress and money and meant we 'lost' our purchase twice and had to start again. My son (FTB) is in the process of buying a flat that already had an offer from a buyer who had just accepted an offer on theirs. The seller chose him; not being in a chain worked for him. Once again I accept it's a sample of one.
It's a personal choice and I think calling me deluded for making it is a little unfair.0 -
pinkteapot wrote: »I was about to say exactly the same as markin - and the problem is nationwide as we moved to Cumbria and rented.
Letting agents do credit and affordability checks. We were moving with over £400k in the bank but you still need an income. It’s absolutely bonkers. We didn’t have jobs lined up - we needed to find them on arrival. We only passed the pointless test because I moved a few weeks after my husband due to a long notice period at my job down south. At the moment of application I was employed still, so they said to put that on the form, even though they knew I was leaving to relocate and the job was 300 miles from the rental house!! Showing that they know how stupid the system is.
If you fail the checks the landlord can still agree to rent to you if they want, but I seem to remember some landlords commenting on here that it invalidates their landlord’s insurance?
I just found it utterly ridiculous. We could have afforded the rent for 20+ years even without jobs!
As markin said though, pension income will count.
Yup I'm going to be in this situation too.0 -
The exact circumstances play a big part.It's a personal choice and I think calling me deluded for making it is a little unfair.
We didn't find the experience stressful or costly, but of course, there was the physical hassle.
It's how you come out of the whole relocation thing that matters, especially doing it over a significant distance to a new area. Get it wrong and you'll move twice anyway!0 -
pinkteapot wrote: »OP - re the EA... Get three EAs round to value and ask them what price they expect to achieve, and what asking price they'd market it at get offers at that level. Too many people just ask an EA for "a valuation" and they tell you what to put it on the market at. You need to find out what offers they actually think you'll get. And if you have that sort of conversation with them they'll know you're (1) serious about selling and (2) know enough to not be messed about by them. It cuts off their sales patter.
Then choose the one you like best and haggle their fees.
Good advice but re the last line - several times we have "chosen the one we liked best" and it turned out to be a disaster - now we go for the one who we think will do the job and who we can tolerate - last effort at this worked very well0 -
We did exactly what pinkteapot suggested when we sold our previous house and we did actually chose the one we liked best! The difference between her and the others was that she was SO enthusiastic and so obviously someone who really enjoyed her job (and she was absolutely realistic about her valuation). Plus she liked my 'allotment style' potting shed.
We found a buyer within the first two weeks of going on the market btw.0
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