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A few years ago when I was looking, bottom-level houses cost much more to rent than to buy on a mortgage, but the very big, pricey houses in the posh area cost more to mortgage than to rent, it's all supply and demand
My current thinking is not to be too clever and start second guessing the market; if I see a house I like tomorrow I’m going to put an offer in. It may be the case that I won’t have found anything before brexit, in which case I’ll just ride that wave when it comes.
I’ll be watching the advice in this thread with interest though.
If you find a buyer first, giving the buyer transparency over likely timescales, generally they are usually happy to wait a reasonable length of time - enough for you too fnd a suitable purchase so long as your criteria are realistic and mainstream.
Your good position, with a buyer ready, will put you in a good position to obtain any available discount.
Lean hard on the agent you sell through to prioritise your search, in exchange for your instructions to sell.
Good luck!!!
A more consevative move makes it more likely you will need to move again sooner, with all the associated costs, in particularly being rinsed again for stamp duty, from your already-taxed income.
Oh dear, The Saj has rather muddied the water for stamp duty related issues. Need to make sure I don’t get smacked for stamp on both the buy and sell depending on how the timing works out!
I guess I’ll be getting further lowballs on my sale because buyers rightly don’t want to pay stamp when they can load that onto me. Argh!
What’s frustrating is that it’s just a load of confusion right in the period where I wanted to move. Still, if it all works out as the Saj envisages it will be good for me as I’m trading up.
Thats a massive and slightly unrealistic “if” though!
Puts me a tricky position moving in there as sellers know there is limited supply of desirable stock, even in a down market.
Hence me thinking of selling and renting to try and take some of the time pressure off the purchase.
Maybe it just introduces other pressures, like renting costs, price rise risk and general aggravation.
I think I’ve just about reached the age where I’d be responsible enough not to spend all the money on guitars but you never know!
If you have a buyer, as a last resort you could always have an informal agreement that you will knock a grand off every month you keep them hanging, for 3 months say.
Supportact said: [my style is] probably more an accumulation of limitations and bad habits than a 'style'.
One of the challenges I’m facing about the area I’m moving to is that it’s always been very high demand and firm pricing.
so even at the minute when things are much slower, sellers are refusing to move much on their pricing expectations and their agents will not even listen to offers until I have accepted an offer on mine.
I’d been thinking of getting mine sold not so much to short the market but to be able to go in with lower offers of my own on the basis that they know my offer is real.
My price bracket is “someone who works for a living” and I’ll be buying the smallest cheapest end of the target area but agents have said in the past that cash buyers with 1M+ are commonplace. (My budget is less than that!) I am trying to compete with City Partners and MDs who are chucking a portion of their bonus into BtL there because it yields a bit more than cash and has historically been a bit more stable than equities.
In the end I might just have to give up on moving there but thought it worth a shot whilst the market has taken pause.