What About Selling Up Your House And Renting? A Look At Some Of The Downsides In The Private Rental Market .
Well because of the banking crisis in America the last few years have meant awkward times for all of us . The credit crunch seems to have taken us all by surprise, including the financial centres of the world, and for a few of us it has meant there has been the temptation to get into the “Sell My House and run away” mindset especially when the payments due section of the family budget exceeds accounts received .
You have to feel sorry for small businesses and the self employed as they seem to have borne the brunt of the recession , and the employees of the smaller companies have been the first to suffer the true monetary consequences when the business itself fails due to lack of credit. Usually the biggest financial drain at this time is the expenses incurred by running the family home. When We Buy Homes it is very often with the expectation that our financial position will not depreciate to the point of not being able to afford to live in them, but the last eighteen months to two years have seen bizarre times for the UK economy as a whole. The temptation to sell up and rent something cheaper is becoming a a progressively more common occurrence . But if We Buy Houses to live in then it does mean that we have a requisite to live somewhere and unless moving back in with the In Laws is likely then turning to the private rental market is usually the only option .
The rental market in Great Britain is an unusual animal to say the least. Council or housing association houses and flats have protracted waiting lists and although anyone can put their name on a waiting list for a council house , you are unlikely to get one unless you are a member of a group which the council has give priority to , such as the elderly . There are restrictions on councils buying new properties even though there is patently a demand for such and the strategy of unloading council houses or “Right to Buy” has meant that there simply aren’t enough reasonable homes for rent in the UK by local authorities .
It’s tempting to think that as a matter of course We Buy Houses to suit our family size requirements, almost never do we buy smaller than we truly need and if a family is thinking of expanding , then it’s normal practice to buy a home that is bigger than is currently required. So when looking at a rented property , whether it be a council house or private rental sector, it’s more or less impossible to downsize from your own property size because of the needs of the family, unless you are moving as part of a family split in which case all bets are off. This does mean that you may not make the monetary savings you assumed you would by selling the house and moving into rental accommodation because you cannot truly downsize and because you are more than likely to have to sign up for a six month assured shorthold tenancy you are stuck with this agreement for quite a while.
Whenever We Buy Homes we also seem to acquire a huge load of “stuff” to go with them. This all needs to be accommodated with the rented property environment, unless you are going to have an enormous car boot sale, and this is a good reason why you are unlikely to be able to downsize and save costs by selling up and renting
“I want to Sell My House and have a carefree time renting” may feel like a good idea and a way of escaping from the household bills but in practice it may be just as costly in the long term.
