Short term (~2yrs) buy or rent?

[dsc]

Had an agent in to evaluate the place, it's going to be roughly £435-445k, with a 10% deposit its a £1750 monthly payment, so very close to some rentals in the area (I said £1500 before, but it seems higher). Landlord might go higher / lower although I can't see why he would go lower unless he needs to sell it quickly.

Main problem is space as I said, it's around 62sqm, two bed, but it's already packed to the brim. It's a bungalow so should sell fairly OK considering location and I can do loads of DIY stuff to add some value to it.

London exodus is fueling the price rise in this area (Surrey, close to M25) and even the agent said don't buy if you don't have to. Then again with rent almost equal to mortgage repayments...

Also stamp duty for us as first time buyers on £440k would be £7k.

[eek]

Had an agent in to evaluate the place, it's going to be roughly £435-445k, with a 10% deposit its a £1750 monthly payment, so very close to some rentals in the area (I said £1500 before, but it seems higher). Landlord might go higher / lower although I can't see why he would go lower unless he needs to sell it quickly.

Main problem is space as I said, it's around 62sqm, two bed, but it's already packed to the brim. It's a bungalow so should sell fairly OK considering location and I can do loads of DIY stuff to add some value to it.

London exodus is fueling the price rise in this area (Surrey, close to M25) and even the agent said don't buy if you don't have to. Then again with rent almost equal to mortgage repayments...

Also stamp duty for us as first time buyers on £440k would be £7k.

I would see what you can get away with - don't forget sell to you saves a lot of hassle as rent will be paid until the day you buy it and you should save him estate agent fees. I would offer £420,000 or even £400,000 (I would say £430,000 but there is zero harm in trying it on) and see where he goes.

[eek]

What I would also say is that a detached bungalow is a great canvas to work from - it usually isn't that difficult to extend into the roof in a trendy (flat-roof) way and double the space.

[d000hg]

Although embarking on a major extension when you set out looking to have a low-hassle living space for 2 years max might be an odd choice... otherwise 100% agree with Eek.

If space for all your stuff is an issue then the fact you plan to move country might be a silver lining - good opportunity to properly clear out so you can live in the smaller space and make moving much easier later?

[dsc]

This particular bungalow is a bit "special" in that it is wedged between two walls and only has a tiny patio with a palm tree and a 2m wall above which there's gardens that belong to other houses up the slope. No land to speak of really, also feck all loft space as the ceilings are pushed up to create more space (which is great in a way).

Alternatives to this is moving back to Poland, where £150k buys you a 150-200sqm house, with all bells and whistles and 1000-2000sqm of land. Main factors blocking that atm is work as my fully remote contract runs out in December (also raging inflation, ultra right wing government and a few other things).

Another option would be Denmark where my current client is, but taxes there are killer and language is extra level of weirdness. Plenty big houses with land can be had for around £250k though...

As for this area, most things went up by 10% or so in the last year and absolutely everything goes, from decent houses, to ultra tulip holes and for crazy money as well. To me it seems that it's probably close to the tip of the market price wise and I wouldn't expect much next year, but you never know really. Knowing my luck if we decide to buy it will all come crashing down and if we pass, it will go up even more.

[Whorty]

This particular bungalow is a bit "special" in that it is wedged between two walls and only has a tiny patio with a palm tree and a 2m wall above which there's gardens that belong to other houses up the slope. No land to speak of really, also feck all loft space as the ceilings are pushed up to create more space (which is great in a way).

Alternatives to this is moving back to Poland, where £150k buys you a 150-200sqm house, with all bells and whistles and 1000-2000sqm of land. Main factors blocking that atm is work as my fully remote contract runs out in December (also raging inflation, ultra right wing government and a few other things).

Another option would be Denmark where my current client is, but taxes there are killer and language is extra level of weirdness. Plenty big houses with land can be had for around £250k though...

As for this area, most things went up by 10% or so in the last year and absolutely everything goes, from decent houses, to ultra tulip holes and for crazy money as well. To me it seems that it's probably close to the tip of the market price wise and I wouldn't expect much next year, but you never know really. Knowing my luck if we decide to buy it will all come crashing down and if we pass, it will go up even more.

The problem with predicting the UK property market is we all do it, not many get it right. A crash has been predicted for years, but we've just seen a huge jump despite covid and Brexit .... no one called that rise. Will it continue? Who knows ....

My personal view is city living properties will struggle, whilst larger out of city properties will probably hold strong as people realise that home working (whether full or hybrid) is here to stay and hence there is a desire for larger properties with gardens.

But hey, literally anything could happen.

[d000hg]

Yeah. Do what's best now rather than trying to second guess is my thought. It's not like you are buying as a long-term home when price fluctuations are less important, or you want to end up a landlord (presumably).

I think I would be tempted to try and buy it as the least stressful option - no moving!

[vetran]

This particular bungalow is a bit "special" in that it is wedged between two walls and only has a tiny patio with a palm tree and a 2m wall above which there's gardens that belong to other houses up the slope. No land to speak of really, also feck all loft space as the ceilings are pushed up to create more space (which is great in a way).

Alternatives to this is moving back to Poland, where £150k buys you a 150-200sqm house, with all bells and whistles and 1000-2000sqm of land. Main factors blocking that atm is work as my fully remote contract runs out in December (also raging inflation, ultra right wing government and a few other things).

Another option would be Denmark where my current client is, but taxes there are killer and language is extra level of weirdness. Plenty big houses with land can be had for around £250k though...

As for this area, most things went up by 10% or so in the last year and absolutely everything goes, from decent houses, to ultra tulip holes and for crazy money as well. To me it seems that it's probably close to the tip of the market price wise and I wouldn't expect much next year, but you never know really. Knowing my luck if we decide to buy it will all come crashing down and if we pass, it will go up even more.

Move up north and get the best of both worlds. I suspect house prices will continue o grow up there as remote working increases.

[d000hg]

Move up north and get the best of both worlds. I suspect house prices will continue o grow up there as remote working increases.

And the bleak northern wastelands will be a good reacclimatisation before returning to Poland

[eek]

Although embarking on a major extension when you set out looking to have a low-hassle living space for 2 years max might be an odd choice... otherwise 100% agree with Eek.

If space for all your stuff is an issue then the fact you plan to move country might be a silver lining - good opportunity to properly clear out so you can live in the smaller space and make moving much easier later?

One thing I've learnt is that you don't need to do the work to get a decent proportion of the profit from the paperwork being done.

Say a 5 bed house is worth £800,000 and the work will cost £150,000. Chances are you will be able to add £100,000 to the sale price just for doing a simple pick of leg work.