Selling to Rent

Apip99

I know this one is going to open a can of worms, but a little debate is always fun...

Just wanted to get people’s views on selling to Rent. It’s something we are planning on doing (Just need to get the house sold!!!)

There are several main reasons:
• We can rent a dream house in an area we choose for cheaper than out Mortgage in 3 bed Semi.
• We will have the freedom to move abroad if we choose in a few years.
• We won’t be paying 356K in interest over 30 Years to the banks for the ‘privilege’ of owning out own house.
• We’d be debt free (loans Credit card ect)
• Better financial situation to enjoy life more.

They are just a few of the major points for our move.

Just wanted to hear from anyone who has done such a move or has any stories (The bad as well as the good, I can take it)

Cheers ,

Apip

MuffinsDa

Apip, that's precisely what we did and for the exact same reasons you listed. We are delighted with our decision and it's going very well. Quality of life and stress levels are so much lower, and we are able to enjoy things as they are a hell of a lot more rather that worrying, so I highly recommend it.

Good luck with selling your house. The key to selling it -obviously- is price! Don't look at how much you paid for it 3 or 5 years ago, look at how much people are willing to pay for it NOW. We did so, sold it with a small loss but we're delighted to be out!

muletide

Ithink its a good idea and Its something we are looking at also.

We have already got an offer that would leave us 10k short of our outstanding mortgage - cant decide whether to accept or not.

Any Opinions?

superbad50

i have my own place and have had so for the past 9 years , i have been in so much death all my life and still today because of my mortgage repayments . it does put an awful lot of stress on the body . what gets up my ass is all the schemes out nowadays that people can get affordable accomadation and pay back half of what you pay .

to answer your question although its not the best time to sell i would go for it .

you have to put your health and quality of life first regardless . i also think that the government look after you that bit better when your renting as to an owner occupier

Apip99

MuffinsDa: Great to hear all worked out for you. Reading you post was hearing what I want to be saying in a few months. How long ago did you make the move?

muletide: Tough one! We should be in a situation where we come out with some money in the bank, but like you we're more inclined just to work on our quality of life. But that said if we got a buyer who was able to move quick, then we may have to take a hit. Although one of big reasons for us is we do not want to owe a penny to any one.

superbad50: Stress is the worst thing. And 'conforming' seams to cause so much stress, and your right all the schemes are some what annoying. Although I'm all for a help out for people. It annoys me that I've not had an ounce of help, as I'm not at the bottom of the ladder, and not rich enough for it not to matter.

Apip99

MuffinsDa: Just realized it was you that I got the double bed from. You moved up to the area we are looking to get too. Small world

astrofool

It sounds good, just make sure you start putting away the savings into an account. You should be planning for your pension on the basis of not having a property asset as a fallback, so will need to ensure you save enough now to provide accommodation in the future.

Also, bear in mind, that rent will eventually be more than the mortgage repayments, especially if we go through a period of high inflation, and the property market recovers in the next 30 years.

Apip99

Cheers astrofool,

We're going to be putting a lot into savings, and also topping up life insurance in the unfortunate event .

We're planning on not being here with in 5 years anyway. But will always ensure there is enough money to live on, or make sure the kids become wealthy enough to look after us. LOL We may well be back in the owners market in a few years, just doubt ti will be in Ireland.

Victor

You need to consider the transaction charges and taxes involved.