When you’re going through the process of buying a house, it can often feel as though everything is up in the air. This feeling can cause stress – but there’s an increasingly popular, and perhaps counter-intuitive, solution: move into a rented property while you wait.
Let’s explore why this option might appeal, and how it can take some of the stress out of making a more permanent move.
Flexibility While You Search
When you’re renting, you’re actually buying yourself a little bit of time. This might allow you to search for a property that really matches your needs and priorities, rather than settling for one that doesn’t. There are plenty of great options on the rental market with the supply of rented homes gradually increasing. A short stay in one of them might allow you to research neighbourhoods, local schools, and other important amenities.
Save & Strengthen Your Buying Position
If you’re willing to move into a rented property, you’ll have extra scope to save – provided that the rent you’re paying doesn’t push your finances too hard. You’ll become more attractive to lenders if you’re able to offer a larger deposit. But, perhaps just as importantly, you’ll have greater leverage when you come to make an offer. You won’t be tempted to rush into a decision that isn’t right for you, because you won’t need to sell your existing property. At the same time, you’ll be able to walk away from a seller who tries to alter the deal late in the process.
Prepare & Plan Your Move Strategically
The additional breathing space you get from renting might allow you extra time to deal with the practicalities. You don’t need to move all of your stuff into your rented home; you might instead keep it separately, and ready to go, in a self-storage facility. If you’re based in Yorkshire, the self-storage Leeds has to offer might be worth looking at.
The same applies to other considerations, like removal services, conveyancing, and post-move renovations. Renting provides you with the time and space you need to make plans and to drive down your stress levels. If you intend to rip out the interior of your new home, then it can be an essential step.
Capitalise on Market Timing & Risk Mitigation
Finally, we should consider that choosing to rent first means that you might have the time to wait for the optimal market conditions. If you’d rather not move at a certain time of year, like the run-up to Christmas, then renting might allow you to avoid doing so. You might also be able to anticipate changes in the macroeconomic climate and in government policy. Changes in the stamp duty thresholds, for example, might be worth waiting for.
