Selling your house to relocate? Rent before you buy

Whatever your reason for selling your property to relocate, you will no doubt be experiencing both excitement and trepidation!

Quick Move Now explores a solution for trying before you make that final leap, that may give you the best of both worlds.

If you need to move quickly you may not have a chance to look for a new home in your new location before you need to move there. According to relocation specialist Jo Johnstone from www.moveoutoflondon.com, renting is a good way of getting to grips with a new area before taking the plunge. Jo says;

It is sometimes felt that renting a house is just wasted money that could be going towards a mortgage, but buying a home in an area that turns out to be wrong for you could be just as costly.

With the average cost of moving amounting to more than £20,000 for a £400,000 house, once you pay stamp duty, estate agent fees and solicitor fees, buying could turn out to be a very expensive mistake.

Rental costs vary considerably depending on what type of property you are looking for and where in the country you are, but by comparing the costs of renting versus buying a property that may not be right for you, you will be able to decide which is the best route to take.

Here are just a few of the factors to take into account…

By renting, you have the flexibility to move quickly if you find the perfect property to buy later on, as rental contracts are usually only six months long.

Spending time in the locality you will be relocating to before actually buying there will give you the opportunity to discover the dynamics of an area and meet the locals, who can offer essential pearls of wisdom to newcomers. It will also help you narrow down your search to maybe a few particular roads or villages that you like within your new location.

Finding out whether those particular villages work for a commute to work is another huge advantage of renting before committing to buy in a new area that you are unfamiliar with. A few months of an arduous journey to and from the office every day may see you reconsider that particular postcode.

Spending time in a place before buying also gives you knowledge of local facilities and amenities, meaning once you have found your perfect property, you can not only move quickly, but you also have a wealth of contacts in the area to ensure you can make it your dream home.

And if that transformation from perfect potential to premier pad will take some time, being in a rental property just around the corner ensures you can manage the work on the new property or a new build project more effectively.

Make sure you don’t just visit the local estate agents for available lettings, however. There are a number of property management agencies and private landlords, which can all be found online or in the local phone book.

And don’t forget that you can haggle when it comes to agreeing a rental price; don’t pay over the odds. Always check what the costs of credit checks and reference checks are too, otherwise you could be stuck with a hefty bill that you weren’t expecting before you’ve even moved in.

Make sure you always sort out your finances properly, setting up direct debits for rent immediately, and make sure when you come to leave you don’t give up your deposit easily.

Ensure you always go through the inventory with a fine tooth comb when you first move in and keep your landlord informed of any problems you encounter during your tenure. You don’t want to be squabbling over chipped cups when you are preparing to move on.

If your rental property is furnished you will also need to factor storage costs into your financial forecasts. On average, a 100sqft self storage unit will cost around £50 per week.

You will need to carefully weigh up the costs involved in renting after your relocation, but being pressured into buying a property quickly could lead you to a home that just isn’t right for you.

Once you have decided to sell your home and are heading for a new life elsewhere, renting really does give you the perfect opportunity to try before you buy.

If you considering relocating whether for work or a change of lifestyle, Quick Move Now can buy your house in as little as 7 days, enabling you to move on with your life!

This content was written by Quick Move Now
Published on 3rd April 2013
Last updated on 22nd May 2019

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