Has anyone made the decision to sell ther house and rent for short term financial reasons?
we're considering selling our house and renting until the kids are in school and I'm working as it would mean about $700 extra a fortnight which would make life a lot easier. But I've never rented before, is it stressful? Annoying not being able to personalise the house etc?
Would love some pros and cons, we would keep the 100k or so equity in a savings account and hopefully add to it for 5 or so years when we do buy again...
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24-07-2013 10:59 #1
Selling house to rent?
24-07-2013 11:15 #2
I would get financial advice from a professional. As house prices will go up in that time, plus the fees to buy again will be huge. Personally I would not rent if you already are in the market as the stability for the kids is very important.
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24-07-2013 11:17 #3
We too were considering this as the cost of rates is just about crippling us on one income at the moment and they keep putting them up Grrr!!!
What stopped us selling is that with the market being so rubbish we would lose money on our house and not get any benefit from renting.
It does sometimes seem easier to rent (no rates, maintenance etc) but I love the freedom of owning my own home and being able to do what I like.
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24-07-2013 11:31 #4
You might not be spending as much money by renting but you end up with nothing to show for it.
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24-07-2013 11:43 #5
I wouldn't do it! We sold and then rented for 18 months as we relocated and then built. I hated every second.
Inspections every 3 months, owner wouldn't fix things, then put house on the market 3 months in so we had potential buyers coming through. He also upped the rent considerably every 6 months.
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24-07-2013 13:06 #6
All good points, thank you! I guess what made me consider it is we are planning on selling anyway, to relocate closer to parents on other side of town... Knowing full well we will lose money doing so, it would be a lifestyle move. We had considered renting until the perfect house came up. I just thought maybe if we extend that a year or so for the financial freedom.
We also have been considering relocating to qld from canberra. Guess we'll just sit on our house for a bit longer...
24-07-2013 13:12 #7
We had to sell our 2 bedroom home because it was too small once we had twins. We sold at a considerable loss, and so are now renting as we have no money to re-enter the market.
I don't mind renting- hate the inspections but on the bright side it means the house gets a great clean every 6 months. I also wish I could make changes to the house- I used to love going to Bunnings to get stuff for our next home project.
I love not having to pay rates- big bonus! Not to so much love for things like our lawn being crap and the REA doing next to nothing about it.
Our Landlord is a good guy- he works in WA (we're in Vic) and built this house solely as an investment- we're the first to live in it so we really can't complain... but I do miss the security of owning.
24-07-2013 21:12 #8
We're selling our house soon and if we can't find something to buy we might need to rent for a while and I'm dreading it. 'Simple' things like putting up blockout blinds/curtains are no longer simple. Putting carpet down instead of floorboards in bedrooms is another issue. Or a big one for us, having airconditioners in the bedrooms. Yes, you can get portable ones, but they take a lot more space and aren't as easy to use. That's all apart from the inspections, the worry that the owner will want to sell mid-lease, or that when the 12 month lease is up that the lease won't be renewed and we'll have to move again.
We seriously considered selling, then renting for 18 months while we built, but we realised we could end up needing 2 rentals in that time, so that would be 3 moves in 18 months with 2 young children - no thanks!
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