Rick C

Hi Guys

Just after a bit of advice.
Me and my fiancee are wanting to move to Melbourne but I have 2 years until I finish my accountancy qualification. So we are looking at buying a house as this seems like a better option to renting. This will help prove that we are a couple when we eventually come to apply for our visa.

Any thoughts anyone.
Should we buy or rent?

Cheers Rick

peppi

I would say rent with a joint rent book rather than buy....But Ibase this on the hassle Ive had selling my house and having to wait to go after getting my visa...

eurotramp

Have a look at this
http://property.timesonline.co.uk/ar...3282_1,00.html

lawlaw

unless you get yourself a real bargain i would be vary wary or buying at the moment, it is unlikely to make you any money in the near future. Also depending on your timeline it would be a lot of hassle to buy a home and sell a home within a few years and a lot of costs. A lot of people are struggling to sell their homes at the moment which could be a real hindrance when your ready to go to Australia

Swerv-o

Yes, I agree with Peppi - Selling my house has been an absolute nightmare with no real resolution in sight. I was hoping to fly out in the early weeks of July, however, my house sale is still nowhere near completing.

I imagine that if you tot up all the associated costs (solicitors, surveys, agents fees, mortgage arrangement and early escape fees etc) involved in buying and selling a house in such a short time span, you will probably find that you will be spending two years worth of rent anyway. Factor in the fact that house prices have been consistently sliding for several months now, and that the UK seems to be teetering on the verge of a technical recession, then you may loose money on a house, and end up in a negative equity situation, where you can't afford to leave the country because your house sale hasn't paid off your mortgage.

I would think very seriously about taking out such a short mortgage at the moment, particularly if you want to go abroad.

S

kevinm

If its only for 2 years id go for renting.
The fees you would have to shell out would be thousands obvioulsy depends on size of house, but just a few would be stamp duty, legal fees x2, moving fees (if any) and estate agents fees when selling.
Also trying to find a buyer to fit in your time scale.
The price of moving and selling a 150k house would cost you at least 3.5k
3.5k would pay quite a few months rent.
Also like mentioned before house prices are bit dodgy at the moment.

Paul2004

I'd buy deffo! .........

and!! ...... I have just the house your looking for! ...

Nice 3 bed in ever so sunny Watford!

pm for the details! ...


Seriously tho, I'd rent for sure! As others have said many have their house on the market now and goin nowhere fast! ...

Rob Morton-Jone

We have a 6 bed detached-475,000 if you are interested.

We live in Potton in Bedfordshire

Rob

ljj

Hi good luck,

I lived in Manchester and now live in Melbourne. Moved here 2 years ago and we are renting our Manchester house out as it is coming up to winter in the UK and don't want a empty house...pipes freezing-up etc.

Recommend renting so you are not in our situ, trying to sell a house when you are overseas!!

The house prices are not moving a great deal are they at the mo? By the time you've found a house, paid out fees, sold the house, paid out fees etc. I'm sure you'd be better off just renting.

What area of Manchester?

Louise

Rick C

[QUOTE=ljj]Hi good luck,

I lived in Manchester and now live in Melbourne. Moved here 2 years ago and we are renting our Manchester house out as it is coming up to winter in the UK and don't want a empty house...pipes freezing-up etc.

Recommend renting so you are not in our situ, trying to sell a house when you are overseas!!

The house prices are not moving a great deal are they at the mo? By the time you've found a house, paid out fees, sold the house, paid out fees etc. I'm sure you'd be better off just renting.

What area of Manchester?

Louise[/QUOTE

At the moment I live in sale with my dad but me and my fiancee are looking at buying in Openshaw for maybe £50k a doing it up a bit and then sell it on.
Its one of the next areas to be regenerated so hopefully when we come to sell the house will have grown in value.
Thanks for all the replies given me something to think about.
Keep the replies coming

spottydog

For 2 years I wouls also say rent. Even on a £50 k house you would have possibly £2k in buying then £2k selling costs (solicitors, surveyors, estate agents etc.) and I don't think the housing market is going to be heading up rapidly in the next couple of years and by the time you allow a few motnhs to find and purchase the property of your choice and then another few months selling it you won't have much time in it to enjpy it.

From what I have read doing up properties is no longer really a way to make money since following all the DIY programmes in the UK people are often spendng more on a property then the material costs to do it up that they would have if they just bought one recently done up plus you get to spend weekends working on your house rather than enjoying the UK ofr the time you have left in it.

You'd probably be better off renting a property together (giving you the proof of relationship to the same level as buying just get as much as possible in joint names) and putting your deposit and any other savings in high interest saving accounts and cash ISA's.

merlotsmum

Rent, rent and rent.

We have been closely following the UK market for a home but the prices are continually coming down in our area. The First Time Buyer 2 bed apartment/houses have been reduced by as much as £25k in 6 months and still not selling.

Our plan is when we return to Oz and we have bought we will rent it out.

Storini

http://www.housepricecrash.co.uk/
House Price Crash.co.uk - Will there be a House Price Crash?

merlotsmum

A long needed correction, I am on my gut feel with buying and the time is not right, too many nerves around and houses up for sale for too long.

I will bide my time and if the bolier blows up in the rented house I am in, it is NOT my problem or financial burden

hawk2005

If you bought now you'd have to put it staright back on the market, drop the price you paid for it by about 25%, and you might just find a buyer by the time you were ready to go, the way things are going in the uK at the moment