selling house, rent or buy?

One thing about private rentals that no-one seems to have mentioned is that there is no security of tenure. If the owner decides to sell up then you have to move. A friend of mine was in this situation and because she had been living in the house for ten years the deposit she got back wasn't enough for her to put a deposit on the next rental house (the cost of deposits had gone up hugely) and so she ended up moving back home to her mother's house. In her fifties, moving to live with her mum was the last thing she wanted to do, but she had no other option. Happily it's turned out to be okay and she feels fortunate that she had that option open to her.

Twiceasnice rent is not necessarily dead money - it's buying you a service in having somewhere to live as you start this new phase in your life.

The only thing I would say is be careful that you're not priced out of the SE market during your planned four years - prices here are rising at an extraordinary rate, even for one-bedroom flats.

did this on my last move - would not see it as an easy option unless your purchase requirements are very exacting.
it was difficult to find a rental with a dog
it was difficult to find a 'between houses' rental when lots of landlords want longer term tenants
you have the hassle of moving utilities to new house, change of address on everything! driving and vehicle licence, banks and so on
if your furniture won't fit - there is the cost of rent-a-store
when I did it 4 years ago IRs were marginally better but I lost money as the rent was more than the interest on the capital
but most of all - LLs can be a right pain and you are well aware it may theoretically be your home (but it is not really as landlords have a habit of popping in without notice (although they should not)
good luck with whatever you decide.

I am going to do both over the next few years. As I have said in other posts I have recently divorced after 41 years. Currently still going through the financial matters so have rented a 3 bed semi for a very affordable rent ( I am still working full time) and am planning to do that for the next 4 years until I retire at 65. I then intend to buy a one bed flat near my daughters who both live in he same area in the SE. I intend to put my money from the house when it is sold ( no mortgage ) into higher interest savings and should have enough to buy again when I want to. This way I was also able to lend DD2 a deposit to get on the housing ladder and she will pay me back in time for me to have the extra when I re- buy.

I can easily afford the rent I am paying whilst still working and I think this will work best for me. I know rent is " dead money " but there are disadvantages to every decision. I am just glad to be independent to do exactly as I like at long last.

Yes, we took that into consideration when we worked out MIL could probably have bought it 10 times over plus maintained it (better than the landlady did) over the years with the amount she paid in rent.

Well, owning property is not an easy ride either.
Maintaining it costs money, even if you are mortgage-free.

My MIL could have bought her rented house or one nearby at one point, but preferred to carry on renting. She thought owning your house was like 'a millstone round your neck'. She therefore spent her old age in a constant state of fear that the landlady would force persuade her to leave so that she could charge a higher rent and put a family in there. She still worried despite our reassurances that this would not happen.
She also had to find the rent from a very small pension every month, instead of owning her own mortgage-free home.

Yes, this is an old thread, but it would be interesting to see if Biker and also Jendurham did go ahead and sell the house?

Out of interest Biker did you sell your property?

Message deleted by Gransnet for breaking our forum guidelines. Replies may also be deleted.

I think to rent is not such a good idea , after all you are paying off
someone else"s mortgage !

You are then left with nothing to show for all the money you have ploughed in.

One thing that would put me off a park home, lovely as they can be, is that they always go down in value due to depreciation, unlike a house. I hope you find a solution.

lol thanks Riverwalk you mirror my thoughts we did originally downsize form 3 bed semi big gardens, lovely views, to a much much smaller cardboard house. tiny open plan, we rushed into it s there was just nothing else on the market to suit our budget as we had to buy another property outright as couldn't and didn't want mortgage or loan..and now in a sort of similar situation, of course we have to sell ours first..but looking round at what is available at the mo leaves something to be desired...(there was a bungalow up for offers around £50.00 lol one of the readings said " it did used!! to have 2 beds lounge etc etc and is now left open for development! lol....so I presume all the internal walls have been removed I don't know..I darnt look lol.

Biker you could consider buying a cheaper property rather than selling-up and moving into rental accommodation ... this would release some funds but you would still be a homeowner.

Your husband married a much-younger woman so can't expect you to jeopardize your future security to go gallivanting in a caravan.

You mention 'spending money' and that's exactly what would happen, it would all be spent and you'll have nothing in older age.

Unlike France, Germany, etc., rents in the UK in most areas are disproportionately high as compared to average income. I can certainly see the attraction of renting - but not here.

Like others have said, I've seen some very attractive park home sites and perhaps this might be a realistic option. If you're going down that route, it would be essential to read up on the subject as there are some unscrupulous site owners who can cause residents difficulties re increasing charges, applying conditions on selling a site home, etc., etc. It would anyway be well worth paying for proper legal advice.

I wouldn't be against renting completely, but I would want to be sure that I could pay the rent from income, not capital. We will sell up here at some point and will certainly rent while we decide where (and in which country) we want to live. We have discussed not buying again, mostly I think because living in France has given us a different perspective. Obviously the UK is completely focused on house buying, but people think differently about houses here and it has made us think too. We would make sure that we could comfortably pay rental from pension income though.

You could live for another 30 years and that is a lot of rent to pay.
Think very carefully about doing this.

It will be something to do with planning permission.

Yes Elegran. You're right. I was hesitant to mention it tbh.

I don't think that's the residential ones (that you have to vacate for a month). Think it's the holiday type ones.

Merlot It does not have to be communal living - the one my aunt and uncle were on was in woodland, with winding roads through it. They could go out and visit friends exactly as though living in a suburban street if they wanted, or stay indoors and speak to no-one.

They could only see a couple of of other homes from their windows, not too close, and they had their own garden, back front and side. No straight rows of identical boxes, each home was different.

No communal shower blocks either, everything plumbed in and modern kitchens with all appliances. Home from home. She is tempted to move back there now that she is widowed (has been in a bought ex-council house) into a new unit that looks wonderful.

That sounds like a fiddle Tegan! I know you can't stay on a caravan club site for a long time but these are homes. Don't think my aunt vacated for a month.

I don't think that is universal, maybe it depends how the estates have been set up. I don't remember my aunt and uncle having to vacate each year, they lived for many years on a very pleasant site, with a lot of friends. Something else to check on.

I know with some park homes you have to vacate them for a month or so each year [something to do with council tax].

You have to very careful with that , indeed, jings or you can end up practically giving away your property for very little in return.