Is it risky or beneficial to rent between buying and selling a property?
My boyfriend and I are relocating because of work and need to move very quickly. Our flat has been on the market for 2 weeks and we have another 2 weeks to sell, or my boyfriend’s job offer will be withdrawn.
We are considering renting whilst waiting for our place to sell (it’s too far to commute from where we live now).
The estate agents estimated 3-6 weeks to sell from the date we put it on the market. We are quite confident it should sell within the next month (but then isn’t everybody confident about their own property?!)
If we rent, we will be paying a mortgage and the rent until our place sells. We could do this by using our overdraft and paying it back with the profit from our sale.
On the upside, it means we’ll be chain-free when we come to buy and that we get to move, which we desperately want (and need) to do. On the downside, what if our current flat does not sell for 6 months?
Thanks to anyone with an opinion! 
Rent Back Fast
Related articles:
- Income tax on selling/renting a second property? I have inherited the whole of my father’s estate in the UK. There is no mortgage on his property. I too have no mortgage on my property. I am...
- Property Chain Break and House Buying Companies A property chain break is one of the biggest causes of house sales falling through. However, now when a chain breaks or if you want to move chain free,...
- I signed a year lease beginning in March ‘09 and landlord is selling property via short sale. What should I do? I found out from the first broker here in Florida handling the property that owner hasn’t paid mortgage since Oct. 08, among many other shady things. The manager (friend...
- Buying Property to Rent With the property market being in the state it is at present, many people are opting to rent property rather than buying due to fluctuating interest rates and the...
- If you break a lease, can the landlord sue for future rent even though they are selling the property? Can a landlord sue for future rent, even though the time they are sueing for is after the sale of a property. For example, can you be sued for...
Tagged with: Downside • mortgage • Relocating • rent property
Filed under: rent property
Ik denk u zou moeten huren. Er zijn geen waarborgen maar hopelijk zult u uw oude vlakte kunnen spoedig verkopen. Als u probleem hebt dat uw oude vlakte verplaatst, hoe over het verhuren van het voor een tijdje? Minstens toen, you' ll krijgt een inkomen van het en behandelt de hypotheek of minstens een goed deel van het.
Als u en uw vriend beslist te regelen waar zijn nieuwe baan is, you' ll hebben ergens te leven terwijl u een nieuwe plaats zoekt.
Personally, I’d rent a new flat to ensure the new job stayed safe and advertise my OLD place for rent too, while leaving it on the market to sell
If in two weeks you still don’t have a buyer, then you’ve already got people looking to rent yours, and you can cover your mortgage payments by renting out (maybe even make a profit).
I would rent is you can afford the extra payments.
speak with your bank to see if they can help with a short term extended overdraft or loan to pay for the rent.
if the flat isnt selling as quickly as you would like. reduce the price asap, as you will be losing out more on paying rent over 6 months that you would by reducing the price by a few grand.