buying vs renting
Discussion
i have a house dilemna. finally got a half-decent offer on the house i am selling, but have lost the offer on my first choice of destination (in 'lovely' Woking).
do i potentially lose the sale? (they wanted to exchange before xmas) or ... i was thinking about renting a house (given that i have at 2 rooms of stuff to take with me). i guess someone on PH has been in this situation recently.
crikes, it's like that quote in Fight Club
"all the sh8t you own, ends up owning you"
With house prices possibly falling, it might make sense to take your money form the sale and then rent for a while if it is convenent for you. Once you're renting, the house prices might fall further and you can then buy a house for a lower price in a few months.*
*I am not an IFA and am not regulated or authorised by the Financial Services Authority. Property values can rise and fall, you will lose your home if you cant find it, etc
*I am not an IFA and am not regulated or authorised by the Financial Services Authority. Property values can rise and fall, you will lose your home if you cant find it, etc
ok, that was what i was thinking about a month ago.
now it seems via Estate Agents hearsay (bullsh*t?!) and a glance at property websites - that there is a resurgence in activity - at least in the areas (of Surrey) which i am looking round.
but yep, i guess it'll be far cheaper to stay with my mum 'at least i'll get my washing done' in meantime.
guess i can put my stuff into storage - if anyone can recommend movers & storage companies in the Kingston area pls do!
When i jumped ship 18 months ago the market was still buoyant so i chose to rent although i could probably buy a place cheaper than im renting (Monthly repayments v rent on a 2 bedder in the South East),ive been watching and it appears that the market has turned in my favour in that time and i feel there is still some more down turn to go yet,ime waiting and saving for the ideal oppurtunity.
Topical for me at the moment as we're in rented and toying with buying. My cynical head says that there are way too many reports and surveys that say that the market is rising and that everything in the world is rosy - I think it's an attempt to talk the market up and to avoid it going down further.
Personally we've made the decision to stay in rented for another six months - there are other personal reasons that make this sensible as well.
Flog it on quick whilst you've got a buyer - some friends of mine have their very nice 4 bed house on the market and have discovered that there are another 30 similar houses in their area for sale which kinda explains why they've had no interest in three months!
Personally we've made the decision to stay in rented for another six months - there are other personal reasons that make this sensible as well.
Flog it on quick whilst you've got a buyer - some friends of mine have their very nice 4 bed house on the market and have discovered that there are another 30 similar houses in their area for sale which kinda explains why they've had no interest in three months!
I'm not too sure. My house sale completes in 2 weeks and I'm in the same position. I've watched the market pretty closely for the last 8 months and recently the properties that have been hanging around have just sold (that's in Suffolk).
A friend of mine also has had a number of reasonable offers turned down on properties around London because the sellers say interest has picked up substantially.
Maybe it's just the time of year (people returning from holiday and wanting to move before xmas), but I'm getting a little nervous....
A friend of mine also has had a number of reasonable offers turned down on properties around London because the sellers say interest has picked up substantially.
Maybe it's just the time of year (people returning from holiday and wanting to move before xmas), but I'm getting a little nervous....
_Deejay_ said:
I'm getting a little nervous....
Ime not, from where ime sitting people i know are struggling to sell there places plus the building program in the South East seems like its full steam ahead,ime kind of wondering if people have got their figures wrong and will there be a surplus of homes.
Only the other day i saw an advert on a large site "Refer a buyer to us and recieve £2,000 cash payment from us" ,,i could be wrong but it seems like desperate measures?
Ide like to add its easy for me to remain calm as ive only got myself to worry about.
well i'm massively nervous... i may be homeless soon!
ok, it's just me - but still the thought of living with my parents again - me thinks renting will be more tolerable.
but seriously, i've noticed more properties being sold in the last 2 weeks - mostly in the price brackets above my current home - but i'm wondering if this is partly due to my perception as a potential buyer.
i actually got a better offer than last year -
reckon its due to the fact that there are less properties in my area/price-range i.e. many have given up, and just me left.
>> Edited by fido on Tuesday 11th October 18:37
Just accepted an offer on my place which was someway below the price I wanted but having seen the way the market is at the mo I thought it best to cut and run rather than lose more in the long term.
I'm now looking to rent for the next 6mths to 2years and in no rush whatsoever to buy a place. Amazing what a sense of freedom the prospect of renting a place gives you as well
.
Having said that moving back with your parent's is an even better option - save a little interest on any equity from the house sale. Would do this meself though I need a little more room!
PP
I'm now looking to rent for the next 6mths to 2years and in no rush whatsoever to buy a place. Amazing what a sense of freedom the prospect of renting a place gives you as well
. Having said that moving back with your parent's is an even better option - save a little interest on any equity from the house sale. Would do this meself though I need a little more room!
PP
Personally - I'd rent after selling in the current market - the prices are (just ) lower in the South East now than they were 8 months ago - so property inflation is around 0 %.
Demand IS cyclical and is normally very strong in Sept / Oct post Summer , then again in the Spring ( I used to be in the Mortgage business ). Given that demand ( transactions ) and prices arent picking up like they normally do - I'd say the market is flat, and could decline further.
You need to remember that most people who say "demand and prices are picking up again " will always say that ..... they have a vested interest ( Banks , IFA's , Estate Agents ALL want to talk up the market ).
I have NEVER heard a Bank/IFA/Agent say "the market has peaked , we are in for a decline , its better to rent for a year" ...... they'd be out of work .
You will be in a much better position to negotiate when buying your next house if you dont have one to sell.
Demand IS cyclical and is normally very strong in Sept / Oct post Summer , then again in the Spring ( I used to be in the Mortgage business ). Given that demand ( transactions ) and prices arent picking up like they normally do - I'd say the market is flat, and could decline further.
You need to remember that most people who say "demand and prices are picking up again " will always say that ..... they have a vested interest ( Banks , IFA's , Estate Agents ALL want to talk up the market ).
I have NEVER heard a Bank/IFA/Agent say "the market has peaked , we are in for a decline , its better to rent for a year" ...... they'd be out of work .
You will be in a much better position to negotiate when buying your next house if you dont have one to sell.
gtr-gaz said:
Get it sold.
Lodge with parents/mates or rent.
You will then be in a fantastic position to snap up a bargain.
Pat
Agree entirely in the present climate, we will do exactly that if we manage to get a sale and we haven`t found precisely what we want! I know a couple of people that have done this recently. You might lose a bit in rent but can make up for it with money in the bank earning interest and by probabaly negotiating a better price on your next property when you find it.
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