Where Did You (and/or Co-Purchaser) Live While Waiting to Buy?

ixoy

Currently myself and my partner are musing over buying a property but a bit hesitant with the current market flux. However, we'd still like to try to move on the issue broadly within the next half year or so.

The problem is that, at the end of June, the lease in our current place will be up. and it's highly unlikely that we'll have bought a place by then. Other people must have been in a similiar situation so what did you do next? Number of options spring to mind:

1) Find a 1-bedroom place and get a lease for a year (few places seem to want to offer less). Problem with this is you may get a place 3 months into a lease and have to break it then (the risk of this is generally the loss of your deposit, correct?). Also additional money gone.

2) Try to co-ordinate moving into a new home close to when a lease ends. Problem here is it's probably impossible and risks having nowhere in between sites.

3) Move back to our respective homes for a period. Problem here is that we'd be apart a lot and we'd have no concrete date on when things would change. We'd save on rent though.

4) Move into one of our parents homes. This could cause issues more worthy of PI, but it could again save on rent but don't know how long it would be for and it wouldn't be half as "comfortable" for us, as a couple, to do.

Are there any other scenarios? What did most people do in this situation?

gerire

We done option 3. Sure you see less of each other, but the goal in the end is worth it as far as im concerned. Plus all that money that could be going towards a deposit instead of into a lettors back pocket.

Best of luck, we are in our place 3 months now and it was all worth it.

Kinetic^

Has to be option 3 for me too.

The_Conductor

I'd suggest a 4th option- namely sitting down and having a chat with your current landlord. It would save him/her the hassle of finding new tenants (even if in the current environment people would probably be queuing up to his/her door). If you have been a good tenant- kept the property well, paid your rent on time and not engaged in any anti-social behaviour, it would be far preferable to keep you on than bring a new person in.

S.

Peter Collins

Agree with last post...

We had a chat with the landlord saying we had bought a place off the plans and could we give little notice to move out. He agreed as we were good tenants for him and said that only one week's notice was sufficient and that he'd refund us the difference on what we had paid.

He was true to his word and congratulated us on buying our home...even going as far to say that rent was "dead money"!!!!!!!

Also, neither of us could face going back home as we were grown adults and couldn't go back to living with Mam and Dad and were glad we didn't, as our sale was delayed by 8 months!

To put things in perspective though, that delay of 8 months cost EUR 7,600 in rent.....! But money isn't always everything - 8 months at home would have been torture for us

ixoy

Discussed the last option of continuing the lease but, to be honest, I don't want to live in the current set up. I don't feel comfortable in the area anymore and I have issues with one of the flatmates. These are all reasons that are convincing us that, as a couple, we need our own place.

The other suggestion, as to both of us moving home, isn't too viable on second thoughts. The other half is from Mullingar but working in Dublin so his commute would be too long and any savings made would be negated by the cost of travel. He could try and look for a more local job but then that would reflect on our ability to get a mortgage if he appears to be moving around careers.