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Sell Rent and Buy!

  • 04-06-2024 8:44pm
    #1
    Cork2021
    Registered Users, Registered Users 2 Posts: 2,329 ✭✭✭


    hi,

    I’ve been on previously when upsizing our current end of terrace 3 bed to a detached home! So long story short that went absolutely tits up as the house we were buying the vendor pulled out and couldn’t sell our home as we needed it as the deposit for a new house….

    So just before Xmas it was brought to my attention to a friend of mine was buying a house near by and was moving out of his rented home, large detached house nearly 3000sqft.

    So I messaged the family that own it as I would’ve known them before they moved away, to see would they do a straight deal etc.

    In all the rig ma roll our mortgage expired.
    they were in no rush to sell. Only thing was it was about €50k over our budget. The idea was to sell our home, clear the small debt we had and have plenty left over after all costs were taken care of. Buying the house above would’ve wiped that out to near zero!
    so we let it go.

    But we’ve recently had contact with the owners of said house and they’d love us to rent and then buy it, I suggested this and they’re happy to do it, even a no obligation incase something else that suited better came up!!
    it would mean we’d have plenty of cash for a deposit and gives us time to save up that money that we’d want to keep us comfortable going forward! My EA reckons we’d probably end up selling our house for nearly €20k more now too.

    has anyone done this??

    Only negative I can see is your selling and won’t own your home, but it puts us in a seriously strong position as we’d be debt free, large deposits and no chain on our side!



Comments

  • #2
    Gregor Samsa
    Registered Users, Registered Users 2 Posts: 9,138 ✭✭✭Gregor Samsa


    Neighbours of mine did this the year before last (although the house they rented wasn't the one they bought). Sold up, rented for a few months while they were looking to buy, then were able to go into a purchase with a strong cash position and no chain. The reason they did it is that they were 100% sure they were selling at the peak of the market, and there was going to be an imminent crash - which clearly wasn't the case, but it still generally worked out for them (except that maybe they didn't maximise their profits as they thought they would).

    You've overcome the first difficulty - finding somewhere to rent. After that the main risk is that you won't want or be able to buy the house you're talking about for some reason, and you'll be stuck renting it until you find something else. How unappealing that sounds is really up to you.



  • #3
    Cork2021
    Registered Users, Registered Users 2 Posts: 2,329 ✭✭✭Cork2021


    https://www.boards.ie/discussion/comment/122222696#Comment_122222696

    we actually like the house that we could end up renting, it needs work, mostly painting etc. we went a bit overboard when all our stuff fell through and spent the majority of the deposit on ourselves as we felt we deserved it.
    I think we might be at the max of what we could sell our home for and that’s what’s pushing me as well. You’re talking 110% gross profit from it. Plus interest rates will have hopefully dropped a good bit for when we do go looking for a mortgage again.



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